The current KYC process is widely fragmented within organizations. Let’s take the example of a bank. The bank will have different products such as savings, current accounts, loans, credit cards, and so on. All of these products were not launched at the same time. Some have grown organically, while others have come through mergers and acquisitions, bringing with them legacy systems and applications.

Every product need KYC and customer due diligence, which is more or less the same with several shared steps. However, each product has its own flow, and in many cases, there are different vendors for each of the KYC services within a bank. Each KYC step requires multiple API integrations, sometimes from multiple vendors. These APIs will also need changes when vendors update their versions or fix issues, causing disruptions to your own development cycles.

This method also leads to wide differences in customer experiences. Some processes are quick and easy, while others are cumbersome to navigate. When there are regulatory changes that affect the KYC flow, every product has to go through the change independently, often involving multiple vendors and multiple integration cycles. This leads to wasted time, effort, and money. Besides, it results in a lack of competitiveness in bringing changes to customers faster and better.

We are solving this challenge through a concept called Unified KYC. This approach consolidates the individual building blocks or steps required to create a KYC flow while still allowing each flow to remain unique and fully configurable for every product.

These steps can be assembled into a flow using a no-code flow builder. Once the flow is published, it can be integrated into any of your web, mobile, or third-party applications through a single API. When updates are needed, simply modifying the flows is sufficient—no upstream front-end changes are required for systems already integrated with the API.

The fully configurable KYC screens provide a consistent customer experience across all touchpoints. Additionally, when new steps are introduced—such as those offered by niche service providers—they can be seamlessly integrated into the Unified KYC platform. This eliminates the need for individual integrations for each product line. Once these services are added to the platform, you only need to incorporate the additional step into the KYC flow, with no upstream changes to the overall KYC process.

The flow builder is a simple, no-code, drag-and- drop solution that anyone can use to create customer onboarding journeys in minutes. All the steps required for typical onboarding are provided out of the box, and new ones can be added quickly without impacting the systems consuming the flows.

Most clients are concerned about integration and the lengthy test cycles that come with it. With the Unified KYC platform, you can design a new flow for your product and integrate just a single API. Additionally, you can leverage a simple no-code solution by embedding the URL into your web or mobile applications or sharing it via a QR code, SMS, or email.

The best part? There’s no vendor lock-in for specific niche services or any of the KYC steps. If newer or better service providers emerge, they can also be integrated into the platform. This flexibility allows you to de-risk critical services in case current providers fall short in quality, security, or contractual compliance.