Compliant Data Intake:
Know Your Customer
Data is valuable, and data is vulnerable. With the right tools, you can protect your customers’ data while giving control over it back to them.
XQ’s Secure Zero Trust Data Intake helps businesses meet compliance requirements and consumer needs
Banks and other financial institutions are responsible for knowing who their customers are to avoid money laundering, terrorism financing, fraud, and other illegal activities. This process is known as “Know Your Customer” or “KYC.”
The KYC requirement is an essential part of the global financial system, but the tools for customer data often need to be more secure and convenient. According to Thomson Reuters, 89% of corporate customers had a poor KYC experience, and 13% of customers changed their financial institution as a result.
Until recently, the largest and most technically advanced minting facility in the world was still doing much of this data intake via email. Many customers, especially high net-worth individuals making large purchases, were uncomfortable with the security of the process and brought their money elsewhere. So, this client came to XQ to find help with a solution.
That is where XQ Secure KYC comes in.
XQ Secure KYC combines easy customer data onboarding with real-time monitoring and controls. These monitoring features reduce friction for KYC & Source of Wealth validation, giving customers the confidence they need to complete the process.
The product complies with all major regulations, including GBLA, GDPR, CCPA, AML/BSA, FATCA, and OFAC.
We also use geofencing technology to ensure that no sensitive information leaving your organization is accessed in restricted geographies. This provides data residency and helps ensure data sovereignty in each jurisdiction.
XQ is a Zero Trust Data Security Architecture that gives customers the control they need to protect their data and privacy. By providing breakthrough privacy and control features not seen before, we are working to make the KYC process more accessible and secure for the customer while reducing risk for the financial institution.
Namely, customers who submit their data can monitor and track their data in real-time and even revoke access to their personal data after submitting it. This level of control and security gives your customers the peace of mind they request.
As we continue to discuss KYC concerns with customers, a picture of a much broader application for this solution has started to emerge. Other financially related fields like mortgage brokers, insurance brokers, and venture capital teams can benefit from this solution, along with healthcare organizations and a wide range of other regulated industries.
If you have run into any issues with securely taking in customer data with maintaining compliance AND customer satisfaction, please let us know, and we would be happy to help you!
XQ Secure KYC Walkthrough
If you want to learn more about this client's XQ Secure KYC flow, a video is included HERE, along with a written explanation below. While walking through this flow, please remember that this is simply an example, and this product can be molded to fit your use case.
For this use case, the customer is sent a link to the KYC portal. Once there, they receive a quick note on security and are asked to sign in.
To make this process as user-friendly as possible, we have moved away from passwords and towards email-based authentication. Most customers log in via a magic link in just a few clicks.
After authentication, the customer is given a choice between Identity Verification (For KYC) or Source of Wealth Verification. For this example, we will follow the Identity Verification path.
The Identity Verification path asks the customer for personal information (name, DOB, address, etc.) and then to upload an image of their ID. A passport upload is shown below.
Once the form is completed and submitted, the customer sees a screen (below) that lets them know their data is being encrypted. They will also see a confirmation screen and receive a confirmation email.
Until this point, the process is similar to a standard submission form. However, the customer can access their Tracking Dashboard after the form is submitted. The Dashboard is where the features that set XQ apart really shine through.
Here the customer can see in real-time when their data is being accessed, along with a record of where this event took place.
Each submission also retains a record of when and where it was accessed. From this view, the customer can exercise autonomy over their data and choose to revoke access to it. This action turns it into “digital dust,” as it can never be decrypted again.
For more information about how you can add the KYC Form to your offering, please contact us for a live demo