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Single Customer View – the benefits for due diligence processes June 03, 2020 Customers are at the centre of any business, yet very few firms truly understand who their customers are. It is known that one of the biggest challenges in this industry is the ability to identify the uniqueness of human beings, therefore having the lack of a Single Customer View (SCV) within your database. Without a SCV and real-time insights, organisations struggle to deliver the quality experiences that customers are looking for today. Many have records for the same person dispersed across different data systems and, all too often, the data held in those different systems is inconsistent. With fraud and money laundering remaining high on the regulatory and risk agenda, detecting and preventing identity theft continues to demand attention. Firms must remain focused if they are to control the fast-changing threats to which they are exposed.

Achieving a single view of the customer is a significant challenge for several reasons, including different data collection methods, independent or disparate systems, and the inevitability of occasional human intervention and error. However, having a SCV will assist greatly when conducting due diligence on your subjects.

With a company it is simple, you can search by C-number, TIN number or VAT number. However, with an individual there is the problem of having multiple identities, multiple passports, which lead to the risk of the organisation not knowing that the same person is already involved in another company.

Within the fully dynamic programmes section of KYC Portal, we have what we call an IDENTIFICATION key. This key allows your compliance team to tell the system what makes an entity unique, across all your services. This uniqueness works on 2 types:

  • The ALONE key – If this field, on its own, matches with another entity, the system will alert your team that you already have this person in your system.
  • It then has a very powerful COMBINATION key. This is usually set on data that does not change across identities like DOB, nationality or country of birth. The system will constantly use this data to be able to flag your teams with an alert saying that they are, for example; trying to input a John Doe however there is a certain % match on another subject which might be the same therefore it needs to be checked. This is purely there to reduce the probability of not knowing that a subject is already in your system. 




Thanks to the uniqueness of these identification keys within KYCP, you can tell the system to show you an organigram, of John Doe’s involvement not only in one application but across your entire KYCP. This is very powerful as it is giving you a full, birds-eye view of John’s involvement as a director and/or shareholder under multiple companies, whilst being colour-coded for ease of reference. This module will instantly show you the risk that you are exposed to on the multiple involvement of the entity across structures.

 
For more info contact us directly on info@kycportal.com or schedule your live demo with us today.
 
 
Feature
Specifications
Targeted For Banks, Financial Services, Insurance, Payments, Gaming, Legal
Status LIVE
Keywords kycp, single customer view, identification, aml, due diligence
Direct Benefits The benefits of having a single customer view for due diligence processes