KYC For Growth: How To Build The Ideal Onboarding & Verification Process
In the age of the digital economy, KYC has become more important than ever. It is no longer acceptable for business institutions to just take anyone’s word that they are who they say they are. Businesses now require strong KYC processes and verification to stay safe and protected from bad actors.
With stricter regulations being enforced, and the dangers of fines and reputational damage looming on the horizon, businesses pay more attention to KYC, particularly those in heavily regulated industries like banking, fintech, crypto, investment, lending, etc.
This has led to an increase in KYC spending. The global KYC spend in 2021 was $1.4 billion, and this number is projected to reach $1.6 billion in 2022. A KPMG report revealed that Nigerian banks spend between ₦50 million to ₦400 million, depending on the size of the bank, and these figures are set to increase.
Getting More from KYC
Why spend so much money setting up strict and compliant KYC and identity verification processes and only stop at knowing your customers’ identities? What if you could get “more bang for your buck”?
KYC can go beyond a compliance and fraud-mitigation tool to become an instrument for growth. When properly utilized and implemented, KYC procedures can help your business grow by increasing pass rates, strengthening customer loyalty and satisfaction, and positively affecting your brand image.
The key to achieving this is to craft an ideal and efficient onboarding and verification process that takes your customers from the signup process to the point where they discover value in minutes instead of days.
Learn how to craft Winning Onboarding Flows
While there is no single customer onboarding solution that works across every customer base and industry, there are best practices you can deploy to get the best results, no matter the customer and industry you operate.
How can you craft an onboarding and verification process that helps you get more from and do more with KYC? What are the considerations you should make to create an onboarding flow that gives you the best results in terms of compliance, safety, pass rates, and customer retention?
To better understand how you can utilize KYC as an agent for growth, we are holding a webinar session tagged ‘How To Build The Ideal Onboarding & Verification Process.’ During this webinar, Tobi, our CEO, and Mo, our Product Manager, will shed some light on the following:
- How to determine KYC levels for users
- What is the ideal minimum KYC requirement to create an account?
- The extent to which bank and fintech apps can explore selfie and biometric tools for safety
- Should businesses combine several verification methods
- What should fintech companies look out for when choosing a KYC and verification provider
This webinar will equip you with useful and actionable insights on how to use KYC to get the best out of your onboarding and verification process.
The details of the webinar are as follows:
- Date: Fri, Nov 18, 2022
- Time: 12:00 PM — 1:00 PM GMT
Sign up now and learn how you can leverage KYC as an asset for attaining new levels of growth.