At the heart of all KYC is one key question – how do you delight your customer, satisfy the regulator, and keep your CEO happy all at the same time whilst preventing money launderers from abusing your business?
HooYu is a customer onboarding platform that helps you maximise the success of onboarding rates whilst still increasing the integrity of KYC processes. We share our 5 tips to drive a successful money transfer KYC journey.
1. Make your customers happy – Implement smooth digital journeys with great UI and UX.
In today’s digital age, users expect to be able to open and transact with a money transfer account as easily as they would open a Netflix or Amazon account. Gone are the days of emailing copies of ID documents and waiting days for documents to be manually checked.
Today’s KYC journey needs to be instant to make customers happy. Remitters need to employ great UI and UX to speed their users through their site or app and then have automated KYC techniques that can prove and check customer identity in a robust but instant fashion.
2. Satisfy the regulators – KYC journeys need to reflect differing local compliance requirements.
In some markets such as the United Kingdom, database checks alone will suffice to prove customer identity. In other markets, ID document validation must be performed, whilst in other markets such as Spain and Germany, a live video agent interview process is mandated.
It can be a daunting enough task to understand the KYC compliance requirements in each country, let alone build multiple KYC journeys.
HooYu works with you to understand the local AML customer due diligence requirements and to deploy a journey that meets those requirements. We can also work with you to create subsets of journeys for each country designed to match your risk-based assessment of fraud and financial crime risk.
3. Keep the CEO happy – Maximise conversion in the funnel with journey optimisation.
KYC is very much a balancing act where the compliance and fraud teams need to have a KYC process that stops fraud and money laundering but that doesn’t deter legitimate customers from coming on board.
At HooYu we work with our clients to help them design and optimise customer journeys using our UI and UX tools. Little steps such as customer education pages, or a save and continue later option, make KYC easier
4. Build different journeys for different corridors – Put your customer at the heart of KYC compliance
A common mistake by compliance teams is to design a KYC process that ticks regulatory boxes but forgets about the user. Keeping the user in mind focuses KYC processes to cater for two kinds of users – the good and the bad.
A KYC process designed to help the good users to pass will be designed to ask them for the right kind of ID document they are likely to have at hand in that corridor. A good KYC process will also build in UI that gives the user prompts and guidance based on the language settings that they have on their device.
5. Make KYC compliance easy with HooYu – Select a no-code-low-code KYC platform that is easy to deploy
Intuitive, easy to follow KYC journeys needn’t be the preserve of tier 1 remitters, with lots of compliance or tech resource to design and build multiple KYC journeys.
At HooYu, we believe our clients want to focus on their core business rather than developing and maintaining onboarding journeys. That’s why we provide a low-code-no-code mobile-centric journey that has been tested on millions of users, saving our clients valuable resources and optimising the onboarding process.
