Various companies utilise your data in several ways, depending on their speciality. Data is said to be the new oil in the post-information age world and many companies harvest your data; be it your personal information or internet cookies and sell them on to other companies. But data can also be vital to the role of a business, especially if your business is one that handles money and is vulnerable to fraud and identity theft, such as a credit provider. When you want to outsource your identity checks and keep your customer’s data in safe hands, you need a Know Your Customer (KYC) provider, as my KYC company, I’ve chosen Fully-Verified. There are many reasons to use a KYC provider, one is due to regulations and restrictions, for example, it is the law for most people buying a cryptocurrency from a market to be verified, in the case for illegal actions and the not so stable rates in which cryptocurrencies are bought; especially bitcoin, which is a risky investment. Your business may need to have a KYC provider and you should check. The reason it is the law for some companies is fraud protection, banks, cryptocurrency providers, credit providers et cetera need fraud protection in case someone tries to open an account in someone else’s name and risk management, so a company can determine how risky it is to allow potential customers to use the service they are providing.
Know Your Customer (KYC) checks can be done manually aka have the customer bring in their proof of address and all the documents needed for a successful check or can be done digitally, using A.I. and among other tools like databases to do it without a person in the room. If you’re a customer and not a company; you might be thinking, why does this apply to me? Well, KYC is a vital tool in protecting your data from people looking to commit fraud, by securing your data so it isn’t stolen to protecting it when it is. It stops people from using stolen information to pose as you as well.
There are many other ways in which companies are using your data to make your life more convenient. Have you ever had to “allow cookies on this website”, companies stock up on your cookies that you have saved into your browser and this contains vast amounts of information on what you have been looking at on the internet, but in general, such as you might contain cookies that say you have been looking at a lot of laptops at the moment, companies, especially ones that use adverts on other websites can tap into this information and display adverts on laptops for you while you are browsing Facebook. This obviously is controversial but it does help and boost companies’ business and allow the customer to re-engage with looking for certain items.
Another way in which company uses your data is to display back to you, for example, your iPhone counting how many steps you did today, or the speed of your five-kilometre run. Many people enjoy looking back at these statistics and even use them to get healthier. Many applications’ sole purpose is for the runner to see how long their run is so they can set up a target for next time, and this data can be processed to display the average speed per kilometre, average running pace per second, and allow users to save this data so they have a catalogue of their previous runs.
Data is important to companies but can also benefit the customer, it all depends on the need of the data.