Sponsored feature: Harnessing the power of adaptive mindset and technology
Trust is the foundation of any healthy relationship. A professional business-oriented relationship between various parties is no exception to this rule. Unfortunately, the harsh reality is that trust is not an explicit value and cannot be taken for granted. Trust needs to be earned through careful verification and maintained over time. Therefore, Know Your Customer (KYC) was brought to life as a practice carried out by companies to build a proper level of trust between them and their clients in the light of prevailing laws and regulations.
Broader context
KYC is often wrongly perceived as a pure operational burden that delays the moment when real business can begin. The fact is that KYC serves both as the facade of, and an important starting point for, all further interactions. The quality of that facade may determine and set the context for the entire lifespan of the developing relationship. KYC is not only a process for a particular company to verify its client, it is also an invaluable moment when a client can find out whether offered services have a chance of meeting high-quality modern standards. Therefore, KYC is a process of gaining mutual trust: from the perspective of potential clients, it is extremely hard to believe that an offering relies on cutting-edge technology when their very first interaction turns out to be manual, ineffective and disappointing.