min read

KYC automation is an overlooked competitive advantage

Published on
March 28, 2024
Subscribe to our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Surprisingly, many regulated organisations still manually manage their customer onboarding and the entire KYC process. This obsolete method is not only prone to human errors, but it is also utterly time-consuming, resource-intensive, and costly. ZignSec's KYC automation speeds up client onboarding, reduces manual labour, eliminates errors, and facilitates your company to stay compliant with the rapidly changing and expanding regulatory landscape.

The manual KYC procedure is an obsolescent approach to AML compliance

A robust client onboarding and identity verification procedure in compliance with Anti-money Laundering (AML) directives and Know Your Customer (KYC) requirements is vital for businesses and professionals in regulated sectors. There are internet-based operations and enterprises within regulated industries that still utilise manual client onboarding and ID verification procedures, making them vulnerable to fraud and human errors. Their entire KYC process is fragmented, overburdened, and frankly, outdated as it is slow, costly, and hardly customer friendly.Maintaining regulatory compliance while operating in a complex and ever-changing regulatory landscape is challenging for many businesses. Regulated companies that rely on humans performing manual tasks such as data sorting, data entry, error correction, and verification face several costly, time-consuming, and resource-intensive challenges in onboarding new clients and maintaining regulatory compliance. Too many potential customers will be lost during the cumbersome and time-intensive onboarding process.Eventually, even your existing clients will turn to competitors that value a stellar customer experience in balance with security and regulatory compliance. Regardless of what product or service your business provides, a holistic approach to the customer experience has time and time again been proven to increase client retention and conversion rate as well as revenue. People stay loyal to companies based on the overall customer experience; clients' loyalty is no longer based solely on price or product.

ID card for KYC

KYC automation facilitates cross-border compliance

ZignSec’s automated onboarding process is the fastest way to take new customers from account creation to purchasing your product or service. Automation enables quick and safe identity verification and initial risk assessment, two essential steps incorporated at beginning a potential relationship with a new customer. We enable the onboarding of new clients with a swift, intuitive and instruction guided procedure where they utilise their smartphone, a photo of their valid ID document and a video selfie for proof of identity, address, and age in real-time. Our platform employs the most appropriate verification method regardless of whose ID document is presented, making your business receptive to international customer acquisition and business expansions. ZignSec provides frictionless verification processes irrespective of geographical boundaries as we cover more than 9000 document types in 170 countries.

We offer a fully automated ID verification process fortified with AI-driven ID document fraud analysis, biometric face comparison and liveness detection running in the background, ensuring that any prospective clients are who they claim to be in just seconds. In support of AML compliance, ZignSec also provides automated PEP (Politically Exposed Person) and sanction checks that consolidate verified lists from global PEP databases, Government Sanction Lists, Anti-Terrorism Lists, CIA Lists, and customised geographic lists. You can rest assured that any sanctioned new screened client will be flagged with real-time access to such a comprehensive set of international watchlists. Our platform continuously updates the sanction and PEP screening lists whenever there are changes, enabling effective ongoing monitoring as your existing relationships on the sanction or PEP lists are flagged without requiring a new search. We also provide adverse media checks highlighting individuals that can potentially damage your business directly or indirectly.

Person doing KYC manually

A perfect balance of AML/KYC compliance measures and client satisfaction

ZignSec provides the automation, workflows, compliance measures and checks that encompass the entire KYC process in support of AML compliance worldwide. Our all-in-one platform is an orchestration layer for a global set of compliance solutions and all the corresponding workflows that your organisation can acquire, employ, and manage via a single API connection. We enhance the entire KYC process sequentially through automation and orchestration as many of the automated checks can be run simultaneously, creating a seamless and real-time stellar customer experience. Your organisation will reduce compliance costs and increase the client acceptance rate and revenue by utilising an efficient automated KYC process.

With ZignSec as your regulatory compliance vendor, paper-based processes are digitised with electronic signatures. You employ mobile ID capture, verification, and facial recognition capabilities with liveness detection in a digital onboarding workflow to ensure regulatory compliance and a smooth customer onboarding. Embedded AI analysis and machine learning are used to streamline your document processing. ZignSec fortifies your business with end-to-end automation for regulatory compliance and client lifecycle KYC management through robotic process automation that streamlines system integrations and automates time-consuming, manual tasks.

Verify and validate the legitimacy of your corporate clients

Evaluating corporate clients involves digging, investigation, and complicated decision-making. Our extensive portfolio of KYB-focused products and workflow solutions mitigate these efforts.