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KYC and User Experience:
How to turn an obligation into an opportunity?

Creating value out of a regulatory requirement: that’s where the potential of KYC process lies (Know your customer).
Checking client ID online during digital transactions becomes the new normal and is now spreading to many unregulated sectors such as HR or mobility (car, scooter rentals...).
At the same time, digitization of uses and services is reaching such a level that what was once considered a hurdle can now contribute to optimizing customer experience.
Let's see how.

Customer experience with security requirements at heart

KYC is a multi-step process that allows a company to verify its (future) customers’ identity. Originally created for the finance sector, it now extends to other industries. Indeed, the security and traceability of online transactions and subscriptions have become requirements, both for companies and for users. KYC allows to fight document fraud and online identity theft.  

There’s often just one step from constraint to opportunity. Consumers are very sensitive with the security of their online personal data. In fact, identity theft is the most common method used by hackers for online payments (Juniper Research, July 2021). KYC addresses these fears and risks by providing a more secure user experience.  

Implement trust as a foundation of customer relationship

The fear of having one’s identity stolen and data disclosed can be a barrier to purchasing or subscribing to new online services. Customers don’t entrust their data as easily as they might have in the past. Platforms that care about secure exchanges and transactions build trusting relationships and a properly explained and implemented KYC process is a lever for more transparency. Customers are reassured by secure identity verification processes, which boosts their trust in the service.

Beyond the regulatory aspect, companies and platforms face a strong reputational issue. Trust is a key element in any business relationship, as it particularly strengthens brand image and improves loyalty.

Treat customer experience with care at every contact starting with onboarding

Onboarding is the first contact with a company. Treating this first experience with extra care is essential to help the customer in their journey and discovery. Customers expect efficiency, time saving and comfort. They will always prefer creating an account or subscribing to a new service in a few minutes from home rather than having to schedule an appointment and travel with all the required documents. With KYC, the customer journey becomes more comfortable, as it is possible to subscribe to a service at any time of day or night, without having to anticipate or provide paper copies of their documents.

Another benefit of KYC: provide much faster processing and response times than with physical onboarding: opening an account online or asking for a credit application has never been easier or quicker. Why?

Beyond the onboarding step, KYC allows to take care of user experience over time. The customer no longer needs to provide the same credentials several times during different phases of the relationship. No more tedious back and forth.

Welcome the customer into a new, seamless and efficient experience

Enjoying a seamless customer journey is one of the strongest requirements of consumers, who do not hesitate switching platforms if the online experience is too slow or too complex. What does KYC offer? An entirely digitized process for better fluidity, regardless of the terminal used (desktop or mobile).

On the customer side, creating an account or subscribing to a service from anywhere in the world is now possible, as long as you have an electronic device (equipped with a camera) and an Internet connection. ID verification operations can be carried out entirely online, in a matter of minutes (or even seconds) thanks to real-time document analysis, frictionless.

How can the client journey be even more pleasant and positive?  By optimizing the KYC process with intuitive and ergonomic solutions that reduce waiting time and remove any hurdles that could come up, thus improving user satisfaction. The client is guided through the process as much as possible, for example by displaying messages on the screen throughout the document capture process, providing instant replies after documents are analyzed. KYC solutions also allow interface brand customization: another asset that enhances the user experience and maximizes conversion rates.  

UX and KYC: an opportunity to be different

Approaching the “know your customer” process from the sole angle of regulatory requirements simply isn’t sufficient, when we know how it can strenghten companies on user experience pillars: answering customer expectations, minimizing effort and wasted time, demonstrating consistency and reliability, and customization. KYC supports a UX experience that meets consumers’ new expectations.

Even if it’s essential during onboarding, the first contact with the company, KYC is far from being limited to this step only. It allows you to optimize customer experience from start to finish, by blending in with the overall UX and optimizing it at every stage.

The ultimate challenge? Developing a digital experience thanks to KYC that is distinctive and differentiating.

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