Reduce compliance costs with implementing KYC automation

Summary:

Automating manual Know Your Customer (KYC) processes using the pre-existing technical tool to reduce the risk exposure, spiraling costs, and the potential loss of business.

Problem Statement:

This mid-sized Bank was using manual processes of accessing, retrieving and analyzing new customer data from multiple sources. This lent itself to human errors caused by the repetitive and monotonous nature of the activity.  The due diligence policies also needed to adhere to each time. 

Our Approach:

• Ease the cost and burden of KYC operations by automating customer information

• Maximize protection from regulatory risk by avoiding manual process oversight which leads to the inconsistent application

• Enhance the existing systems and processes by enhancing the customer lifecycle management and onboarding experience

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Result:

• Build and implement an intuitive dashboard that fully informs the KYC policy definitions and a risk-based approach and automatically screen for regulatory risk

• Improve customer experience by automating data gathering allows the client to onboard customers more quickly