Know Your Customer: A Rule for Every Business

[Nomad]

If you join a financial service such as payment gateway, trading platform, investment platform, even banks, etc, you will have to do KYC, Know Your Customer. This is a standard in financial services. But this principle is also very important for businesses, irrespective of size and niche. While business do not have to collect identifying documents of their person, they should of course know who their customers are, what do they do, what are their interests and hobbies, where do they come from, etc. If businesses know these things, they will be able to build relationship, which can turn into a long term customer.

 

[Trush Jodie]

When a normal business knows their customers, they would be able to serve their customers better and more personally.

 

[Augusta]

Know Your Customer processes help organisations to identify and verify customers. and illegal activity or money laundering are minimised

 

[King Belieal]

KYC is very important for a progressive business person. You don't alienate your customers and expect them to keep patronizing your service.

 

[Starmix]

It is essential to know our customers. You can do a background check in case you are in doubt about the identity of your customer. Who knows if he is only spying.

 

[Springtime]

It is important for a business to know it's customers. Their preferences, taste, interests so that you can meet with their needs and serve them better.

 

[Starmix]

As a business owner you have to know your customers, find out who among them are your constant buyers, so you can give them special freebies in the coming fdys6. This is one way to retain them and be loyal to you. Also know who among them are rude or unruly.

 

[Kross]

I know my customers up to a bit of personal details about them. It helps me to understand how I deal with each of them.

 

[eLdavis]

Knowing your customers plays an important role in creating trust between the business and the customer.

 

[Augusta]

Yes know your customers so that you can put a check on a lot of things to help your business