What’s the first step that a customer has to take when he wants to avail any service from a Bank or a Financial institution? It is the Know Your Customer (KYC) process. KYC is a process where a financial institution verifies the identity and personal details of a potential customer. The RBI has made it mandatory for all companies to undertake KYC before offering any services to customers. While it has had a positive effect of reigning in unscrupulous activities like money laundering and fraud, it has its drawbacks too.
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With social distancing as the key preventive measure in the going global pandemic, expecting customers to come to the branches of RE’s, i.e. Banks, NBFCs, etc. seems out of the question. The biggest casualty of this situation would be the Know Your Customer (KYC) process which needs verification of documents and other aspects of a customers’ identity.
Read StoryAccording to a 2017 Forrester study covering 140 companies across the financial sector in the United States, 88% of the participants agree that the Onboarding experience has a strong influence on the lifetime value of customers.
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