Understanding more about your customer is an important part of any business’s goals. Know Your Customer, which you may see as KYC, takes that further and helps you identify and verify the identity of your clients. Businesses need to make sure their clients are genuinely who they’re claiming to be, and Know Your Customer processes make it possible for you to do that. When you have public records search engine tools available, Know Your Customer becomes easier.
Regularly Verify a Client’s Identity
It’s not enough to verify a client’s identity once, then never verify the client again. Sure, you might know who opened a bank account or stockholder account, but are you certain that individual is still the one who holds the account and regularly uses it?
If you want to truly know your customer, you need to make sure you’re verifying your clients’ identities on a regular basis. Know Your Customer processes allow you to verify your clients’ identities when they first make an account, then to check back in every so often for more verification.
Meet Governmental Regulations
In some situations, Know Your Customer may be mandatory. For example, if your business offers bank accounts, you might not be able to open a bank account for just anyone. Instead, you probably have to screen your potential customers to make sure they’re all allowed to open bank accounts in your area.
The government may have the ability to enforce these regulations, or it might rely on a regulatory body that does so for the government. Either way, it’s vital that you meet all these governmental regulations so you can continue to function and make money as a financial organization.
Uncover Information in the Way You Prefer
Every company has its own way it prefers to obtain information. For example, you might prefer to use batch processing to gather Know Your Customer information, or you might want to integrate it into an internal search engine you already have set up. Tracers offers three options for gathering information:
With this variety of opportunities, you never have to worry about not having options. Whether your company handles thousands of individuals every week or you only need to do a few searches per day, Tracers gives you options that will allow you to grow more easily as a company.
Link Identifiable Information
When someone creates an account with your company, they have to give certain pieces of information. This is even true if you’re only fulfilling everyday orders. Individuals offer pieces of information to your company that you can utilize to make sure you have the right individual and you’re dealing with a real person.
With TracersID, you can instantly verify an individual’s identity. This process uses Tracers’s advanced algorithm to verify whether the data you already have matches up with a real person. If not, you can learn that fact, which will allow you to ask the customer in question for additional pieces of information.
Maintain a High-Quality Relationship With Customers
In general, you always want to retain your quality relationship with your customers. It’s important to know that your customers think of your company as being very high-quality. That makes it more likely that your customers will come back for more after they’ve already made a purchase or created an account with you.
Maintaining your high-quality relationship with customers should be at the top of your company’s priorities. When you’re able to use Tracers tools for Know Your Customer, it’ll be easier for you to maintain your existing relationships and build new ones. That will lead you to a business that’s constantly growing and gaining new customers.
“One of the biggest differences between Tracers and [other providers] is the personally identifiable information that Tracers provides.”
Understanding Tracers’s Know Your Customer Tools for All Industries
Know Your Customer is an important concept for just about any company. Although it’s tempting to think of the Know Your Customer framework as an option that’s only useful for a very few types of companies, Know Your Customer is actually useful for many different businesses and individuals. Consider this list of industries that can benefit from Know Your Customer policies:
- Law enforcement
- Background screening
- Health care
This is an incomplete list, but it’s one that can be very beneficial. When you first start considering Know Your Customer, you should think even more about it if you’re in one of these industries. Whether you work with one of these industries or not, consider whether Tracers’s Know Your Customer tools could help.