Many businesses are constantly searching for ways to simplify and automate their workflows and cut operating costs as the world becomes more digital. Customer identification and verification, often known as KYC, has significantly advanced in recent years.
KYC stands for Know Your Customer which is a procedure for validating a customer’s identification, and it is an essential aspect of any financial business partnership. During the KYC verification process, data is extracted manually by collecting and verifying documents like ID cards or passports.
An effective KYC procedure may help protect your bank or financial institutions against a variety of financial crimes, such as identity theft, fraud, and money laundering. But the problem is that the KYC procedure is time-consuming and complicated. It takes a lot of money, time, and resources to manage a huge volume of data manually.(more…)