Compliance has a long tradition in companies with an Anglo-Saxon culture. It came to prominence in the US in the 1970s and 1980s, when, after major corruption and financial scandals that affected large companies, the Foreign Corrupt Practices Act or FCPA (1977) was enacted, which included requirements and prohibitions on bribery, bookkeeping and records.
In Spain it is a relatively recent function that began, a few years ago, with two widely regulated sectors: financial and pharmaceutical. And it was associated, at first, with mere compliance with the laws in the more formalist sense. We usually find this term alongside another: KYC, which we can consider as a way of performing Compliance, even though it does not have a regulatory body that supervises it. That responsibility falls to each of us.
About our customer
Did you know that the identity verification process of your user is also known as KYC? This acronym refers to how it is done, although without establishing specific rules or parameters that dictate how to carry it out. That is where biometrics will come in as a facilitating tool, because the objective of this process is always to Know Your Customer in the most precise way possible. Carrying out this task properly is of vital importance for you and your customers for several reasons: Security, trust and growth. Each of these aspects can be considered independently, but also collectively, because it is the sum of all of them that will make you stand out from the rest.
There are many ways to strengthen security, but we must particularly focus on fighting fraud. This is an increasingly determining factor due to the rise of fraudulent attacks in recent years. Identity theft is among the most worrisome and in this case one of the most dangerous for KYC. The use of biometric technology can reduce fraud to zero, since in addition to instant digital verification it also protects the data that is encoded and processed with time stamps.
Establishing a relationship of trust with your user or customer, so that the interaction is more natural and fluid, is not always an easy task. The perception that users have of brands or companies is directly related to how easy they use their services or products and the user experience that results. Therefore, a user-centric design is essential, as is a procedure that gives them the power of decision and keeps them always informed. An onboarding platform, accessible from their smartphone or PC, with access to everything they need, using just a selfie, provides this.
The technology you use to carry out the identity verification process will be directly related to the number of customers that successfully pass it. The conversion rate percentage for biometric identity verification is 95%. The ability to adapt is key, knowing what your customer expects and needs, to be able to provide different forms of access, will result in a superior user experience that ensures your growth as a company. All this in addition to improving your brand image, and the perception that your users have of your organisation.