Banks and financial institutions are always trying to keep up with the regulatory environment as it rapidly advances together with technology development. Know Your Customer (KYC), and compliance with Anti-Money Laundering (AML) remains their main focus to improve the onboarding process for secure and swift transactions. Especially with an increasing competitive customer-driven market, advance KYC solutions should be integrated into their human-oriented customer service activities to stay on track.

The advanced way — machine learning with human intervention

Whenever we’re faced with options, we try to choose the best one among others. We usually have our criteria based on what we understand and our previous experiences. Similarly, in the banking and finance sector, customers would rather invest in a company that can provide them the “best” services and products. But being the best to the customer’s point of view is subjective. Some people may choose a bank or investment company because of their products; others may like the brand because of the celebrities who endorse it. But, there’s one thing that every consumer of financial products and services prioritizes above all: security.

For years, machine learning allows us to make something happen — even the ones we never knew were impossible, like self-driving cars, for example. In business, machine learning automates tedious tasks, it can pull loads of data from a broad source, and it can detect fraud activities. Thus, integrating it is a must.

The efficiency of machine learning enables the banking and finance industry to provide expeditious service to its customers. Machine learning with human intervention makes the KYC process more in tune with the customer’s needs. The traditional KYC process is time-consuming which frustrates most customers. Meanwhile, the advanced KYC with machine learning integration offers a rapid solution to customer demands. Adding manual touch to it brings greater value to the customer experience.

KYC checks identify and verify customers with little input from the bank. Additionally, KYC helps banks get to know their customers’ behavior, interactions, and preferences — and these create a magnified view of who their consumers are and how the bank can satisfy their financial needs. Investing in digital structures to provide a more efficient KYC process will give businesses an advantage.

Going Digital

According to Fenergo, one out of three financial institutions lost customers due to inefficient or slow onboarding. Poor customer experience is said costing financial institutions $10 billion in revenue per year. The digital process allows the financial institution to digitally transform the customer journey with human intervention for tasks that are difficult to automate such as financial reviews and tasks that greatly requires manual intervention to add value to customer relationship such as during product inquiries. A quick and smooth KYC process will drive a positive customer experience.

Establishing the digital process drives an effective KYC process to the banking and  finance industry. Electronic KYC (eKYC) provides easy access to customer identification and verification. It offers a friction-free process for the users, especially with the fact that this is accessible online and can be done even on mobile phones.

Photo by Alex Knight on Unsplash

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If you’re concerned about the security of your KYC process while keeping the human touch intact, then click the button below to set an appointment with our outsourcing consultant. Learn the many ways that a team of customer service agents can help you.

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