Implementing and configuring an online KYC solution isn’t easy. It can quickly become a difficult part of creating a customer onboarding journey. Every regulated business has unique compliance needs in practice, yet often purchase white-label solutions that cannot fully adapt to business requirements in one territory let alone across multiple regulatory jurisdictions.
HooYu has been designed with the reality of regulatory needs in mind. We created our KYC solution to have unparalleled flexibility and the capacity to ensure your customers glide through online KYC demands.
We’ve done this by identifying six settings that can be altered at will by your compliance team to achieve an online KYC compliance programme that fits your risk-based approach.
1. Orchestration settings to improve online KYC
Before the customer onboarding journey even begins you need to have considered what KYC functions are most important to your business.
Do you want to start with a database check?
You can decide if you want to use Equifax data, Transunion, or bring in your own data supplier.
Do you want facial biometrics and/or liveness detection?
The HooYu orchestration settings allow you to decide which identity sources and identity documents are non-negotiable and which are optional. It’s all available at the click of a button.
2. Identity Confidence Score settings
Not all products or customers are made equally, some require deeper KYC demands than others. HooYu allows you to set individual confidence scores on identity for each of your users based on your product/customer/market risk analysis.
This lets your business have a nuanced risk-based approach. It’s achieved by allowing lower-scoring identities to interact with low-risk products, but dramatically increasing the confidence threshold for high-risk ones.
3. Alert settings
Not all alerts are made equal for all businesses. For some businesses age fraud doesn’t matter, they may be actively targeting all age groups including under-18s. For others, it’s vital because of regulatory demands.
Some businesses may pay attention to a geolocation mismatch with address data due to sensitive product regulation. Others are built on the ability to sign-up for the service no matter where a customer is.
Our alert rules allow you to choose which alerts matter to your business. And more importantly, you can instantly see when submitted evidence does not match with application data. There’s no need for a manual review of every application to detect slight inconsistencies when it has been fully automated.
4. ID and address document settings
The pandemic taught everyone that companies need to be ready for sudden and unexpected changes. It’s not enough to react after the fact. By the time you’re building in functionality, you may have lost thousands of customers to a competitor who was faster or more prepared.
Document rules allow you to add flexibility to your compliance as necessary and when mandated by regulators. And it’s accomplished without needing to force your compliance team to do tedious and costly manual reviews. HooYu makes it easy to set acceptable document recency rules.
If you need to accept expired ID documents, which many businesses had to do following governmental inability to renew passports across the globe, then you can make that happen with one click. The Italian government, for example, mandated that expired passports be accepted by businesses while civil departments were backlogged.
You can even create an alert to detect if the document is too far out of date for your liking and would have still been out of date in the weeks preceding a global catastrophe like the COVID-19 pandemic.
5. Journey settings for online KYC
Your KYC journey is your first real opportunity to share with your customers the experience of interacting with your business. Up until now everything you’ve done to get them has been marketing. So, it’s vital that you make a great impression.
HooYu provides your business with everything you need to do that. From sending custom messages to convenience features like being able to pause the journey and interact with it across whatever device the user has to hand.
You’re also able to send user engagement nudges to your customer at the rate you want to remind them to come back and complete the journey if they’ve had to pause for any reason.
Your customer base will always be varied with varying language needs. We accommodate this need by allowing the customer to go through the HooYu journey in the language they prefer. It helps set your customer onboarding journey apart from others and shows you care about personalising and making their journey easy.
6. Result settings
Review is one of the most important stages of your compliance obligations and one of the biggest. Instead of forcing your compliance team to trawl through an endless list of names, we’ve made it so results can be reviewed as soon as they come in and are delivered in configurable user groups.
You can set up result notification rules in just a few clicks. You can also opt whether to see the full evidence of each account or only the results, manage alias rules and much more with our comprehensive result settings.
At HooYu, we’re dedicated to creating the most efficient and enjoyable customer onboarding journey. Our wide array of online KYC settings is simply one way we look to achieve that goal.
