A KYC platform is a system that allows businesses to efficiently and securely collect, store and share customer information. KYC platforms are used by companies to reduce the cost of compliance, improve customer experience and streamline business operations. They are also essential for businesses that wish to establish or maintain relationships with customers in multiple jurisdictions.
Who Should Use a KYC Platform?
Any company that wishes to streamline its customer identification and verification process should use a KYC platform. This includes banks, credit unions, insurance companies, investment firms, retail stores and e-commerce businesses.
Benefits of Using a KYC Platform
The benefits of using a KYC platform include:
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Reduce compliance costs: A KYC platform can automate the customer identification and verification process, which will save your company time and money.
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Improved customer experience: Customers will appreciate not having to fill out multiple forms and provide the same information to different departments within your company. A KYC platform will also allow you to quickly resolve any issues that may arise during the customer onboarding process.
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Streamlined business operations: By using a KYC platform, you can centralize all of your customer data in one place. This will make it easier for you to track customer activity and make changes to your processes as needed.
Best KYC Platforms
There are many different KYC platforms available on the market. Some of the best include the following:
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NICE Actimize's AISightKYC: NICE Actimize's AISightKYC is a cloud-based KYC platform that offers real-time monitoring of customer activity. It also includes a compliance management system and a data enrichment tool. Pricing starts at $5,000 per month.
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Fiserv's KYC Online: Fiserv's KYC Online is a web-based KYC platform that offers automated customer onboarding and identity verification. It also includes a document management system and a fraud detection tool. Pricing starts at $3,000 per month.
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Cognito's KYC Manager: Cognito's KYC Manager is a cloud-based KYC platform that offers customer self-service, document management and identity verification. It also includes a fraud detection tool and a customer 360 view. Pricing starts at $2,500 per month.
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Fenergo's Customer Lifecycle Management: Fenergo's Customer Lifecycle Management platform helps financial institutions automate their customer onboarding process. It includes features such as document management, KYC and AML checks, and workflow management. Pricing starts at $5,000 per month.
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ComplyAdvantage: ComplyAdvantage is a cloud-based compliance platform that offers real-time risk monitoring and identity verification. It also includes a suite of tools to help you manage your compliance program. Pricing starts at $500 per month.
When choosing a KYC platform, it is important to consider the features you need and the price you are willing to pay. You should also consider the reputation of the provider and the customer service they offer. Some services will offer discounts or deals so be sure to research for things such as "Free Demo Available", "Reduce Compliance Costs" and "Low Cost Screenings."
KYC platforms are an essential tool for businesses that wish to streamline their customer identification and verification process. By using a KYC platform, you can reduce compliance costs, improve customer experience and streamline business operations. Be sure to choose a platform that offers the features you need at a price you are willing to pay.
Why You Should Consider Using KYC Platforms
There are many reasons why you should consider using KYC platforms. KYC platforms can automate the customer identification and verification process, which will save your company time and money. Additionally, customers will appreciate not having to fill out multiple forms and provide the same information to different departments within your company. A KYC platform will also allow you to quickly resolve any issues that may arise during the customer onboarding process.