KYC, KYS and KYE: An Excellent Investment!
Fátima Ribeiro,
Executive Coach
Our experiences in life and our professional journey are part of who we are and bring us thoughts, analogies…
A long career in the banking sector reminded me of an important topic, the importance of having a good KYC – Know Your Client.
This is one of the most critical areas across a range of activities, especially banking and finance. Failing to include it in a process can lead to regulatory sanctions and put the entire business at risk.
In the definition of business strategy it is also a relevant issue.
Companies seek to capture the consumption habits of their customers and understand their profile, needs and feelings in relation to their products and services.
The growth in the volume, variety and speed of data to be managed and analysed places us in a growing context of big data, which seeks to extract veracity and value from the data collected and adapt the way the company interacts with its customers, redefining business strategies with the aim of increasing sales and maximising profitability.
In Coaching, KYC is also a fundamental instrument, but it is transformed into KYS – Know YourSelf.
What changes is what is explored… In Coaching the important thing is the client’s values, their life purpose, their beliefs, their starting point and their destination or goal.
The process belongs to the client: they deepen their self-knowledge, shape their journey, put their learning into practice and achieve their goals.
Along the way, the client discovers their keys to success and measures progress through improvements in their wellbeing.
The Coach is someone who accompanies the client throughout their journey and challenges them to go further, to open perspectives and discover new options, leaving behind beliefs that limit and adopting beliefs that empower.
The basis of the process, as in any relationship, is trust and commitment.
In an employment relationship this concept is also valid and is transformed into KYE – Know Your Employee. Performance in a company has a direct relationship with the skills, knowledge and motivation of its employees.
From reading the 2017 Deloitte Global Human Capital Trends report, based on a sample of 10,400 businesses in 140 countries, I highlight the importance of organisations focusing on issues of leadership, structures, diversity, technology and new learning experiences to increase the competitiveness of their human resources.
In the ten most important trends, I highlight the second one, which concerns career and learning, which must be in real time and continuous, providing employees with learning and development opportunities that promote the construction of new skills.
A phrase by Mr. Stanley Motta pronounced at the Cybertech Latin America event, on the same day that I was reviewing the original version of the article for publication in APEDE’s Competitividad Ejecutiva magazine, summarises this trend “training is an obligation in companies.”
According to data from the International Personal Management Association, training staff improves performance by 22% and when Coaching is added, the improvement reaches up to 88%.
Focusing on KYC, KYS and KYE is thus an excellent investment!
