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How advanced is your KYC process?

Updated: Jun 29, 2022

Customer onboarding is becoming increasingly complex, forcing organisations to spend more time and money manually processing all the necessary information. It requires a new way of working that allows businesses to carry out the Know Your Customer (KYC) process accurately, efficiently and without additional workload. The solution is easier than one might expect: automation.

More, more, more (time and money)

Do you find KYC obligations a burden on your organisation? Whether you work as an analyst or as a decision maker, you will have noticed that it is time consuming and boring! Typical KYC policy is an outdated and slow process of manually collecting and processing information.

As more and more rules are added to KYC regulations, onboarding delays are also increasing. That development should worry you. Research from McKinsey shows that B2B decision-makers find "lack of speed" the most frustrating aspect of the customer experience, cited twice as often as price.

Companies simply expect a flawless and user-friendly customer experience, as they experience in their consumer lives. It causes organisations to lose potential new customers during the registration process alone. In addition, the current labour-intensive processes lead to higher costs, more chance of error, duplication of work and therefore loss of revenue. An efficient customer acceptance is therefore crucial.

Many organisations see increasing the number of analysts as the only solution to address this. After all, the customer acceptance process is an indispensable part of business operations, so the increasing KYC requirements will have to be met in any case. As a result, the demand for compliance specialists has grown explosively in recent years. In addition to the fact that this leads to higher costs, it also results in missed opportunities. You still have a finite budget, so growth opportunities, for example, cannot be monitored because of the time and money spent on compliance. Moreover, there is the cost of lost deals, as slow onboarding leads to customers moving to the competition, while your analysts have already spent wasted time on customer assessment.

Go further with digital possibilities

However, deploying more resources is not the only solution. You are probably familiar with the saying: work smarter, not harder. In the case of customer acceptance, you have the opportunity to make optimum use of that working method. By (partly) automating your KYC process, you can work not only faster, but also more accurately. Why deploy more staff when you can use one system that can do it for you in just a few clicks?

Automating KYC process offers only advantages:

  • a better customer experience;

  • faster onboarding;

  • improved work processes;

  • more time to dedicate to high-risk cases;

  • consistent compliance checks.

Every step in the process (customer identification, background checks, risk analysis and continuous monitoring) can be replaced with digital solutions. This saves costs, eliminates paper processes and improves the customer experience.

When you choose automation in the KYC process, most routine tasks will be done by digital brainpower, leaving the final judgment to the analyst. This gives you more time for the real high-risk cases. Automated processes are expected to increase significantly in the next two years! If you want to stay ahead of your competitors, act now.

Next Generation Intelligence

Optimal customer acceptance and due diligence processes require sound advice and expertise. It is a combination of analysing risks, exploring the market and combining the collected information with historical and real-time data from companies. Graydon’s modern solutions allow you to implement an automated onboarding process that will improve due diligence in compliance and thus allow you to have more time for the real high-risk cases. In addition, your employees will thank you, because the monotonous tasks will no longer be their problem. Simply said, the automation of your KYC processes would take your organisation to a higher level.

Click here to read the full article by Graydon.

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