In an attempt to stop money laundering and fraudulent banking activities, KYC compliance has become a mandatory regulation within the BFSI sector as ordained by the Government of India. It compels the businesses operating in the BFSI sector to know their customers. However, not every business in the BFSI sector is able to comply with this regulation due to certain challenges.
Is KYC a challenge for you? Do you really know your customers? Do you wish to automate the cumbersome process of collecting customer information, sending reminders and updating clients? Do you want your KYC process to be intelligent than a regulatory liability? If you answer yes, then you probably need a smart CRM solution to do so.
What exactly is KYC?
KYC compliance is nothing but a regulatory process that involves gathering and updating customer information at regular intervals to ensure a customer’s investment knowledge and objectives. Long story short, KYC is done to make sure that a person is investing lawfully and is not laundering money.
Here’s how CRM software is simplifying KYC compliance for the BFSI industry:
– Helps you recognize your customers
CRM software helps collect as well as storage massive volumes of customer information and makes available the same at the click of a button. The software offers you with an insightful and consolidated data of all your customers pertaining to their investing behaviour and so on. A CRM system centralizes all your customer data into a single database allowing you to easily access the required customer information.
– Opens the door for intelligent KYC compliance
The old-school way of updating a customer information is to call up them or send out KYC forms to them. Both the options are tedious and time-consuming. This is where CRM software can do wonders by automating a huge chunk of this process. CRM solutions can be customized to offer a standard module for storing all the KYC data. This would help to report on the missing details thus, turning KYC information into actionable data than simply regulatory stuff.
– Lets you play smart with KYC data
Having KYC data stored in a CRM system than filing cabinets will help generate a fantastic list of clients that you can reach out with specific marketing goals. Nevertheless, the real potential of CRM in KYC compliance is automation. Imagine a scenario where a bank sends out emails to its customers with a link to a web based KYC form. Once the customer fills the form, the CRM system automatically updates the same in your KYC database. For the unopened emails, the system can even send out reminders.
On the whole, KYC compliance with CRM software means less telephone calls to customers and faster response rates. Last but not the least, it saves a good amount of time and efforts for your staff that would otherwise go into transcribing paper based KYC forms and calling up customers for following up over the same.
To know how a CRM solution can make your KYC compliance painless and streamlined, CONTACT US HERE. You can also SMS SAGE to 56767 or drop us a mail at sales@sagesoftware.co.in for a free demo and consultation.
