A guide to customer identification procedure using biometric for KYC
Famous author Eric Ries once said, “If you don’t know who your customer is, you don’t know what quality is.” For business endeavors knowing your customer (KYC) is the key. Successful businesses put a great deal of effort into understanding their customer very well so that they can offer them the best service. If you are thinking about how to know more about your customer, here is the complete guideline for you.
Set Goal
First things first, define what you want to know from them. It can differ from business to business. For example, if you are in a retail business you might be interested to see the reason for purchasing your product, how often they buy from your store, what are the types of product they usually buy, what are their favorites product, etc. The whole idea is to know as much as possible about them and then serve them accordingly.
Establish Convenient Identification Process
While establishing the customer identification process, make sure it is convenient and secure. Customer hates time-consuming procedures. They would hate it if you asked the same questions every time they purchase from your store or access your bank. For example, asking for their name, their phone number, etc. Using biometric technology is the best way to bring convenience in the process. The process will take less than a minute to proceed. The system only required their biometric for identification instead of asking their name or phone number or lengthy questions.
Choose the Right identification Technology
Based on your business type you can choose single modality based biometric technology or the multi-modal biometric system. For example, in healthcare iris recognition is popular because the lack of contact in the procedure inhibits the spread of germs. On the other hand in retail, businesses mostly choose fingerprint since it is a convenient and popular form of identification. However, you can select a multimodal biometric system to open more doors for your customers.
Buy the Right Device
Now you are almost ready. Now buy the best biometric devices for your process. Make sure you buy the best one from the market that serves your objective. Make sure your devices have liveness detection technology. Liveness detection technology will save you from spoofing. Using the anti-spoofing device will help you to avoid the unauthorized consumption of unique service such as discount offers, promotional offers, etc.
Choose the Right Vendor
Now you are about to go for the vendor who would help you in biometric integration in customer identification. Before considering any vendor for your company consider these factors
- Knowledge
- Experience
- Specialized
- Reputation in the market
M2SYS technology is the market leader in the identity management market. They have over 17 years of experience in the field of biometric technology. They have the knowledge, experience, and huge reputation in the market. So, choose M2SYS for your customer identification project for the best outcome.
Using biometric technology you can quickly establish the customer identification process in your business. As a business owner, it is crucial to take every advantage to outsmart your competitors, and understanding and building upon your customer knowledge and relationships will put you ahead of the game.
