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Why it’s time to transform KYC processes from periodic refresh to contextual monitoring
It’s no secret that KYC ongoing due diligence and periodic refreshes continue to drive cost and complexity.
Amid an environment of increasing threats, plus stricter regulations (and harsher fines), organizations have to continually monitor their existing customer relationships for signs of high-risk activity. And that’s not to mention continuously onboarding new customers.
It’s increasingly important, time-consuming—and expensive. For example, KYC accounts for over 40% of a financial institution’s overall cost of AML compliance.
Existing KYC processes cause organizations many issues throughout the customer lifecycle. Ineffective systems; poor quality data; repetitive customer outreach; and time-consuming, error-prone manual processes combine to increase reputational risk, raise the cost of compliance, and damage customer relationships.
It’s time organizations took a new approach to KYC compliance.
Contextual KYC enables your organization to become truly customer-centric. Our platform helps you use contextual decision intelligence to continuously evaluate each customer and their risk level—throughout their entire lifecycle. It connects multiple internal and external data sets to provide a single view of your customers—enriched with intelligence about the relationships between people, organizations, and places. Then it highlights new or changing risk levels, and reflects and continuously monitors changes in your CLM or KYC system.
With this transformed approach, you can free up your people to work on high-risk customers and higher-stakes projects. And you can reduce costs, stay alert to new risks, and improve the customer experience.
To find out more about contextual KYC, read our eBook.
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