Identity Verification is an important aspect of any KYC compliance program being implemented in any company. For any business, onboarding new customers is an exciting but nerve-wracking period. Especially if that influx of customer is quite a healthy number and any measures of Identity Verification are absent. Unlike traditional KYC processes, tasks mainly involved laborious manual cross-referencing of data for proving identities.

 

Where earlier processes had their shortcomings in long verification periods and inconsistent result patterns. The need for efficient and advanced solutions for kyc compliance was very much required. Current KYC processes needed to perform better and basically improve a whole lot, to accept the requirements being posed by global KYC and AML laws and keep in check the customer experience. Let’s see what measures were added to traditional KYC processes and advance them further.

 

Regulatory Scalability in Check

Modern KYC solutions made sure of one aspect, is to keep regulatory requirements in check. How you would say? Digital KYC solutions are built on technologies that accept change and any amendment with the rule-base can be incorporated in without rebuilding the entire solution. When scalability is concerned, it refers to the adaption to a specific problem or requirement in a modular aspect, without affecting the entire system. Whether that is multi-jurisdictional compliance requirements or a single     

 

Deep learning Solution  

With deep learning, we refer to machine learning at its core which is the central knowledge hub of any AI-based system. The deep learning solution is of paramount importance to the successful functioning of any KYC provider. The more effective a systems internal learning is, the more it is able to learn the different patterns and document template it is provided with. So the next time, a similar document comes in for the KYC process. The solution would know, what parameters or identifiers to look for, how to process them and how to best and accurately deliver the results. With each unique verification combination adding to the digital knowledge base of that KYC provider.      

 

Augmented Intelligence with the Human Touch

Earlier we discussed machine learning, where artificial intelligence is the decision making and applicating part of deep learning that translates all that existing knowledge-base into actionable results from an automation standpoint. Where artificial intelligence plays a pivotal role in converting all that existing knowledge into consistent results that ensure streamline operations. No Artificial Intelligence is perfect and incorporating some human touch is quite a necessity, to be honest. This establishes the percentage of trust that can only be fulfilled by real-human involvement.  So in the ideal case, non-intrusive Human Intelligence oversight of the AI-powered KYC processes is a technological match.

 

There is no room for traditional KYC processes in the current circumstances of businesses and technological advancements. However, advanced solutions for kyc compliance help businesses realize the difference between traditional KYC processes and the ones with advanced measures incorporated. Seek the providers that have incorporated most if not all advance measures to combat the issues faced by traditional KYC processes and ensure a gradual acceptance towards improving existing processes to the level required by the industry today. To not only protect customers but also the company itself.

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