Getting to Know KYC
Know Your Customer, or KYC for short refers to the process by which businesses verify the identity of their customers before or during the course of doing business with them. Although the procedure and requirements may differ from one country to another, KYC is a practice that is implemented globally. In Australia, customer identification regulations are established by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Initially, only financial institutions were required to conduct KYC, but now this process is mandatory for businesses in the non-financial sector and non-profit organisations as well. It is clearly stated on the AUSTRAC website that every business “must check a customer’s identity by collecting and verifying information before providing any designated services to them.” So, yes. Your business needs to conduct KYC!
KYC is Beyond a Pointless Protocol
The government is very adamant about all businesses conducting this procedure because nowadays, more and more people attempt to commit crimes such as money laundering, identity theft, and financial fraud. The KYC procedure ensures that your potential customers are who they claim to be. Therefore, just as stated by AUSTRAC, thoroughly identifying your customers will make you aware of “any unusual or suspicious activity and reduces the risk of your business or organisation being exploited for money laundering or terrorism financing purposes.”
Although favorable, the KYC procedure can cause inconvenience for both your business and your customers. That is exactly why you need assistance from a queue management system with omnichannel customer identification technology that will make this process as effortless as possible!
Why Don’t You Consider SMARTQUEUE®?
Business Smart Solutions’ queue management system, SMARTQUEUE®, comes with features that will make the KYC process so much simpler for your business and your customers. As a queue management solution, SMARTQUEUE® focuses on customer care and continuous business growth, which is why this queue system has Omni-channel service delivery as well as Omni-channel customer identification to complement them.
Either checking in via physical kiosk, mobile kiosk, or virtual queue, your customers will have no problem verifying their identity because there are plenty of method options for them to choose from:
1. Scanning their ID card or member card: Our physical kiosk comes with a smartcard or e-KTP reader that enables your customers to scan their ID card or member card upon entry to verify their identity.
2. Typing in their data: Through a virtual keyboard, your customers only need to type in either their booking ID, their name, or mobile number for them to verify their identity.
3. Scanning QR codes or barcodes: From the service booking app, your customers can simply scan QR codes or barcodes. It is simple and does not require a lot of time or effort.
Once your customers have inputted their data, SMARTQUEUE® will transfer and record those data into your internal system and database. From there, you and your staff member can access each customer’s personal information (profile), pre-booking information, as well as their historical transactions. This queue system will also notify staff members when it detects priority customers. Therefore, your staff can assist them accordingly.
With SMARTQUEUE®’s Omni-channel customer identification, you do not have to worry about manually taking care of the KYC process anymore. This queue management solution will handle everything for you!