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How LOQR maintains compliance even with an omnichannel approach

Author LOQR
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Users can now switch from one device to another, at any time, during the entire journey, while using LOQR’s platform. Discover how we’ve improved user-experience while maintaining regulatory compliance standards.

Digitalization and technological advances have brought financial institutions some significant challenges. People are now looking for more advanced digital solutions to complete their daily tasks, especially younger generations, such as Millennials and Generation Z.

Banks and other institutions need to keep up to date with a more client-demanding and tech-savvy market. However, digitalization can sometimes raise questions of security and compliance, especially for these organizations, who deal with sensitive personal information on a daily basis.

Discover how LOQR has improved its platform, to help banks and financial institutions better their customers’ experience while using the digital channels.

Discover LOQR’s Omnichannel Approach

The omnichannel approach, one of LOQR’s differentials, provides end-users with the ultimate seamless experience.

While using LOQR’s platform, users can switch from one device to another – from laptop to a mobile phone, for instance, at any time, during the entire journey, without interrupting the process.

And why is this important?

During the completion of a journey, technical difficulties are prone to happen, such as low battery, bad Wi-Fi signal, a camera which is faulty or has insufficient resolution or even using a computer without a camera. When these difficulties happen, the ability to switch devices will help users to continue and complete their journey.

Another situation that might happen is the necessity to change locations in the middle of a journey. With the omnichannel approach, a journey can begin at work, for example, and be completed at home, in a different device.

By allowing users to switch from one device to another during the entire journey, we are giving them a chance to overcome any difficulties they may encounter. This will lead to:

  • Higher conversion rates
  • Better user-experience
  • Ubiquitous journeys

Woman using LOQR's platform on computer and phone

How Do We Maintain Compliance While Using an Omnichannel Approach?

Banks and other financial institutions follow strict rules and regulations to verify the identities and activities of potential customers, especially in a digital environment. Aware of this, LOQR follows strict Know Your Customer (KYC) and Know Your Business (KYB)  standards, to offer compliant digital journeys to all its clients.

KYC / KYB

This is a mandatory process of identifying and verifying a client’s identity, assessing, and monitoring risks. These processes and standards help to prevent and identify money laundering, fraud, financial terrorism and other illegal corruption schemes. It is an important step of Anti-Money Laundering (AML) policies of financial and non-financial institutions.

Following the same principles, KYB is connected to the standards mentioned above, but referring to entities. Besides the checks associated to relevant persons of the company (e.g., Directors, Board of Members, Power of Attorney holders), there is an additional verification: identification of Ultimate Beneficial Owners, legal status, nature of the activity, location, sanctions, black and grey lists, among others.

Create Compliant Digital Journeys with LOQR

KYC / KYB procedures are mandatory recurring activities within any financial organization and need to be met, even on a digital environment. Therefore, businesses and institutions need to make sure they are implementing compliant journeys when going through a digitalization process.

Even with an omnichannel approach, LOQR’s platform guarantees every stage of a journey is fully compliant with regulations, local and global, to ensure that your organization fulfills KYC and KYB requirements.

Provide your customers with faster, easier, and more compliant digital journeys with LOQR!  

Talk to our team and find out more about how we can help you unlock your digital potential.  

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