Is it possible to understand the customers needs without KYC?

[marcusfe]

I understand that the meaning of KYC is know your customer which is one the vital aspects of business management. As good and important this process is, most business establishments don't see any need in carrying out the operation to their customers especially the smaller and medium businesses. I wonder how they still manage!to continue in their and satisfy their customers without any issue. It is possible to understand the customers needs and details without carrying out a proper KYC? Or can we say that small and medium scale businesses do not really need this process for their business since they have small customer database.

 

[Maks25]

Know Your Customer (KYC) is a popular term used in the banking or financial field or environment. Know Your Customer (KYC) is a process that compiled by financial institutions, whereby these set of institutions obtain information about the identity and address of the customers to ensure that customer didn’t provide a fake documentation in any banking transaction process.