KYC is defined as a ‘Know Your Customer’ or ‘Know Your Client’ process that involves verifying a user’s identity as well as the suitability and potential risks involved with maintaining a business relationship. KYC procedures are especially crucial for financial institutions to understand the nature of a customer’s activity, verify their identity, confirm the legitimacy of a customer’s financial history before providing loans and evaluate potential risks.
It is an essential tool for helping to protect organizations across numerous industries from fraud and other illegal activity. As business processes become more and more complex, modern organizations across all industries such as insurance, banking, retail and much more must closely monitor KYC compliance. However, KYC compliance can often be extremely time-consuming if performed using manual processes.
Low-code is a visual approach to software development that requires almost no traditional coding to create powerful enterprise applications and business processes. These platforms enable citizen developers with little to no traditional coding experience to leverage the power of low-code automation to eliminate various time-consuming, impractical aspects of KYC compliance. Recent studies have shown that 26% of executives believe that low-code platforms are the most critical investment in automation.