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In today’s highly mobilised and competitive economic environment, a positive customer experience is the linchpin for sustainable growth for companies across the industry spectrum. The importance of a smooth customer experience extends to the KYC (Know Your Customer) process, which is often perceived by the customer as lengthy and cumbersome, defined by many manual steps and protracted timelines. Due to evolving regulatory requirements around the KYC process, businesses of every grade are compelled to adopt an agile and digital-first approach to ensure they operate within the confines of current regulatory frameworks, while combating financial crime and instances of money laundering.
KYC as an effective measure for money laundering and fraud prevention
The KYC principle is the due diligence requirement for obligated parties in the identity verification of their customers and business partners, for the prevention of money laundering and terrorist financing, especially for companies from the financial sector. By law, a KYC analysis must be conducted when onboarding new customers and on a regular or event-triggered basis for existing customers. The effort required depends on the respective risk classification.
With this audit, certain data is collected based on regulatory requirements and the potential risk is evaluated as part of the due diligence. This includes:
New regulatory requirements as well as the current system landscape present credit institutions and financial institutions with new stress tests daily in order to introduce a targeted and effective measure for money laundering and fraud prevention in their business policy.
Lean on the experts to make KYC as seamless as possible
Assessing and refining internal KYC processes can be a daunting scope of work for enterprises, who are already contending with a litany of macroeconomic challenges and an uncertain geopolitical situation. This is where leaning on the experts can yield tangible efficiency and operational gains. At Expleo, we are on hand to solve the Know-Your-Customer (KYC) requirements for you, in a holistic and customer-oriented manner.
We focus on fine-tuning the efficiency and effectiveness of business processes to minimize the burden on customer relations. For example, we can help simplify processes for the bank, employee and client with the introduction of e-filing systems, so making the KYC process less time-intensive and onerous for customers. The provision of systematic decision-making tools for reporting and KPIs also eases the workload on banks, and our thorough review of existing work processes helps identify potential obstacles to smooth workflow. Then, the development of short and long-term solutions for operational handling can alleviate pressure on systems architecture.
Our experts are versed in all interfaces of the customer journey and use these insights as the guiding principles in creating the most dynamic and seamless customer experience possible. Expleo combines technical and IT expertise with KYC-specific know-how to add value to your identification, verification, and documentation process.
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