Automated Perpetual KYC: an innovative approach for managing customer data updates

Updating customer information is not only necessary but mandatory. Financial institutions are constantly being subjected to strict regulatory requirements, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. Therefore, it is crucial that customer databases remain up to date to comply with applicable regulations, avoiding unnecessary fines and increasing efficiency.  

In addition to mitigating the risk of non-compliance, penalties, and reputational damage by automating compliance checks and validations, accurate data improves overall performance and allows financial institutions to gain valuable insights that can drive product development and reduce operational risks and costs.  

With the new version of LOQR’s Platform, financial institutions can benefit from an innovative and fully automated perpetual KYC solution that will transform their customer data update process by simplifying data collection, reducing manual intervention and minimising errors in customer data.

Enhanced Data Update Process

The pKYC journey ensures that financial institutions have the most up-to-date and accurate information about every customer, not just new ones. This is essential to mitigate the risks associated with money laundering, terrorist financing, identity theft, and other illicit or fraudulent activities.  

By implementing this solution, organisations can easily comply with regulatory requirements regarding customer data updates.  

Key Benefits of LOQR’s solution

1. Seamless Integration

Designed to scale with financial institutions’ growth and evolving needs, our solution seamlessly integrates with existing systems and processes. Through APIs (Application Programming Interfaces) and well-defined integration methods, LOQR ensures compatibility with core banking systems, CRM (Customer Relationship Management) platforms, and other relevant applications. Our screening and monitoring solutions, combined with leading AI and advanced API integration, allow LOQR’s Platform to review collected data automatically with real-time data synchronisation, efficient data updates and a holistic view of customer information across systems. 

2. Simplified Data Collection

Automated validations and real-time data checks are implemented, allowing customers to quickly provide and update personal information through intuitive interfaces and digital forms. Using advanced biometric face recognition and liveness detection technology, we are certifying that the end user’s ID Document or ID Wallet is being presented by its rightful owner and ensuring they are the ones updating their personal information. 

With LINCE qualification, we are thus simplifying data collection and updates as the streamlined data capture and update process saves time, improves operational efficiency, and enhances customer experience. 

3. Data Integrity and Accuracy

LOQR’s automated solution ensures data integrity and accuracy throughout the customer data lifecycle and makes it possible to minimise the risk of errors and discrepancies in customer data, reducing manual intervention. By minimising outdated or inaccurate information, institutions can make informed decisions, enhance risk management, and improve overall data quality.