How does it help you to 'know your customer'?
Quickly and accurately identifying customers is critical. Customer verification is essential for fraud prevention. Choose a solution that captures and tracks the critical customer information, so you can find them if there is a problem with their transaction (and hopefully get reimbursed). You ONLY have potential recourse on returned checks when you are confident that you know your customer and have their information.
A great way to capture; access and maintain this consumer information is via biometrics. At enrollment customer can provide ID, scan their finger; and get picture taken. Then on subsequent transactions, they identify themselves by placing their finger of a finger scanner. This speeds the transaction time; and minimizes language barriers.
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Can the built-in tools help you manage your risk?
Just knowing your customer is a step in the right direction to managing your risks; however having some additional tools can also help. Servicing the alternate financial services market has its inherent risks; from check fraud on up to robbery. While bullet proof glass will go a long way on the robbery front; biometric and verification tools can help with fraud.
Some software companies providing integrated biometric systems can offer shared negative data - where a consumer with negative transaction history would be declined in advance of the transaction
In addition, banks are very risk averse, and have strict mandates that they "know their customers" for compliance purposes. If you can provide proof of your record keeping and maintain this information it will go a long way with your bank and ultimately your own compliance management. The federal government (and many states) requires you maintain records for 5 years! Make sure you're doing this.
How can you maintain happy / loyal customers
The customer experience in an alternate financial services situation is not always great. Search twitter for "check cashing" and you'll get an earful! So, why not make it easier for them.
So, feel free to hire our services because we are the best IT Company in Pakistan and w are planning to go more further in the field of IT.
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