We all are familiar with the term Know Your Customer(KYC) and its process when we think of going to the bank to open an account. Simply say, it is identifying and verifying you. Places like banks need to make sure that you are who you really are. The way to verify you, or Know Your Customer Process, includes ID card check, face verification, and document check such as proof of address.
Why Knowing Your Customer is important
As banks must meet the KYC compliances, the process of knowing their customers are crucial. The KYC procedure tells if the person is genuinely the same as the person in the document. Additionally, the banks can verify whether the person is safe from any money laundering-related possibilities.
Once only thought it was possible and reliable, having myself verified as who I am through face-to-face, is now transitioning to online check, the online KYC.
Know Your Customer Process in Banks
The Online Know Your Customer (or sometimes Know Your Client) process is becoming more prevalent since the advent of Covid 19. People are more familiar with online activities. Online gathering, virtual learning, online shopping, online meeting, and online banking all have become major activities in our lives ever since.
Depending on the person’s visa status, the need to visit the branch may vary. However, this also means banks are widening the ways of opening an account. Many banks do allow customers to open accounts online as long as they are legal residents. If not, a visit to a branch to finish the bank opening application may be required.
With Argos KYC – What Can Change?
Verifying a person with a genuine ID is the key to identity verification. With online, it is possible. And yes, it is reliable and safe. Argos KYC, an online verification solution provider, can help financial businesses to have global coverage and also meet compliances. Online identity services can enable banks to start a business relationship only with trusted ones, whether a legal resident or a foreigner.
This can be possible through a trusted verification service like Argos KYC. Argos KYC can verify over 1,400 ID types from more than 193 countries. Over 4,000 ID documents can be covered by expert review. So you can identify anyone at any time anywhere.
Find out how you can earn this much coverage with a trusted AI-supported solution.