Business Reporter: How Know-Your-Customer (KYC) Automation Can Improve Fintech Solutions

In order to provide secure and successful fintech services, companies should switch to KYC automation, say Covery.

Financial technology (fintech) is becoming increasingly popular. According to Statista, at the end of the first half of 2018 there were a total of 440 million contactless payment users worldwide, with a forecast of 760 million users by the end of 2020.

Global risk-management platform Covery stresses that: “The most crucial part of any fintech solution will always be security and compliance.” It is also vital to know your customer. The key elements of KYC are:

• Identity verification
• Due diligence
• Ongoing monitoring

However, when done manually, these steps are time-consuming, costly and cause many problems for a company. So what’s the solution? Automation.

Digital financial services provider Genome adopted an automated KYC procedure and hasn’t looked back since. Thankfully, “Covery – a one-stop platform that automates KYC processes – had the answers to all of Genome‘s requirements.”

The benefits of automation include:

• Removed risk of human error
• High data accuracy
• Ongoing monitoring
• A flexible system

And the perks of automation don’t stop there. As Daumantas Barauskas, COO of Genome, explains: “Data fetched during Covery’s KYC procedure helps Genome to deeper analyse user actions and to create an overall evaluation of users through the whole customer journey.” Companies not only get to know their customers better, but also create stronger fraud prevention and an increase in revenue, all through automation.

To learn more about how you can prevent fraud through KYC automation, read the full article here.