The financial institutes are recognizing the importance of improving Know-your-customer (KYC) and compliance processes as they focus on reducing their operational cost towards the labor-intensive, unnecessary repeated and manual work involved in this area. This, combined with effect of the pressure from the regulators to enhance their KYC refresh efforts, there is a need for a stronger, resilient and scalable compliance network.
The time to onboard a new customer is also referred to as the time to revenue. The lesser the onboarding time with correctly assessed customer risk, the more enhanced the customer experience. But, how can financial institutes achieve faster onboarding for higher risk profiles? How can they leverage smart and proven technologies coupled with existing data sources more efficiently? How can they change the role of the analysts from just being the ‘maker’ into the ‘checker’ and ‘controller’ of KYC data to reduce fraudulent transactions?Sponsored By: