After a punishing year of repeated lockdowns, lack of social interaction and lives that feel like they’re fully online, we’re finally moving into 2022. But just because it’s been a hard year for all of us doesn’t mean that we haven’t accomplished a huge amount and revealed some interesting activity in the world of compliance and customer onboarding.
To celebrate the festive season, and the end of the year, we’ve scoured the content archives to bring you 10 days of KYC content, one for every day left in the year, to keep you occupied until the New Year. Just in case you need more of that good compliance knowledge during the holidays.
1. KYC 1.0 to 3.0
We take a look at electronic KYC processes since their inception and how they’ve developed over the past two decades. While KYC has been around for a long time, eKYC is much newer and is really a feature of the modern digital world. It’s been developing at a rapid pace and now we’re moving closer to the possibility of a world where digital identity is a fully realised solution and consumers hold their identity in the palm of their hands.
The future of KYC is clear – digital identity, we discuss where KYC has been and how it will develop in our blog here.
2. Are consumers ready to adopt a reusable consumer identity?
We commissioned a study looking at thousands of consumers to investigate what they knew about digital identity products and how interested they were in them. We discovered some interesting talking points, for example the average consumer has to verify their identity online 17 times per year and 74% of consumers are frustrated they have to repeatedly prove their identity online.
The frustration is understandable – you can find out about other pain points consumers face, but don’t always express, by reading the report here.
3. Why the gaming industry is losing 30% of its customers at sign-up
The gaming industry is always at the forefront of KYC regulations. Part of that is because it’s a heavily regulated industry and because the faster they can get their customers to onboard the sooner they can start delivering their services. After all, no-one wants to wait to place a bet if a sports game is in mid-flow.
We spoke with Andy McCarron, Managing Director of SBC Gaming to take a look at why gaming companies are losing so many customers during the onboarding journey. Watch the discussion here.
4. KYC is more than compliance
KYC compliance is often spoken about in terms of a cost centre and about avoiding fines from the regulator. But it’s important to never lose sight of why this work matters. KYC processes fundamentally allow your business to prevent the proceeds of truly horrible crimes from flowing through your accounts. It’s a way to avoid allowing criminals to prosper.
We take a look at the newest list of predicate offences for money laundering, collated by the FATF, and show just how KYC can prevent them from interacting with your business here.
5. Five ways to improve your customer onboarding journey
Customers will always want a faster and smoother onboarding journey. During our discussion with Andy McCarron (look at item 3 for more details) it became clear that many businesses are unsure of how to do that from the start. Here at HooYu, we always want to be as helpful as possible, so we put together a quick-start guide for any business to improve its customer onboarding journey.
Find out how to improve your KYC process while implementing a faster customer onboarding journey here.
6. Video-ID verification for everyone
We delivered live video-id and made it accessible for every company. Live video-ID is a mandatory KYC process for European nations such as Germany and Spain. These nations, and soon to be many others, are dealing with regulators that are cracking down on the KYC stage of compliance and want more in-depth verification processes than ever.
Delve into the reasons why video-ID is vital in these geographies and why it’s something you should be considering for your business here.
7. Why digital identity is the future of KYC
2021 saw many discussions about digital identity, the UK government released research and asked the industry for opinions on the topic, and the EU discussed the issue at length. Here at HooYu we launched our own digital identity wallet to highlight to businesses why this matters so much. As we said earlier, digital identity is the future of KYC.
Find out why the future is found in digital identity wallets right here.
8. Why every business needs KYC, not just the banks!
Embedded finance seems like it’s everywhere in the world at the moment. Starbucks is the biggest ‘not-a-bank’ in the world and fintechs are making it easier and easier for businesses to embed financial products into their service offerings. Finance is everywhere and every business is seeking to profit from that boom.
But all that potential revenue comes with regulated strings attached. We unpick the issues and show how these businesses can solve for regulatory obligations that they haven’t had to deal with before here.
9. Six easy steps to configure your online KYC process
From our discussions with many clients and prospects this year it’s become clear that many are uncertain as to how they should configure their KYC solution. Luckily, we make it as simple as possible. Many of the white-label solutions out there can’t quite solve the issue, but with HooYu, its almost too simple.
Take a look at how to easily and quickly integrate your KYC solution with your customer onboarding journey here.
10. How to avoid $11 billion in fines
$11 billion is a big number. That’s also written out as $11,000,000,000 – it’s a lot of zeroes. Unfortunately, that’s the same amount of fines handed out in 2020 across the globe to financial institutions. And that number is almost certainly going to go up for 2021.
We lay out how you can avoid ever being fined at all using the right compliance solutions here.
And that’s it from us this year! We hope you’ve had as excellent a 2021 as could be had. It’s been a great year for us, we’ve expanded, hiring on new staff, moving into a new office, building an entirely new service in HooYu ID, and expanding into new territories. But you’ll hear even more on that in the next year. Have a great winter break and we can’t wait to see you in 2022.
