Use Case | Know Your Customer (KYC) App

Background

Know Your Customer (KYC) is a process of performing background checks and verifying the identities of the companies and individuals you are looking to do business with. A KYC method ensures the identity verification, potential risk profiles, financial profiles, and any potentially illegal activities of your proposed clients. This is crucial for any law firm or department to mitigate any customer risk. Performed manually, background validation and checks are time-consuming, lengthy, and complex processes involving various employees collecting, searching through, and validating large amounts of external information and internal policies. Digitizing and optimizing customer identity verification, thus, is a top priority for legal firms.

By providing your firm or department with a Know Your Customer App you create a digitized, standardized, and secure process around client verification. Ensure that each client is reviewed consistently, quickly, and accurately, while maintaining a complete, updated, and secure database of your clients and audit trails. Once logged in, the KYC App directs users to a dashboard overview of the open cases, providing a user's basic information and assigned status. When starting a new KYC, users are guided through a fully customized dynamic questionnaire incorporating your organization’s internal policies and regulatory guidelines. Users fill in fields ranging from a company’s basic information, the shareholders, related documents (everything that needs to be reviewed), notes on the case, and further questions. Cases can be assigned with customizable statuses tracking their progress (new, initiated, awaiting approval, info requested) and are marked as accepted or rejected once closed. Users can search for cases according to the company name, or filter based on status. Meanwhile, a second tab displays the closed or resolved cases. Integrate functionality for assigning responsibilities to specific users through slack or email notifications. As well as integrating with your existing applications and infrastructure to digitize the process end-to-end.

Using the Betty Blocks platform, legal firms and departments can custom build KYC solutions that securely digitize a crucial internal process. Provide your workforce with a solution that frees up time and resources, streamlines the validation process, empowers you to mitigate and manage risk through one digitized, customizable, fully integrated LCNC platform.

Digitized and efficient

Quickly, digitally, and efficiently verify potential customers, identify any potential risks, and enter into business relationships with legitimate customers.
Eliminate time-heavy, convoluted, and inefficient manual processes of searching through internal policies and guidelines and collecting information.

Simplify the new customer approval process through a streamlined and standardized process digitized into one application.
Speed up the time taken to perform background checks and onboard new clients.
Ensure that any risks are consistently and preemptively identified and mitigated, saving your organization time and money in the long run.

Bespoke and effortless

Create a fully customized, user-friendly self-serve solution specific to the exact needs of your organization and compliant with your internal guidelines.
Ensure that your KYC checks are fully in-line with your internal KYC policies and regulatory guidelines, guaranteeing due diligence.

Empower every stakeholder in the KYC process with an application that is transparent, accessible, and easy-to-use.
Optimize the verification process by integrating workflow approvals, assigned tasks, notification systems, and deadline reminders.
Enable business users to independently and collaboratively navigate and complete the verification process.

Governed and secure

Maintain consistently accurate information and processes in one secure, fully governed, cloud-based application.
Provide users with specific user permissions and authorization capabilities to protect confidential information.

Integrate the assessment app with your existing technology, infrastructure, and applications to digitize the process end-to-end.
Govern and track the customer verification process through a solution that provides a full audit trail.
Safeguard and secure all information and documentation regarding clients in a secure and cloud-based application.

1. Plan

The first stage: understanding what needs to be built and what the initial steps to a successful application are.

The Betty Blocks Platform empowers new types of (citizen) developers. This gives everybody access to join the process. Join a workshop or our online academy and learn how to create your first workflow and wireframe in hours.

2. Build

The most exciting part: the moment when everyone can contribute.

Through Betty Block’s simple drag and drop functionality, you can create your interfaces. Without writing a single line of code you can configure workflows, visually define how you want to store your data and customize your application.

3. Release

Once you’ve built something it is time to delight your audience.

By running tests in various sandboxes people are encouraged to play around without having a fear of breaking things. Everyone satisfied? Great! Release to production and instantly share your work with the world.