In our business of identity authentication we help companies meet their KYC (Know Your Customer) compliance requirements in an automated fast and frictionless way.
But is KYC really all that companies should be focusing on?
From my perspective it should first be RYC or RESPECT Your Customer. KYC can be a part of that.
Companies can easily get lost focusing on regulatory compliance boxes that need to be checked and lose sight that the resulting customer experience results in confusion. Even if the intent of KYC is to protect customers, if the experience is confusing and frustrating then it can lead to customer abandonment or at least decreased engagement.
So let’s talk about RESPECT.
The great Aretha Franklin says it like this (excerpted from her lyrics):
I’m about to give you all of my money And all I’m askin’ in return, honey Is to give me a little respect
R-E-S-P-E-C-T Find out what it means to me R-E-S-P-E-C-T
Today, companies are not paying enough respect to their customers in the manner that they are handling and protecting their identity data.
Almost every day we are hearing about another data breach or abuse or customer data that is being sold off to someone else. I was shocked to learn recently that even innocuous mobile games like Candy Crush have a business model of collecting personal information about me and selling it to others. To me that is an example of not respecting my privacy and my identity.
Not only am I being taken advantage of, but my identity data now becomes prone to dark web compromise exponentially. Go to www.experian.com/scan to get a free dark web scan for how you have been compromised already. You will be shocked and awed.
So think about the RYC policies of your company. Here is a partial checklist to consider:
- Are you reducing or increasing the risk of your customer’s identity being compromised?
- Are you focused on making money on your customer’s identity data or on your products and services?
- Are you building or eroding trust with your customers?
- Have you defined all the ways that your customers want to be respected?
Think of it this way. KYC is transactional, it is an important and mandatory step to onboard customers.
RYC is transformational. It changes the services you offer and engagement models you use to value and retain your customers. This creates trust and loyalty.
And eliminates confusion that your customers can otherwise have that results in decreased engagement.
A CEO of a prominent company shared something with me recently that punctuated this point. He said he does not measure success by the number of employees they have or revenues (typical growth metrics), but rather by how many customers will provide a glowing endorsement. For him that metric is 100%. That means they have created compelling RYC principals for their company. And you know what, their growth has followed.
Contact me if you would like to engage in ways the RYC principle can be applied to your company.
And check out our new vision for our Smart Identity platform that is built upon the principles of respect and trust at our token sale website, tokens.authenticid.co. Our pre-sale for our upcoming token sale has just started.