Many firms conduct KYC/CDD using outdated systems that require substantial manual effort and produce a high level of false positives resulting in added operational expense. Firms also face increased regulatory pressure through new requirements and expectations of lowering false positives.
Goals and Objectives
Verify new retail, small business, and corporate customers maintaining a high level of due diligence on existing customers. Meet and exceed regulatory requirements for more detailed customer information and detailed information about beneficial ownership of corporate accounts. In addition, compliance functions must efficiently manage on-going assessment of customer risk profiles.
Advanced analytics such as AI, machine learning, natural language processing and RPA.
Use Case Summary
Digital KYC onboarding of consumers, small businesses, and corporates will use current technologies and solutions to streamline compliance processes and eliminate manual interventions, lower false positive rates, and improve customer experience.