Knowing your customer is the first step to boosting your business and the reason to improve the product quality. The best part of building a relationship with the client.
Every business owners want to boost our business and increase sales. KYC ( Know Your Customer) is the most important role in brand awareness and generating leads.
This protection saves from gambling and fraudulent people. The important things are to get more sales and provide customers with better trust in a business.
Understanding customers is a basic key to giving them good service which in turn show the good result with better customer relationship. Build the new sales through positive responses and recommendations.
What is KYC?
KYC in business stands for Know Your Custome. Basically, these are services which I use for knowing about your customers and business. No matter what industry and field you are in, first to know industry and clients for business growth.
Every business needs these services because these are all very helpful for business growth. The marketer wants to know about the audience to judge the clients and target the right audience.
Understands customers’ profiles and needs.
Know about a customer who engages with your business. The first step is to know about the client profile and see clearly about the profile. Because you can take an idea about, that is customer passion, hobbies, interest and passion consumer who attract our business.
You know about the audience, what’re your needs and the painful things for improving your product. Many business companies avail these services because agencies are want to connect our audience and save them from fraudulent people.
Important verification about to know your customer.
ID card verification
Document verification
Face verification.
ID card verification:
National identity cards can use to know about identity and see the photo, name, address, date of birth, and issue date. You can take records for in future dealing with customers. Have an idea that is a real person or fake. Today, online fraud is increasing day by day. Many agencies and companies use these services to know your customers.
Make them businesses saves from online gambling and fraudulent people. They built trust and relationships with customers’ positive recommendations.
Document verification:
Document verification is also known as papers verifications. Which use for to see customers and employees history & check paper, That is the real or fake man. Document verification to see online records and match papers.
Like name customers, photo, date, face, and many other things which mention on documents. Take idea about the audience and behavior are attract our business. Some scammers use duplicate documents for gambling. Bad men are increasing day by day and inventing new methods for fraud.
Face verification:
Real-time check the facial verification. The customer stands in front of the camera and takes a selfie. These selfies use to see the photo and match the record that is the perfect man or the wrong man. And have a record for the future in the database.
Many banks and agencies use this service for customer identification verification. When any person goes to the bank to open an account.
Banks are using face verification for matching government data and records. Check the detail about the person that is real and confirm, this person is not involved in gambling cases.
Address Verification:
The Address Verification Service (AVS) is a fraud prevention system that, can help to reduce limit fraud, gambling, and chargebacks.
AVS attempts to confirm that the location entered by the client is related with the ID card and card account.
AVS is a MasterCard service designed to stop scammers from fraud and gambling.it is widely used by many major credit card companies.
During the checkout strategy, your client enters their location which is then contrasted with the location on record with the responsible bank and archives.
Once the addresses are compared with the given statement, the issuing bank returns an AVS code to the merchant. You can use this AVS code to give to determine how to proceed with the transaction.
AVS is used as part of a company and multilayered fraud, gambling protection system to ensure that valid transactions are approved.
Difference between KYC and AML.
The difference between (AML) anti-money laundering and KYC (Know Your Customer) is that AML refers to is regulations that financial institutions must follow to save from money laundering.
KYC is more specifically related to verifying a customer’s identity and customer verification, this is a complete key part of the overall AML.
Financial institutions are responsible and want to know customers for developing their own KYC programs. However, AML legislation can vary by jurisdiction or country, which means that financial institutions must develop KYC procedures that comply with each set of AML standards.
Advantages of KYC:
KYC helps to understand the customer’s nature and interest.
Improve your business
Reduce the risk of fraud and save from gambling people.
Improve business presence online.
Helps to about customers behaviour and needs.