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Know your customer (KYC) is the most important factor to improve your business. Know your client process is crucial to start a financial business relationship. The following procedures should be part of any financial institutions policy for the anti-money Laundry (AML) process. In 2020, statistics shows that organisations lose more than 5% of their revenue because of fraud. To avoid getting defrauded, follow these four ways to know your customer..!!
1. Inspire a conversation:
Certainly, one of the most important factors to know your customers is making long conversations with them. Moreover, you don’t have to make a professional conversation only, but you can also you can probably ask about when if they are enjoying the event or so. You have to prove through the conversation your loyalty, hard work. Hence, the customer will believe in you.
2. Ask others:
The simplest way to know your customer is asking about them. You have to search about your client in social media. Furthermore, you can ask other enterprise about the quality of your client’s work. You also have to know the average time length your client worked for other businesses. Besides, you can use the customer identification program to ensure your customer identity.
You have to feel the coherence between you and your costumer. They don’t have to be a known brand, however they have to be serious about their work with you. You have to be excited about what they provide to you.
4. Identify a Deceitful customer:
You have to know client’s requests. If he asked for your credit, paying in advance or ask devious questions to know your weakness, don’t trust him.
Try to prevent fraud… Stay always safe and do as much research as you can… You can always contact us if you need further help..!