KYC (Know Your Customer) is an integral part of fighting Money Laundering and Terrorist Financing. It has become one of the necessities for every organization in the financial sector.
Managing your customers’ KYC data can be very frustrating, however, there’s a solution - a data management platform.
When you start screening thousands of customers, it can quickly get out of hand. There’s so much data that needs to be stored and retrieved. A KYC & AML data management platform is a CRM that allows you to manage gigantic volumes of customer information while being able to easily sort the data and view the necessary information as well as control user actions and verifications based on your risk appetite.
The goal of the data management platform is to make the life of a responsible manager easier by giving him a wide and convenient toolkit while meeting the meticulous requirements of working with personal data. Here are a few benefits of using an onboarding CRM system:
BASIS ID has been famous for its data management platform for many years. However, in 2020 they have released a newly updated onboarding system, which is focused on transparency of the verification process, the security of personal data, and convenience of the officers who will be using the platform.
Let’s take a closer look at some of the key features.
The new platform was created with users in mind and client feedback. We have worked in cooperation with our customers to create a perfect system that suits your needs. It’s intuitive and does not require a long training process.
BASIS ID onboarding platform provides a simple overview of all of the users you have.
The dive into the details
The CRM also makes sure that you can view each user individually.
One of the main goals for creating a new CRM was to provide as much transparency as possible. BASIS ID wanted to make sure that for the compliance officers it is crystal-clear why certain individuals were accepted and others rejected.
Such clarity also makes customer communication very easy. Compliance officers can request missing or additional data instead of making users redo the whole KYC process from the beginning.
Finally, knowing which users got rejected and why allows you to easily optimize verification settings to mitigate false positives and optimize the KYC process. Moreover, BASIS ID architecture allows to track all the verification attempts a user takes and provides targeted customer support.
The transparency is achieved by displaying detailed data about each user instead of a generic decision (approved/rejected).