Intelligent Automation for Know Your Customer
Financial institutions of all shapes and sizes must perform KYC
and due diligence checks. Both help to verify the identity of new
clients and any risks involved with doing business with them. Both
processes can involve a long, tedious exchange of documents. The
question is: how to make that exchange shorter and less time consuming?
The answer often depends on how savvy a finance company has
been at using automation.
One survey found that automating the KYC process inside a large
global bank reduced onboarding costs by 70%. That same survey,
by Harvard Business Review Analytic Services and EXL Service,
found that automation reduced turnaround time on customer
requests by as much as 90%.