We both know that not all customers are the same: some are angels, others are less salubrious; some are good for the money, and others will probably fleece you. How then do you separate the wheat from chaff or the sheep from the wolves?
Or how do you even meet regulatory demands of Know Your Customer (KYC) where customers should be tiered based on what you know about them and the documents they have provided to you?
Before now, only the top-tier banks had the technology to do this at scale. Managing KYC manually, is at best, worse than a toothache. At worst, may expose you to serious regulatory infractions.
Those crazy times are now a thing of the past. We have now launched an improved tool on Lendsqr that allows you to manage your customers for KYC automatically and in compliance with the highest level of KYC requirements.
With the Lendsqr user tiering, you can create tiers (some for KYC, and others just for your own categorization). And for each tier created, you can set the maximum number of transactions, maximum single amount, and even the maximum cumulative amount of transactions they can do.
This helps you keep a tab on customers who may want to run you street.
How do you manage these customers? How do you move them between tiers?
Here comes the nicest part of this – you can configure your tiers such that if and when customers meet certain criteria, they can automatically get bumped up into the next tier. And if you are old school like our founder, you may just do that manually by yourself. Definitely not recommended.