Knowing who your customer is, is an essential part of any operation. It’s particularly true for banks, building societies and other financial institutions. The Financial Conduct Authority is clear to all the organisations that it regulates that they have robust security. So it’s why many of them invest in KNOW YOUR CUSTOMER from https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer/. It can save them and you a lot of time. So what ways can be used to know your customer?
- Loyalty card. It’s a great way to build a database of information about your customer so that you can offer them discounts, news and sales later. The card could also be a reward for their continuing custom. You have to make sure that you protect the data that you keep. For example, the card could have a photo of the customer to help you.
- You’ll need a verification system based on known data if you operate on the phone. Banks will use it when you call them. It’s based on basic personal details such as address and date of birth. Only you and they will know there is a question about account conduct.
- Using existing details is also an ok way to check a customer is who they say they are. For the most part, companies usually ask for two forms of id to match a customer. The first is a driving licence or a passport, as they also have a photo. A secondary piece of information will do, like a utility bill or even a shotgun licence.