As part of the KYC process, the onboarding process for new customers can include a lot of form filling. However, having too many fields in a signup form can hurt conversion as it slows down. It was found that single-click sign up processes can increase signup rates by a whopping 8.2 percent.
This means that to help new customers feel more welcome and reduce possible frustration caused by long forms filled with KYC requirements, businesses have to make KYC forms simple (and even single-click if possible).
While this sounds impossible because of the sheer volume of information required by KYC protocols, Singapore’s MyInfo service might bridge this gap and help businesses create their dream one-click KYC information collection forms.
What is MyInfo and What Does it Do?
A digital service platform run by the Singapore Government under the Singpass National Digital Identity Initiative, MyInfo is a database service citizens can use to fill in forms that require their personal data. By collating data across government agencies, MyInfo can collect most, if not all, of the data required by typical KYC forms and helps to autofill digital forms with this data.
Furthermore, MyInfo is accessed and authenticated using the user’s Singpass, so businesses can be assured that the data provided by this service is accurate and trustworthy. The user’s identification is validated through the Singpass login system before the data is retrieved from the government entities, which reduces the need for certain identity verification.
From simple personal details (such as name and date of birth) to family information and financial standing (CPF details, property ownership, etc); MyInfo can provide an extensive range of data that can be used for KYC and customer onboarding use. With security measures such as end-to-end encryption put into place, customers can provide their personal details with little fear of data leaks.
How Can a Business Use This Service
To utilise MyInfo to speed up the Digital-KYC processes, businesses have to follow the guidelines laid out by the government before sending in a linkup request for approval through the NDI Developer and Partner Portal. With simple instructions and templates given, businesses should find the application and integration process easy to navigate.
Apart from the general MyInfo platform, the government also launched the MyInfo Business platform in 2019. As an extension to helping individuals fill in KYC forms quickly, MyInfo Business extends the same service to corporations, allowing businesses to fill in forms with their corporate data efficiently.
This means that even organizations focused on business-to-business (B2B) transactions can benefit from MyInfo’s capacity to assist them in collecting data more efficiently while also ensuring a greater level of data reliability
Streamlining KYC Processes
With the availability of MyInfo and MyInfo Business, data collection for customer onboarding can be made so much easier.
However, apart from streamlining data collection using MyInfo, KYC processes can be made even simpler. With the Regtank Compliance Solution, your business can build robust AML and KYC processes with ease.
Contact us at firstname.lastname@example.org for a demo!