Know Your Customer is the most essential derivative for banks to comply with. Banks have to follow the vital procedures and guidelines of KYC to prevent themselves from the tyranny of bad guys. Effective KYC is one of the primary steps to be followed before stepping into building any relations with customers, and in order to protect the banks from being used from the criminal activities of money laundering. Not just for financial institutions, KYC has now become a need for every business. Without knowing the customer, one should not proceed with any CUSTOMER service! KYC allows the authentic verification of an individual as it involves knowing the personal details such as full name, address proof, social security, and likewise. 

KYC and AML compliance is critical for highly regulated institutions! Banks are the primary targets of bad guys when think of scamming people. The specific standards of KYC are mandatory but they are very lengthy and time-consuming at the same time. Waiting in long queues outside banks just to complete the KYC procedure is definitely a hectic task!

With the sudden outbreak of Covid-19, every sector is trying to catch up with technological innovations to step into the digital space. The digital world has its advantages which have proved to be more than beneficial for people all around the world. Banks are starting to go branchless with financial transactions and the opening of new bank accounts via online mode. Cybersecurity does not limit to only firewalls and anti-viruses anymore! If anything, cyber-attacks have proved to be growing with time. Cybercriminals tend to seize every opportunity of looting the banks and their customers by committing identity thefts and payment frauds. Hence, it is necessary for the banks to perform customer due diligence plus KYC formalities in order to have a thorough knowledge of who their customers are and the financial transactions being conducted by them. 

Digital or eKYC is the best possible solution which saves time and money from traditional KYC headaches. 

AZYO is on a mission to shape the future of Digital ID, eKYC, AML, On-boarding & Hiring! This phenomenal solution is developed with an amazing fusion of Real Optical Character Recognition, Artificial Intelligence, Machine Learning, Blockchain, Liveness Detection & Facial Biometrics to verify anyone, anywhere, and anytime.