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September 25, 2024
The Evolution of KYC Solutions: How QGen Online is Setting a New Standard
When businesses search for a KYC/AML platform, they often face a common set of frustrations and a number of pain points that are often reflected in online reviews, user feedback, and industry discussions. One of the most frequent complaints I hear about is the friction that users encounter during the verification process. Many platforms boast quick verification times, but their real-world performance often leaves much to be desired. The complexity of verification flows, excessive documentation requirements, and multiple steps can frustrate users and cause high drop-off rates. A common user grievance reads, "Our customers abandon the verification halfway through due to too many steps required." Such scenarios, besides the obvious affect on user satisfaction, have a direct impact on the business's bottom line (SaaSworthy).
False positives are another major pain point. These occur when legitimate users are incorrectly flagged as suspicious, leading to failed verifications and lost customers. A reviewer summed it up well: "Too many legitimate customers were getting flagged, forcing us to manually review each case and losing valuable time and customers." The inconvenience for both the business and the customer creates unnecessary friction, which many companies can ill afford (SEON).
Then there’s the issue of data privacy. With growing awareness and concerns about how personal data is handled, many users are uncomfortable with the level of information some platforms demand. One complaint stated, "Why do I need to provide not only my ID but also a live video, selfies, and multiple documents? It feels excessive and invasive." Businesses are increasingly looking for solutions that balance security with respect for user privacy, collecting only the data necessary to fulfil legal and regulatory requirements. They are also looking for flexible arrangements with regards to the location of the data, user-access levels and the freedom to manage the data directly such as archiving, backups and removals.
Another challenge that businesses, especially smaller ones, face is scalability and cost. While many platforms offer enterprise-grade features, their pricing structures often make it difficult for small and medium businesses to use them effectively. One reviewer noted, "We only needed basic document verification, but were forced into expensive enterprise plans that offered more features than we needed." At the same time, large financial institutions often feel limited by the lack of customisation in existing systems, leading them to piece together various services to meet their needs, adding both complexity and cost (SoftwareAdvice).
Enter QGen Online: Solving Real-World KYC Pain Points
QGen Online was developed with these very challenges in mind. Instead of retrofitting outdated technology to meet today’s demands, QGen Online was built from the ground up using the latest in AI, machine learning, and compliance automation. Our platform eliminates the excessive friction that customers often face during onboarding. Unlike traditional systems, we provide users with clear, actionable feedback at every step of the verification process. If a document fails to meet the verification criteria, the user isn’t left in the dark. Instead, we explain why the document was rejected, without divulging any of the security aspects, with messages like, "Your document was rejected due to glare," or "Unfortunately, the document you submitted isn't accepted. Please provide an official identity document, such as a passport or government-issued ID.” Whether the issue is document liveness, data inconsistency, or a blurry image, QGen Online identifies the exact problem in real time, giving the compliance team the opportunity to understand the problem quickly and take decisive action without frustration of not knowing why a document has failed verification.
We understand that businesses lose potential customers when they’re unable to understand what is required from them. For this reason, we’ve also added configurable settings that allow businesses to decide whether to allow continued submission attempts for manual review or to block further attempts with specific, actionable feedback to the user. This flexibility helps prevent unnecessary drop-offs due to system misrecognition.
What’s more, QGen Online’s robust audit trail tracks every verification, detailing what failed and why, as well as any manual overrides made. This is particularly beneficial for businesses operating in highly regulated industries, where a clear chain of accountability is crucial. Companies can track each step, ensuring that every verification is handled with transparency and that compliance requirements are met.
For businesses that rely on ongoing customer verification, QGen Online’s automation features are a game-changer. Our system triggers automated follow-ups when specific events occur—whether it’s a document expiring, a user exceeding deposit thresholds, or reaching a point in time where a mandatory review is required. This keeps the verification process compliant while eliminating manual work for businesses.
In addition to its document verification and audit capabilities, QGen Online seamlessly integrates name screening within the onboarding process, running background checks and sanction screenings in the background. This means that businesses receive instant decisions without adding delays or manual overhead, further streamlining the process.
Scalable, Flexible, and Comprehensive
QGen Online isn’t just for large enterprises. We’ve made sure that our platform is scalable to fit businesses of all sizes—from small startups to large, highly regulated financial institutions. Whether a business needs basic document verification for a handful of customers or a more complex solution involving multi-layered AML checks, QGen Online adapts to meet the specific needs of the business. We understand that small businesses don’t need (or want to pay for) the same high-volume features that large financial institutions require. Our pricing and feature sets are flexible, allowing businesses to choose what’s right for them without overspending on unnecessary services.
For large institutions, QGen Online offers full customisation to handle complex verification flows while ensuring regulatory compliance. And our solution isn’t limited to KYC—through our partnership with Arringo.com, we provide a comprehensive suite of services that includes call center support, marketing services, and IT integration. This makes QGen Online a true one-stop shop for businesses looking to streamline their operations, from verification to customer engagement and beyond.
The New Standard in KYC
While other KYC systems have paved the way, many are held back by outdated technology, high friction, and limited customisation. QGen Online has taken these lessons to heart and built a solution that addresses the real pain points businesses and customers face. With a focus on seamless user experience, privacy-conscious data collection, cost-effective scalability, and transparent, actionable feedback, QGen Online is redefining the KYC space. Whether you're a small business or a global enterprise, QGen Online offers the cutting-edge technology, flexibility, and ease of use that today’s market demands.
It’s time to stop settling for outdated systems and embrace a solution built for the future. QGen Online is not just another player in the KYC space—it’s the modern alternative, designed to meet the needs of today’s businesses and tomorrow’s challenges.
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As the KYC landscape continues to evolve, QGen Online 2.0 stands at the forefront of innovation, shaping the future of compliance. Its advanced automation, user-friendly interface, and scalability provide businesses with a flexible, cost-effective solution that enhances both security and customer experience. By addressing real-world challenges, QGen Online 2.0 is setting new standards in the industry, paving the way for the next generation of KYC processes. Discover how our solutions can streamline your operations and ensure regulatory compliance by visiting Arringo Group’s Business Solutions.