In the fast-paced digital landscape that we find ourselves in, it is imperative that we keep up with technological advancements and endeavour to provide the best and most cost-effective service to our clients, who are based all over the world.
One such evolution that has become increasingly crucial in today’s fast paced world is the ability to obtain Customer Due Diligence (CDD) digitally. This process allows us to obtain the documents that we need to ensure compliance in the strong regulatory environment that we operate in here in the Isle of Man, while reducing time and cost for our clients, who we appreciate live very busy lives!
Customer Due Diligence (CDD) has for a long time been a cornerstone of financial regulation, ensuring that we know our customers, understand their financial activities, and can detect and prevent illicit transactions. If we were not meeting our clients face to face straight away, previously they would need to provide traditional CDD, in the form of certified copies of passports and address verification documents to confirm identity and address. Over the last two years this has been digitized and streamlined, with the introduction of a system to receive Customer Due Diligence through a user friendly app provided by ID Pal.
Digital CDD uses cutting-edge technologies to enhance the due diligence process. It enables us to receive customer information more efficiently and quickly, improving the customer experience while also reducing the risk of fraudulent documents being received.
While keeping to the very stringent due diligence processes, previously sometimes hindering the overall customer experience, digital CDD can actually enhance it. The onboarding process is streamlined meaning that Boston can create a seamless and positive experience for our customers, both new and existing. Customers can complete the necessary verification steps from the comfort of their own home, using just their smartphones or tablet. This eliminates the need to find a suitable person to certify their documentation and then visit a physical location, saving both time and money. Digital CDD can be accessible 24/7 from anywhere with an internet connection. This flexibility is particularly beneficial for customers who may not have easy access to physical locations during regular business hours.
As technology continues to advance, the future of Digital Customer Due Diligence holds even greater promise. Boston are delighted to have successfully integrated digital CDD over the few years and we believe it will likely become a standard practice, essential for businesses aiming to thrive in the digital age, bringing about numerous benefits for customers, including speed, convenience, security, and an overall improved experience.