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leaCompliance is a complicated process of interlinked procedures and adherence to guidelines and regulations that seem daunting for most companies to go ahead with. However, in the case of KYC compliance that seems a little more different. With the changing regulatory landscape, tightening regulations and the simultaneous rise of fraud. The requirement for KYC based compliance is the need of the hour.
Many companies either find it too difficult to establish an in-house KYC program or know how to go ahead with an external KYC set-up. That’s why we’ve made things a little simpler for all those companies and let you know how you can achieve kyc compliance with Shufti Pro.
Nearing Your KYC Ambitions with Providers that Deliver
Yes, there are plenty of those stale KYC services and knock off KYC providers, claiming to be the next best variant in the market. However, decisions are not made on chest-thumping assumptions, rather ground level realities. Before you begin shopping out for your next best KYC service provider for Identity Verification. It’s important to assess your options on the points mentioned below.
How does identity verification work for your provider? The process of identity verification might be straight forward but varies from company to company. See, each company goes about differently in approaching identity verification, whether that be external processes or internal ones. Some might be in-depth, through a verification based on database comparisons. While others might go for a more traditional template-matching technique. Each technique represents a significant edge over the other and defines the resources required to build and maintain the KYC processes and hence affect your requirements.
After fingerprints, the most widespread application of biometrics is through facial verification. Though not new, but fairly trendy. Facial Verification is vital for an effective KYC service. In order to vet your provider, facial verification services should be optimal and industry best. Ensure, they have 3D depth analysis, facial biometric mapping, and many more features that help it from spoofing elements.
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Most KYC processes require an official identification document for proof, what if that turned out to be forged? Or your provider couldn’t spot it out, who’s to blame? Document fraud is one of the biggest concerns in the identity market and faced by all sorts of businesses. Ensure the provider has up to date checks on document forgery, form-related features, MRZ, doctored elements, Kinematic holographic overlay, and others. This shall ensure, even the trickiest of documents are sniffed out by an efficient AI-based KYC system.
KYC compliance is an area of grey, to which companies either respond slowly or in a manner that is not the ideal KYC attitude. Companies can achieve kyc compliance with Shufti Pro or any other 3rd party KYC service provider. A provider that is built on the elements listed above, while ideally keeping customer requirements in mind. Diligence requirements can be met quickly through simple and integrate-able solutions. The provider aids global companies through a versatile and globally compliant solution that serves document and language coverage spanning 200+ countries and associated jurisdictions.
E-commerce world is highly competitive and everybody involved in the ecommerce business is running a race. Most of the cutting-edge platforms are trying their best to introduce a host of key capabilities. Every platform is coming up with new features and tools to make sure that they are the top choice of the ecommerce owners. Almost, all the ecommerce platforms have realized the importance of mobile. Therefore, the websites are more responsive and every effort is being done to make sure that the new-age ecommerce stores are fit for the mobile users. One of the ecommerce platforms has lately introduced visual product search for the Commerce Cloud. This is done to make the product catalogs as well as the web stores to a visual shopping assistant. But, one of the biggest announcement was done by Magento, as they introduced, Progressive Web Applications’ builder.
Why is Progressive Web Application (PWAs) builder a useful introduction?
PWAs enable us to develop solid engagement for the mobile users. Also, progressive apps help to boost revenue in many ways. PWAs offer mobile shoppers a much advanced browsing and buying experience. Also, it enables the online sellers to catch the fancy of more customers. This in turn leads to better traffic rate and eventually higher sales and profit. Therefore, PWAs are considered as the latest phase of mobile web optimization.
PWAs enable better user acquisition
Progressive Web Application contain an ‘Add to home screen’ button. And, it reduces the user acquisition pricing and also reduces the process. At the same time, the ‘linkbility’ of PWA eases data sharing. Also, the product page from Progressive Web Application can be easily copied as a link. It can be further used in the browser. PWAs are supported by search. What makes PWAs a top choice is the fact that they are easy to find! Also, they can be installed directly from the browser.
Also, PWAs are a lot more cost-effective. As, they are built as webpages. Hence, when it comes to the cost of development, it is a lot lesser. Also, the updates are ran automatically as PWAs are linked to the backend of e-commerce backend, and this, they are not reliant on the operating systems or marketplaces. Needless to say, PWAs are apt for the current generation. Hence, the need and demand of PWAs is always going to be high. Therefore, Magento has added a special feature which eases the development of app like web stores!
App-like web stores by Magento
Magento realized that PWAs are apt for the present generation. They are apps which are accessible through the browsers. Also, they provide more functionality than simple websites. Also, such apps are optimized for mobile.
Magento recently introduced a host of latest marketing capabilities. A large number of such capabilities are related to Progressive Web Application Studio. The latest features aims to offer tremendously personalized cross-channel mobile experience. Ecommerce owners won’t have to develop a native app to offer a mobile experience to the customers.
PWAs resemble mobile applications. But, they are browser-based and very interactive. However, users don’t have to do any downloads in order to use PWAs. When it comes to Magento’s latest PWA Studio, it is conceptualized perfectly to be used. It is company’s one of the first key effort to turn the online stores into a more interactive and advanced web-based applications. As per Magento, when it comes to the advancement of mobile web, PWAs are a seismic development. It is an upgradation to the responsive web design. Also, Magento is considered as one of the best solutions to offer PWA building at such a magnitude.
PWAs can be easily saved to the device’s home screen. A user would just have to click to open. Thus, it would not require a person to type in the URL after opening the browser. Also, PWAs are available in full-screen mode as well. But, there is a hidden browser URL bar at the top, along with the required navigation controls which are present at screen bottom. All this is done to offer a proper app like feel.
Mobile is going to grow. Thus ecommerce users have to do all that they can to offer a remarkable ‘mobile experience’ to their users. And, this new offering by Magento development company in India is definitely one of the best introductions.