Transforming KYC operations12 June 2018 by encompass
Industry reports and commentary depict a financial services sector challenged by falling confidence and increasing regulatory pressure. At such times, bringing onboard new clients effectively and at low cost would appear a business imperative.
The problem is how institutions do know your customer (KYC) checks: outdated, sub-optimal business processes hinder flow of information, and put digitisation's potential to create real economic benefits beyond reach. Evidence from multiple industries suggests that reassigning "routine and codifiable tasks" from human workers to computers raises productivity while freeing experts to focus on higher value work that benefits from their problem-solving skills, adaptability, and creativity.
This whitepaper investigates the business process of KYC to suggest that identifying activities that are candidates for digitisation and automation offer a way forward for financial services and other firms looking to improve outcomes for all involved in KYC processing.
Transforming KYC operations