The ever-increasing threats of financial frauds and identity theft have been putting companies in a great demand of complying with multiple regulations around KYC, especially banks and financial institutions with due respect to the consumer’s right to privacy. Apart from this, customers too are bound to ensure their security by managing multiple passwords and logins while increasingly moving their financial transactions to digital channels.
To manage this extremely tight procedure, tech companies and fintech have developed a range of potential solutions that both address the regulatory aspects as well as addressing the security issues around KYC and promoting ease of use. KYC procedures involve all the important steps and actions to ensure their customers are real, assess, and monitor risks. These customer-onboarding processes help prevent, identify and tackle frauds like money laundering, terrorism financing, and other illegal corruption schemes. Such solutions mostly use mobile as a channel along with the embedded camera technologies while others utilize cutting-edge blockchain technology. Here is a list of some top tech platforms on which you can rely for KYC Solutions:
WorkApps:
Founded in 2017, WorkApps is a Communication Solution for large enterprises. They are making chatting and audio/video calling more effective in the BFSI, NBFC, and Fintech sector with the vision of a more technologically-enabled financial sector with Video KYC. With their versatile product and multiple use cases like Video Branch, Video KYC, Loan Advisory on Video, etc, WorkApps has been working towards enabling enterprises to augment their communication efforts, improve efficiency and change the way people collaborate and work together. This includes 14 key processes such as KYC, credit verification, loan and wealth advisory, customer support, online assistance during digital onboarding, video Medical Examination Report, and asset verification among others. They have other support systems like enterprise grade messaging platform for large organizations, specialised platform to improve organisation- wide communication and Messaging solutions for Government with Military-Grade Security Features.
PiChain Labs:
Founded in 2018, PiChain Labs is a unified RegTech platform that helps fintechs to acquire customers by overcoming regulatory barriers using the power of AI & Blockchain. It researches and develops DeepTech systems that can proactively learn, solve, and automate complex compliance problems for financial institutions. The efficient team at PiChain has been dedicated to developing the DeepTech system ‘DeepPi’ that can learn, solve, and automate complex problems, regarding compliance in a dynamic environment. It manges regulatory, legal & data compliance including Digital & Video KYC for both retail & entities, AML/CFT due diligence, Comprehensive Risk Assessment and Ranking, Facilitation of information to make better credit assessment, e-Contracts, e-Signatures and Robust Management of Data Privacy & Protection for SMBs. With a power of AI and Blockchain, PiChain labs is providing a variety of solutions in retail banking, corporate banking, NBFC, mutual funds, insurance and payments.
Ameyo:
It offers a CX-rich solution that is scalable, easy to use, agent-friendly yet affordable. Ameyo being a platform built to solve all the customer experience problems offers a robust Contact Center Solution. The solution aims to enable all organizations – SMEs or Enterprises in managing their customer interactions along with getting rid of the siloed operations and workforce management. Their vision is to create the most memorable and happy CX memories at every touchpoint – within and outside the organization. Founded in 2003, and within a year of its arrival in the industry, Ameyo built a complete Contact Center Suite followed by the launchAmeyo PACE and Ameyo on Cloud in 2010. Within a span of five to six years, they have launched the ultimate Omni-channel and Customer Experience solution in the form of Ameyo Omni and Fusion CX respectively.
Fenergo:
Fenergo Client Lifecycle Management delivers a fully digital end-to-end client journey from initial onboarding to ongoing lifecycle events, that is fast, efficient, and compliant. The main goal is to enable financial institutions to deliver a seamless, digital experience for their customers, all while keeping them protected from regulatory change. It delivers front-to-back KYC, AML, and CFT rules automation and screening to transform compliance. Their technology solutions enable financial institutions to digitally transform their end-to-end client lifecycle processes, delivering digitally orchestrated customer journeys, regulatory surety and a fully joined up ecosystem of channels, systems and data providers to create a truly frictionless customer experience. All of the solutions are available as a managed service, cloud (SaaS) or on-premise. They deliver regulatory surety through pre-packaged regulatory rules and API integrations that allows you to implement quickly, integrate easily and configure to meet your needs.
KYC Hub:
KYC Hub’s end-to-end customer onboarding and screening platform delivers automated tools and up-to-date advanced insights that enable compliance teams to protect against fraud and financial crime while reducing false positives, customer friction, and manual work. It reduces cost and manual overhead by using KYC Hub’s financial crime compliance solution that enables you to perform KYC, KYB, AML, and customer monitoring. Their vision is to make customer due diligence an easy process. Their suite of solutions is designed to make this not just accurate and painless, but a process that creates new opportunities by knowing your customers and serving them in the best way. The single platform enables clients to reduce processing time, perform due diligence on individual and business customers, monitor customers and their transactions, automate compliance and reporting, perform enhanced checks, and streamline your entire customer onboarding and monitoring process in one secure place.
Summing Up!
Financial institutions are faced with the tough task of providing stringent measures against illicit currency flows while simultaneously making a profit. Criminals’ methods are becoming more complex, and banks must keep up if they are to meet their duties. KYC is an important initial line of defence, and institutions should always be seeking to improve it. With modern systems in place, KYC will no longer be a tedious and expensive regulatory requirement but instead an efficient and effortless process as the importance of KYC banks is becoming more important than ever.
