KYC Portal has helped clients reduce the time to onboard customers by 55%, whilst also helping reduce the risk exposure.
The RegTech company has released a report explaining the level of efficiency that it has managed to achieve based on use cases with current clients. The measures were calculated and are based on a total of 54 use cases studied in active live scenarios across 16 jurisdictions and five continents.
Industries covered in the use cases are Fiduciary Services, such as fund and trust management, Capital Markets including investment and depositary and Asset & Wealth Management.
These statistics are based on how KYC Portal can achieve increased efficiencies as well as a reduction in cost of onboarding whilst reducing risk exposure at the same time.
KYC Portal stated that its CLM solution has achieved a 63% target in increased efficiencies on internal processes. This statistic has a proven reduction in the cost of maintaining internal due diligence processes and teams, the cost of assessing risk and the ongoing relationship with counterparties, and an improvement in the speed at which the services and tasks are completed.
Another target KYC Portal managed to achieve was reducing the time to onboard customers by 55% while also reducing the risk exposure.
KYC Portal said, “The Customer Journey is primarily the customer lifecycle management which in plain terms, if we had to simplify it further, is the journey that customers are presented with at onboarding as well as the ongoing aspects. The latter caters for review processes and remediation exercises.
“Both onboarding and ongoing journeys require direct communication with the customer, and such communication happens all throughout the relationship with such customer. Not only once onboarded but also throughout the lifetime of such a subject being a customer.
“Based on client requests, we started investigating the possibilities of embedding such outreach elements within our client lifecycle management platform. A means to allow the back office of any due diligence process to be able to trigger, monitor and audit such communication with subjects directly. This, we believe, is one of the biggest unique selling points that led to KYC Portal reaching the efficiencies highlighted here.”
KYC Portal went on to outline a number of its features that its clients are using to meet these onboarding efficiency targets.
The first is the single customer view. This feature allows the user to create a subject that can be reused across services, products and channels.
This is used when a firm has subjects involved in different structures under different services. This function saves a lot of time and gives increases efficiency because one doesn’t need to re input everything from scratch, including documents. In addition to save time by not having to ask for the same documentation multiple time, firms do not need to spend resources on storing the same document multiple times.
It said, “The Single Customer View feature helps in centralising the data of a subject across products or services, making remediation and review management more efficient. And since there is the embedded customer outreach within KYCP, having a single customer view will allow the customer themselves to re-use their own company structure when applying for different services within the organisation.”
The next feature is the corporate source register, a module that helps onboarding and review processes by allowing companies to scrape and search data from third party providers. From within the KYC Portal solution, teams can search for a company and import the data and documents from the third party.
Another feature is the dynamic policy engine. This feature impacts all aspects of onboarding, reviews and remediation, and contributes to internal efficiencies. KYC Portal stated that the engine gives a company full control by letting them change, tweak, define and set out entire due diligence processes, based not only at company level buy also at product and service levels.
Another feature is the real-time automation of risk. The KYC Portal platform can calculate risk in real time at entity level, at application level and for each category of risk.
To find out more, read the full report here.
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