KYC outsourcing or in-house operations: what’s best for your business?

The line between reasons and excuses is thin when it comes to organizational change. Let’s slice through the fluff to see what’s underneath delays in embracing KYC outsourcing.

Control and customization.

Building an in-house department ground-up provides the opportunity to tailor KYC to organizational workflows and market characteristics. Some also believe internal administration offers complete oversight of processes, data, and customer interactions.

Realizing this potential, however, depends on constant, costly, complex efforts - and learning from real mistakes. Compare a DIY sewing project to hiring an adept dressmaker. Autonomy can’t guarantee quality.

Smooth communication.

Others feel that direct lines of communication within an organization lead to faster decision-making, and a freer flow of insights informing it.

Subpar providers may cause comms bottlenecks, particularly if KYC outsourcing hubs are limited across time zones. Seek a brilliant partner combining synchronous nearshoring with seamless collaborative integration. 

Deep organizational knowledge.

The sense that they know their business and clients best can hold companies back. Fear of delegating customer-facing processes to a third party is understandable - but is it valid?

Just like your IT department, a good provider combines expertise you lack with a robust overview of your operations. We go further, offering market and customer insights that enhance your team’s understanding. 

Perceived security.

What if the secret code slips into the wrong hands? It’s natural to prioritize company and customer data security - especially the sensitive, identifying information involved in client verification.

So, is KYC outsourcing really riskier? The reverse is true: between burnout-induced errors and disgruntled sabotage, overburdened in-house staff heighten insecurity. For pros, guaranteeing peak security is their business, not an annoyance.

While in-housing’s purported benefits are cloudy at best, its rock-solid cons weigh heavily on your business. 

Exorbitant costs and resource drain.

New functions come with hefty price tags upfront. Forming a fledgling know-your-customer department means establishing all-new processes and infrastructure, hiring, training, and managing staff, and splurging on technology.

The costs don’t end with startup. It’s an ongoing drain of valuable resources out of core functions you excel at into getting a sideshow up to scratch. 

Crippled scalability.

High-performers can’t accept an in-house KYC backlog dampening demand. Startups can’t afford to sink time and money into a tangential department. So, where’s the sweet spot?

Internal KYC might suffice for middling bureaucrats, but growth-oriented brands need solutions that scale, responding to fluctuating markets, regulations, and customer standards. 

Dangerous tech and expertise gaps.

Without KYC outsourcing experts, you face a constant struggle to keep abreast of evolving sanctions, Politically Exposed Persons lists, local and regional law, languages, and best practices.

Competing for flighty customers on processing speed and efficiency also requires investments in IT and automation including eID (electronic identification), OCR (optical character recognition) for document data extraction, and machine learning to monitor suspicious activity. Falling behind the specialists means more than losing clients - it threatens criminal complicity. 

Error-prone, insecure manual slog.

With top tech out of reach, many rely on manual processing. But accuracy is everything in data handling, and even the best pair of eyes errs confronted with burdensome volumes and a host of responsibilities.

Talent lost to burnout compounds the consequences of biting off more than you can chew. Plus, errors create the perfect climate for concealing internal fraud.

What do BFSI giants and Berlin’s Berghain nightclub have in common? Booming business. But while endless entry lines at the bouncer’s whim build Berghain’s brand exclusivity, your bottom line can’t survive lengthy, arbitrary screening. 

Smooth, respectful processing does more than create a safe space for operating. It sets you apart from sluggish, discriminatory competitors. What can Transcom’s KYC brilliance do for you?

Boosting profit with optimized operations.
Your KYC outsourcing partner knows how to run a lean, mean machine. We assemble a pre-trained, top-notch team, saving you on everything from recruitment to training and management while optimizing headcount.

With barriers to entry far behind us, Transcom provides solutions at the frontier of KYC at leading prices, freeing up funds you’d spend floundering through development. It’s a fresh financial refuel for your revenue-driving engine.

Unrivalled efficiency and speed.

One extra box on a signup form is enough to send prospects to competitors’ sites. Without streamlined, seamless KYC, your brand is out of the running.

KYC outsourcing experts combine advanced tools with endless experience, verifying customers up to 10 times faster with pristine precision. Our bottom line depends on serving you the peak efficiency you need to scale.

Access to world-class expertise and talent.

World-leading businesses deserve the best global expertise. International competition and distinct jurisdictional compliance regulations demand it. At Transcom, we source top talent that understands threats, laws, and challenges across diverse markets fully.

Whether you offshore to suit your target market’s linguistic and legal requirements or opt for nearshoring to match your team’s time zone, we’ve got the unparalleled KYC specialists you need. Our data-driven AI Copilot technology ensures constant training and optimized interactions, keeping our people - and your brand - on top. 

Supreme flexibility and scalability.

Dominate locally or grow globally. Whatever your mission, the right KYC outsourcing provider flexes to meet you. This enables you to take on clients confidently when marketing works its magic. It also preserves your team’s morale, preventing layoffs due to efficiency and demand fluctuations.

Rather than learning the hard way through disappointed customers and reshuffled departments, why not choose Transcom’s fluid, tailored solutions? 

Cutting-edge tech for future-proof brands.

Your outsourcing superheroes come with their own sophisticated arsenal. At Transcom, we’re relentlessly committed to combining advanced tech with human empathy for unbeatable results.

This includes real-time Automated Translation all the way down to accents, ensuring frictionless exchanges with global clients as well as between our team and yours. Meanwhile, our live Conversational Analytics yield rich customer insights and demystify suspicious activities. Plus, AI-powered Voice and Text Bots support 24/7 reporting and resolution.

Guaranteed compliance and minimized risk.

Robust insights require ample data. That’s why Transcom’s KYC outsourcing team leads on capturing, storing, processing, and analyzing it with full compliance and best-in-class security solutions. Our experts and tech keep brands abreast of reporting, in line with regulations, and free from criminals, complicity, and penalties.

In our commitment to safeguarding sensitive info, we harness sophisticated encryption, multi-factor authentication, and voice biometrics, while our state-of-the-art Trust & Safety services include AI-generated content identification and algorithm bias detection to flag criminals fast while maintaining fairness.

Exceptional CX and peace of mind.

With regulators content and criminals contained, what’s left? Truly excellent partners don’t stop at the basics. We’re devoted to delighting you and your clients alike. Transcom’s unique blend of CX experts and know-your-customer pros transform each aspect of this high-stakes, touchy process into a powerful positive interaction.

Whether we’re connecting with your customers on their favorite platforms using Omnichannel support or synthesizing their feedback for constant refinement, we’re all about driving ever-increasing loyalty and growth. Our holistic support gives your team the confidence to focus on creativity and innovation, designing and delivering transformative fintech that drives real impact on users and revenue.

Excited to pass know-your-customer on to the pros? While vendors take a world of weight off your shoulders, your business retains ultimate responsibility. So, how can you ensure a winning combo?

Seasoned matchmakers assess compatibility on two fronts: personal and practical. First, get clear on your brand’s unique requirements. Where do you operate and where will you expand to? What threats does your company face? How are your transaction volume and growth outlook? From dating apps to business deals, knowing what you want is golden.

Next, make sure the foundations are solid. Finding a nimble, sophisticated KYC outsourcing provider who’ll become a true partner in your success begins with vetting for supreme security and compliance. Don’t take our word for it - at Transcom, we’re ISO 27001 certified and fully adhere to GDPR and SOC 2. This means our information systems are globally recognized as secure, while we assure security, availability, confidentiality, and privacy throughout data handling. Plus, PCI DSS compliance means payment card info is safe in our hands.