Friday, September 30, 2022
Business

Features to Check When Selecting the Best KYC Software Solutions

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Know Your Customer (KYC) software is growing popular in banks, financial institutions, and other types of organizations. KYC software solutions for banks help in streamlining sales processes and other operations. You need to use software that makes things easy for your organization, staff, and customers.

Thus, you should check certain features to select the best KYC software solutions. Wondering what those features are? Find them below:

User-Friendliness

As customer experience matters, you need to ensure that they can easily complete the KYC verification process to avoid losing them in the onboarding activity. If customers can access everything easily, they repeatedly choose you over your competitors.

AML Detection Modes

KYC software can detect threats in different ways. The three main types of salesforce AML software solutions are rule-based systems, intelligent data platforms, and advanced analytics.

Rule-based systems implement IF-THEN logic to detect suspicious transactions. These systems can get compromised as criminals can create new techniques to work on them.

Intelligent data platforms implement Machine Learning to collect banking data so you can use it to validate customer identification and identify the relation between customers and organizations exposed to risks.

Advanced Analytics leverages a massive volume of data to build and upgrade machine learning models that detect criminal activities.

Verification Rate

Rules-centric systems are slow to adapt to the recent illegal finance strategies. Several KYC software solutions for banks apply AI or Machine Learning technology to accelerate learning. But some of the technologies are more effective than others.

Spend a sufficient amount of time verifying and finding the solutions suited to your needs.

Risk Detection

One of the most beneficial features of KYC software is detecting risks. A commendable track record is crucial because of the internal investigation cost. The positive cost may cost your financial institution billions of years every year and non-compliance fines.

Geographical Compatibility

If your company works in more than one country, then your KYC software should work in all countries. Your software should be capable of verifying all required documents (utility bills, ID documents, income proof, and tax statements) in every country.

The UI and documentation need to be available in languages your employees and customers speak.

The Bottom Line

To stay ahead of your competitors, you need to use the best things and don’t compromise on anything. Be compliant with the perfect KYC software. None of the software can make your institution compliant.

But the perfect KYC software helps you follow KYC rules without degrading the CX. Just check the features mentioned above to select the best software solution for your organization.

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