Reduce compliance costs with implementing KYC automation
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.
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.
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
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