Is Your In-House KYC Solution Holding You Back?
I've spent years helping companies improve their Know Your Customer (KYC) and onboarding. A common problem I see is that systems built in-house often have limitations.
Many companies start by building their own KYC systems because they want the flexibility to customize things. This sounds good initially. But, Anti-Money Laundering (AML) rules are constantly changing, and this quickly reveals the weaknesses of this approach.
AML rules are always being updated, which means KYC processes need frequent adjustments. Compliance and risk teams constantly need changes, which then become IT tasks. The problem? These requests often get in line behind other important development work, creating a bottleneck and stretching resources thin.
This isn't a good situation. It's not efficient from a cost perspective. More importantly, it creates a serious compliance risk. If you're slow to make required regulatory changes, your company is vulnerable.
This is a big challenge, especially for large companies. They need to be in control, but their in-house systems often become an obstacle.
The Solution: Giving Power to Compliance and Risk Teams
Imagine compliance and risk teams being able to directly manage their KYC processes. No more waiting for IT. No more competing priorities.
That's what a no-code KYC platform offers. These systems put the configuration and design tools directly in the hands of the people who understand the needs best: the compliance and risk professionals.
With a simple, no-code interface, these teams can:
- Design and customize complete KYC flows: Tailor how customers are onboarded to your exact needs.
- Set up risk levels: Define and adjust risk parameters based on your specific risk factors.
- Choose and add screening tools: Select the data providers that work best for you.
All of this without any coding or needing IT help.
Benefits of a No-Code KYC Solution:
- Lower Costs: Eliminate the ongoing expenses of IT development and upkeep for your KYC system.
- More Agile: Quickly respond to regulatory changes and adjust your processes as needed.
- Better Compliance: Make sure AML rules are implemented promptly, reducing risk.
- Empowered Teams: Give compliance and risk professionals the control they need to manage KYC effectively.
- Faster Time-to-Market: Streamline onboarding and bring on new customers more quickly.
---
If your in-house KYC system is becoming a problem instead of an advantage, it's time to consider a change. Giving your compliance and risk teams a no-code platform can lead to big improvements, from cost savings and better compliance to greater agility and faster growth. Let's connect and talk about how a modern KYC solution can help your business.
Tommy Flemström
Co-founder, Verified Global AB
