Know Your Customer (KYC) represents the identity verification procedure which financial institutions and banks require to approve new clientele. Financial institutions perform know your customer in banking procedures by checking identification proof and address verification and financial history results to enable service access for account creation as well as loans and investments.
The main purpose of KYC in banking establishments involves:
- KYC contributes to protecting clients from identity theft and financial fraud as well as money laundering schemes
- Check the authenticity of the customers by checking their details and background.
- Banking institutions must adhere to local plus international financial rules specified through AML and FATF guidelines.
- KYC plays a crucial role throughout the entire lifecycle of financial operations because it serves to protect both new customer on-boarding and transaction monitoring over time.
The combination of financial service digitalization with globalization increases the difficulty in verifying customers. The market leader Volans offers businesses leading-edge options which make the KYC process easy to handle and both secure and quick. Volans stands as an eminent KYC solution provider that re-establishes perception norms for banking and financial service identity verification processes.
Digitalization of financial operations puts substantial pressure on banking institutions to achieve compliance while stopping fraud attempts and delivering smooth customer interaction. The core business requirement of KYC underpins these requirements. Banking institutions need to know your customer in banking procedures to adhere regulations and protect their clients from risks and to establish secure trusting relationships.
Why Know your Customer in banking is More Important?
KYC is important for banking and other financial institutions for obvious reasons. Know your customer in banking stops the fraudulent activities such as money laundering and protect the economy of the country. It reduces the risk for the fin-tech companies and financial institutions.
Commercial banks require the following elements in this current environment:
- Real-time authenticity.
- Automate the process of verification.
- Continuously monitor the behaviour of the customer.
Organizations must now select their best KYC solution vendor as an essential strategic decision because it has become mandatory.
Why Volans is your trusted partner for Know your Customer in banking?
Volans operates with full awareness of the banking difficulties that occur when on boarding customers and managing compliance issues. Our years of experience enables us to became top KYC solution provider for secure KYC solutions which help banking institutions of varying scales reach their objectives through our forward-thinking technology framework.
Key features of KYC services
- With the help of AI we verify the identities of the customers through various factors.
- Our system performs automatic document verification where it scans and extracts information
- Global AML Screening integrates AML watch lists and PEP (Politically Exposed Persons) databases and sanctions lists which enables banks to fulfil their international law compliance requirements.
- Our platform provides easy-to-use APIs which form smooth connections between your current banking systems and mobile platforms as well as CRMs.
A real-time customer risk scoring system together with monitoring capabilities exists in our dashboard to trigger immediate suspicious activities alerts which enhance banks’ preventive responses
Why Volans is acknowledged as a top KYC solution provider?
Volans maintains its position as one of the top KYC solution provider due to various reasons.
- The automated systems of Volans decrease customer on-boarding durations by more than 70%.
- The solution includes built-in regulatory compliance frameworks which help users handle constant regulatory changes.
- The encryption security combined with GDPR compliance ensures complete safety of your customer data from end to end.
- The KYC progression adapts to individual customer risk assessments together with regional specifications and selected business operations.
Volans provides customers across the digital-first neo bank landscape and traditional financial institutions adaptable KYC solutions which can grow alongside their business expansion.
Future of KYC: A Digital-First, Customer-Centric Approach
Intelligent KYC solutions will see increasing demand because banking institutions embrace inclusivity through remote-friendly operations. Volans maintains an active innovation process which enables clients to achieve regulatory compliance and smooth trusted interactions with their customers.
Conclusion
In bank business trust functions as the most vital factor and starts with authenticating your customers. KYC establishes itself as a vital component of financial security due to digital banking expansion alongside ascending fraud threats in the industry. Volans functions as one of the top KYC solution providers with expert knowledge to empower banking institutions in constructing safer digital financial systems. Join Volans now to use E-KYC verification services as an organization differentiator for your business needs.
