Is Your KYC Process Driving Consumers to the Competition?

Published by Ekata

Know-your-customer (KYC) processes are a cornerstone of every financial institution’s onboarding process — and for good reason. Since the early 2000s, many countries have introduced KYC/anti-money laundering (AML) regulations to combat terrorism and stop money laundering. These regulations have in turn served as the guidepost for institutions to establish processes to validate customer identity.

When these processes were first implemented, most accounts were opened at brick-and-mortar locations. It was easy to consider the KYC process as a way to verify a customer’s identity because they were in front of you and able to present a valid ID. It was also easier to take an applicant through the entire process without risking abandonment.

But the world has changed drastically in the years since these regulations were established, trending ever further toward a digital-first economy. In a 2022 survey by PYMNTS and Finicity, a Mastercard company, over three-quarters of respondents opened a financial account online in the last year.

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