Even though many of us would like to think that we have a thorough knowledge of who our clients are, there are still many areas of vulnerability in the client due diligence process. Does technology afford us the opportunity to handle some of this process this more effectively and more efficiently? We posed this question to Tiller Technologies, an ICAEW Accredited partner, in a recent thought-provoking webinar.
In the previous ten years, there has been a significant transformation in the professional services industry. Because of growing regulations, escalating competition, and shifting customer expectations, we have had to change how we conduct business and how we deliver customer support. With 4.5 million users of Quickbooks and 2 million of Xero, the adoption of digital accounting solutions has skyrocketed. There is no questioning the direction the sector is heading in with digital solutions. One wonders what the next big change will be.
According to Tiller Technologies, thorough identity verification is key. Know Your Customer procedures have up until now relied on manual methods and fallible human judgement to recognise and verify the legality of documents. When you consider the possible far-reaching effects of inaccuracies as well as the resource required to obtain, verify, and record this information, it becomes obvious that a digital solution for KYC is the next logical step.
Using cutting-edge technologies ‘Verify by Tiller’ at one simplifies, while exponentially increasing the rigour of this process.
- Clients submit their KYC documentation remotely using a simple smartphone app and smartphone camera.
- Identification documents undergo an automated verification comparing them to official examples of documentation including passports, licences an government identification cards from over 150 different countries.
- OCR technology ensures the image provided has not been tampered with and is not fraudulent, ensuring the accuracy and dependability of the data.
- Touching the smartphone to documents with inbuilt NFC chips allows the phone to read this chip and perform even more extensive tests. Many countries have chosen NFC chips as the industry standard for identifying individuals on official documents.
- Address verification is undertaken replacing paper utility bills with a multi-layered search of regulatory-quality databases for utility consumers, credit bureaus, governmental sources, and geolocation data to verify addresses at the point of origin.
- You have access to a simple, user-friendly web portal and dashboard that let you easily monitor the progress and results of your client checks.
It is that simple and this process takes minutes as opposed to days to obtain results.
The benefits to the practitioner are obvious, improved operational performance in a time when staffing resource are under unprecedented pressure, the highest level of regulatory compliance, and easily accessible real time reporting. This system also meets the needs and expectations of the client, who due to their desire for convenience and time savings have already embraced digital transformation in their daily lives. This service's implementation gives a win-win result for all parties involved and enhances the general client experience.How Tiller Technologies can help
Established in 2016 in Jersey, Tiller Technologies is a dynamic company comprising product specialists, software engineers, compliance experts, and entrepreneurs with 30+ years' expertise in capital markets.
To find out more about Verify by Tiller, you can book a demo via their website: www.tiller-verify.com.