The onboarding process is the start of interactions with a customer and therefore should be enticing to show what the relationship will be like. Having something that is confusing and frustrating begins things on the wrong precedent.
In a new blog from KYC Portal, the company explains that the onboarding of a new client is the foundation of what dealing with a company will be like. Therefore, having a reliable KYC system in place should be a priority.
The post said, “Some organisations prefer to develop a system in-house as they believe they will be “in control of everything” however, it is not as simple as that. Choosing to go for a specialised software platform will not only lower their risks but also improve security and actually cut costs.”
It went on to state that IT software development companies are able to keep up with latest trends and push for more automation. Whereas, companies needing to build it in-house spend a lot of time and effort on creating a software development team and then spend time on forethought and planning for the task ahead.
Some of the tasks companies would need to go through doing things in-house including researching what tools to use and the ones best suited for their needs. These are then built from scratch or bought an integrated.
It added, “we must not forget about the supporting hardware required and after all this, there is still a risk that the solution will not perform well, and costs will just keep adding up.”
Once the solution is built, it is also a case of maintaining the system. A lot of human resource is used for constant testing, updating software, fixing bugs, providing support, and more. The company also stated that businesses would have to be mindful of regulation changes and how these could impact processes.
The RegTech said, “ KYC Portal was built specifically for the compliance function within organisations, the requirements of which were actually drafted by senior personnel within compliance functions in various industries on the market.
“This session of requirements gathering gave us an incredibly valuable insight into how compliance teams work across various markets and industries. This knowledge helped us in building the most dynamic and complete end-to-end Client Lifecycle Management solution on the market, in order to help organisations stay compliant with all the regulatory changes, on top of competition, all whilst being in full control and risk exposure reduced to a minimum.”
Copyright © 2020 FinTech global
