Know Your Customer … Digitally

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Enhance Customer Interactions in a Digital World

Know Your Customer initiatives, also known as KYC or “Know Your Client,” focus primarily on regulations for financial institutions to ensure that customers are in fact who they say they are. It has become an important process to assess risk, monitor fraud and protect the institution, but can the principles of KYC extend beyond identity verification and fraud prevention to improve the customer experience? 

Personalization is a core tenet in delivering a positive customer experience, putting an emphasis on ‘knowing your customer.’ Rather than simply verifying identity and meeting protocols, what if institutions applied the KYC principles to customer service? Knowing your customer could help financial institutions offer personalized customer and member experiences. Understanding how customers engage and transact with the financial institution can help organizations keep PACE with their digital-first customers and deliver experiences that set them apart.

Extend KYC to Enhance Digital Customer Service

Identity verification can take many different forms, from a series of authentication questions from a chatbot to using video chat to visually confirm a customer or member. You could even use the verification information to offer varying digital communication options based upon whether a user has authenticated through the web site or banking application. The key in each situation is to meet customers where they are and allow them to seamlessly transition to other channels without having to re-verify or break the digital connection. 

Knowing your customer goes beyond upfront verification. It also means knowing how to best connect, offering multiple options to communicate and help navigate friction points. Using Live Observation and business rules, representatives can proactively identify if a customer is interested in a loan, for example, or is exploring credit card options. The rep sees the visitor’s screen and gains insight that helps personalize the experience. Further, the rep sees when a visitor is encountering an issue and can proactively guide them to a positive outcome.

“Those leaders who find a way to demystify the digital experience will be the most successful in accelerating their adoption and usage. That may come in the form of proactive outreach, incentives, video tutorials, testimonials and training.”

– Steve Cocheo, “How COVID-19 Permanently Changed Americans’ Financial Habits,” The Financial Brand

Develop a closer relationship with customers and members, while also maintaining security and a personalized connection. Whether you’re establishing a new account and need to securely upload verification documents or assisting a current client with an inquiry, Digital Customer Service can help build trust and improve the customer experience.

Request a personalized demonstration to learn more about how Digital Customer Service can help you know and connect with your customers.