In the US
this basically refers to a due diligence process undertaken by Banks and
financial institutions to combat fraud, identity theft and general scams.
It is
however a mantra that most organisations would do well to adopt.
Rapid
advances in technology continue to transform the way we do business. Everyday
business tools would have been regarded as flights of fancy not so long ago. With
the unstoppable rise of e-commerce come challenges.
One of the
biggest dangers is the lack of personal contact between a company and its
customers. Obviously this is not an issue for online retaillers selling product
over the net and being paid via a Debit card or Pay Pal etc.
However the
is an increasing trend for B2B ales to be concluded by email and even SMS. With
the loss of the personal contact the identity and customer relationship
suffers.
The surest
way to avoid problems is by knowing your customer and understanding their
business.
This relationship
and mutual understanding cannot be achieved via a key pad and electronic
ordering system.
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