KYC meaning Know Your Customer is an integral part of the financial service sector. Overtime, it has grown to become a foundational process used to adequately manage the activity of users and combat identity fraud in the financial ecosystem.
Beyond the mere need to adequately profile and manage your customers, it is required by law to perform KYC as a due diligence process to verify the identity of your customers.
The Lendsqr admin console, has a native functionality that allows lenders to manage KYC using tiers. Users can be assigned to different tiers with each tier having its own peculiarities and configurations.
With tiering on Lendsqr, lenders can set transaction limits and other velocities based on what the regulation requires and also on their risk appetites
Lenders can also change their customer tiers based on meeting KYC thresholds. Customers can be upgraded or downgraded as required.
How to use Lendsqr tiers
Using the tier features within Lendsqr is very simple. Simply follow the following steps:
- Click the Settings icon at the top right corner of the Lendsqr Admin console.
- Click on Tier Management under the "System settings" section
- You can choose to modify a pre-existing tier to your preference or create a new tier, click on Edit for any existing tier to modify them or click on New Tier to create a new tier
- Proceed to create or update the various tiers and set the limits and documents required for each tier.
Watch this YouTube video that illustrates how to configure and manage tiers for users