How KYC Automation is Transforming Client Onboarding
Back in the day, onboarding was a process that had to be done face-to-face, at a brick-and-mortar location that had a computer system hooked up to a program that could be monitored and checked for compliance.
The Know Your Customer (KYC) platforms have changed that old traditional system in some substantial ways. Changes that are the best for companies and consumers alike.
When you combine an automated system to the KYC platforms you gain a winning combination that will speed up all the processes involved in every transaction.
There are a few substantial ways that this type of platform will transform the onboarding of new clients and customers. Let us look at a few of them.
Cost: The costs associated with the onboarding process can be rather extensive, costing the company a substantial amount of money, and taking up some serious amount of time from you. Costs will be cut by half, at least, with an automated system that can be assisted by AI applications that can process, except, take payment, and print out a policy within minutes.
Efficiency: The efficiency in the process will be increased by leaps and bounds. The more that humans engage in the onboarding process, the more likely that issues will occur. With an AI system that is automated, though, they will follow all the perimeters that have been set and will make decisions based off them. This sets the stage for all people to be equal in the system. AI systems cannot give preference to anyone because it runs off algorithms that do not allow for variances.
Mistakes: As mentioned above an automated system will decrease the amount of time that a live agent will have to put into the onboarding process. This means that there will be less risk of data entry errors, or the possibility of an agent mistaking information when entering it into the system.
Growth: When it comes to growth that relies on the workforce you are limited on how big you can go. It is a simple equation when you think about it. One person can only process so many onboarding processes in a day, which ends when they go home for the day. An automated KYC system will run all the time. 24 hours a day, seven days a week. And it will process them much faster than a human ever could.
Customer Service: If a company has good customer service they will stay in business. It is what every company is about, no matter what industry that they are in. Without customers it is hard to make any money. An automated system will contain a chat bot that is available all the time. They will work with the AI system so they can answer questions, solve problems, and connect the customer to a live person when needed.
Efficiency: Having an automated system that can manage all the tedious aspects of the business will free up the workers and managers so they can work on more important things, such as growth and expansion. Just having the customer service aspect of the business will open up enough time to release at least half of the people that you have employed.
As you can see an automated KYC system will transform how companies onboard new customers, new employees, and it will take over the aspect of business that takes up the most time and requires the most amount of work hours. Automation will be good for companies, for consumers, and employees.
With the decrease in need of workers, companies will continue to downsize their workforce. Not good for people looking for jobs unless they are willing to roll with the changes and learn all about the modern technology and systems.
If they are, the sky is the limit because there will be jobs open for people that can fix problems, verify accounts, and keep track of the AI systems to double check for any issues that may occur.
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