What are the advantages of KYC?

Howard Schulman

KYC (know your customer) is a vital part of getting important services such as getting an LPG line or buying an insurance policy. The main aim of conducting KYC is to verify the identity of clients and additionally examining the probabilities of any illegal wrongdoings. It also helps in preventing criminal activities like money laundering, bribery, fraud, black money etc. The main benefit of KYC is that it makes sure that all monetary ‘ ‘transactions are legitimate and transparent.

Statistics

  • 99% of the adult population has a digital identity in the country. (thalesgroup.com)
  • Eighty-nine percent of corporate customers have not had a good KYC experience – so much so that 13 percent have actually switched to another FI as a result. (trulioo.com)
  • There are numerous reasons why eKYC will prevail: The Thompson Reuters survey indicates that 30% of respondents stated it takes over two months to onboard a new client, while 10% indicate it takes over four months. (trulioo.com)