There are different transition points in sectors for international organizations, medium-sized businesses or small enterprises. Regardless of the size of the industry, the only constant issue for companies is to ensure transaction, data security and customer trust. Because customer trust means more profit. Research shows that customers prefer reliable brands and companies more. So, what needs to be done to ensure security?
The tricks of making safe transactions are to evaluate the information correctly, to cooperate with the right people and to secure all the processes of the customer. In this article, we focus on the last of the tricks, namely securing customer processes. For this, we go to the basis of the concepts and examine KYC (Know Your Customer) and its types in detail!
KYC, which can simply be translated into Turkish as “Know Your Customer”, is actually a classical process that has been carried out from the very beginning of the business to the present. Factors such as identifying the customers and customer groups to which the business will provide goods or services, and eliminating the possibility of misuse of goods and services form the basis of KYC. In other words, in a simple scenario, learning the identity information of the person who wants to enter the store and buy a product, matching the identity information with the official identity information is the full definition of the KYC process. “KYC is performed to find answers to the following questions:
Answering all of these questions, KYC's most basic question is: "Is the transaction really reliable for both the customer and the business?"
Until the development of digital methods, KYC was carried out by physical means. The customer or prospective customer gave the legal identity document (ID card, driver's license, passport, etc.) to the authorized person, and the official examined the document. The information contained in the document was verified with the questions of the authorities, and the photo comparison was also carried out instantly by them. In other words, traditional processes were extremely prone to human error. This brought security vulnerabilities.
The point where traditional KYC processes have come with digital transformation has created a much more practical usage area for businesses and users. e-KYC is carried out by using software and artificial intelligence technologies in customer identification and verification processes. At this point, methods such as user name and password information, SMS and e-mail notification and authentication or authentication with biological data such as fingerprint and face matching are important steps of e-KYC.
In short, the basic logic of e-KYC is based on the fact that the identification and verification process is carried out by digital and electronic means, not by human channels.
Video KYC, which is shaped by digital transformation and is a life-saving solution for both businesses and customers, has the most practical and fast usage feature. In the video KYC process, businesses can perform authentication processes wherever customers are. In these processes where mobile devices are used, it is possible to authenticate even a traveling customer in the most secure way. You can also check out our article to discover the benefits of Communicator for customers and businesses.
The steps in the video KYC process are listed as follows:
Undoubtedly, the most important pillar of this process is video call technologies as well as secure identification and verification processes. It is an important point that identity verification processes continue even during video calls in financial transactions such as leasing and factoring, especially in banks. The expert on this subject in Turkey is ArkSigner with its domestic developments!
The safest, most practical and fastest solutions for e-KYC and video KYC are LiveAuth and LiveAuth Communicator. Remote identification and verification, secure video call solutions, click now to review the LiveAuth family!