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Know Your Customer Innovations: Beyond Traditional KYC

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Know Your Customer

The concept of KYC has expanded in scope since its initial creation for onboarding processes in banking and insurance through a number of innovations in its use.

In this respect, it has become a fundamental part of the fight against fraud. It has even helped to advance anti-money laundering regulations, as we saw in a previous post, "The importance of KYC in Onboarding processes in banking and insurance".

Given its great relevance, other industries have been echoing the term itself, focusing on its potential at different points in the customer lifecycle. This is the case of the retail industry, where they have managed to apply the concept in the direction of customer knowledge in different areas. This is where social networks, open sources, the ROPO effect, etc. come in. This has helped them to better position their products, thus improving their sales forecasts(KYC (Know Your Customer) Products and Services in the Retail Industry).

KYC in other industries

However, these are not the only industries that know how to exploit the potential of KYC.

The importance of the concept of "Know your customers" applies from a small neighbourhood drugstore, where the salesperson needs to retain that lifelong customer, and know how to catch the eye of new ones, to million-dollar contracts in international forums. In this sense, the term is even applicable in politics. Where the client would be the citizens themselves, and the spokesperson would be the salesperson who tries to get the maximum number of clients.

So what can be done to get to know our customers better?

KYC Innovations

Over the last few years, new technologies, and new uses of existing technologies, have emerged to achieve this discovery of our clients' interests. This innovation has been developed on three main levels:

  • Social networks: Thanks to them we can get to know our customers and their interests better. This helps us in the creation of products, segmentation and profiling of our users. And it generates very valuable information for the enrichment of the company's customer database or CRM.
  • Contextual MarketingContextual Marketing: Knowing the right time, place and channel to reach a customer has become an essential point in the customer value chain. Making specific marketing campaigns, and directed exclusively to the target audience of our solution helps us to achieve a higher conversion rate. This results in lower costs and generates a positive impact on our business.
  • IoT and Artificial Intelligence: The new paradigm, smart devices that make our lives easier. They learn to know our tastes thanks to ML models and they are everywhere. From connected fridges, wearables, the smartphone itself, the vehicle, etc. Everything is interconnected and provides valuable information about habits and preferences.

Future Space KYC tools

At Future Space we have tools that help entities to get to know their customers better, offering them a 360º vision of them.

  • Open Source Intelligence Solutions (OSINT)Open Source Intelligence Solutions (OSINT): They are in charge of extracting a user's digital footprint. Their tastes, hobbies, places where they tend to be, etc. By extracting information from social networks and processing it automatically, value is extracted from the users' raw information. Thanks to this, we are able to enrich the organisation's own internal information with open sources.
  • FS DiscoveryFS Discovery: It is a solution created by Future Space focused on extracting information from the mobile device. Through an sdk installed in the corporate app of our clients, it allows the extraction of device usage information, as well as the creation and monitoring of marketing campaigns with direct notifications to the user based on rules, segments and usage.
  • SmartGraphSmartGraph: It is a platform that allows the use of advanced analytics to detect patterns. The tool interconnects in a single graph database the information of the institution to find patterns. It can make product recommendations, search for digital twins or detect fraud.

All these innovations in the field of KYC are what allow the creation of new solutions that bring us closer to our customers, avoiding generating excessive noise (spam), and offering them specific products and services with a higher probability of purchase.

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A new generation of technological services and products for our customers