To comply with Know Your Customer (KYC) and Anti-money Laundering (AML) regulations, banks must confirm the identity of prospective clients before any business can be transacted.
The larger the prospect is and the more substantial the amount of business, the longer these individuals, financial, and organizational profile verifications can take. The longer the process takes, the greater the likelihood the prospect will choose a competitor.
So, it’s no surprise large regional and global banks are walking a tightrope of risk when it comes to onboarding new customers. They can:
- Accelerate their onboarding process by cutting corners on the checklist of identity and suitability validations required to close the opportunity – and risk massive penalties and fines for non-compliance, as much as $1 billion for one bank in 2019
- Invest heavily in scaling up their compliance teams to speed the onboarding process without cutting corners – and introduce additional potentially hundreds of millions in expenses without the guarantee of top-line revenue growth
- Follow the identity and suitability validation protocols to the letter with the team and process you have—and risk losing the opportunity to a rival that can complete the process more quickly
Each of these three choices puts potentially billions of dollars at risk for the largest banks, and the stakes are increasing faster than most banks can manage. That’s due to:
- The growing adoption of eCommerce, virtual currencies, and multinational operations
- The increase in fines for lack of regulatory compliance, up 160% in 2019
- The increasing sophistication of cross-border organized crime and rogue nations
Mitigate risk without compromise with eKYC from Persistent Systems
Large regional and global banks need next-generation regulatory solutions able to reduce onboarding cycle times without sacrificing compliance in the process, improving the customer experience, and converting more prospects to customers.
eKYC from Persistent Systems addresses each of these critical needs, creating a frictionless customer onboarding journey customer-facing channels like the front-end mobile app, customer portals, and website to the core banking and other satellite systems with minimal manual intervention.
eKYC from Persistent Systems allows your organization to:
- Maximize your existing IT investments with a flexible Digital Mosaic approach that seamlessly integrates leading service providers in this market, along with your existing applications, data platforms, and infrastructure
- Ingest and structure an endless variety of unstructured data, including proofs of identification, articles of incorporation, financial statements, securities filings, government identification documents, driver’s licenses, passports, document scans, and more, building a hierarchy of legal entities, and identifying relationships between the same to establish Ultimate Business Ownership (UBO) which is critical for KYC and know your business (KYB)
- Dramatically reduce the need for human intervention and support by applying machine learning and artificial intelligence (ML/AI) to extract and validate information needed to verify individual, financial, and organizational profiles
- Minimize institutional risk and increasing compliance by automatically comparing profile information to a variety of internal and external databases, including:
- Politically exposed persons (PEP)
- Negative news and adverse media
- Existing sanctions
- LexisNexis, Thomson Reuters, Dun and Bradstreet, and more
- Maximize the productivity and effectiveness of your compliance staff by using ML/AI to package and present all the prospect profile information, analysis, and recommendations to your team for speedier, more accurate decision making
- Conduct periodic reviews and remediation projects in a seamless manner without investing in huge budgets
Accelerate your time to value with fast, flexible deployments
eKYC from Persistent is a custom solution built around your specific needs and ecosystem, so there’s no need to rip and replace legacy investments or shoehorn an off-the-shelf solution into your existing workflows.
Persistent’s global development and engineering teams have packed eKYC with pre-built integrations and accelerators to help speed deployment of new customer onboarding journeys, and it’s available in a cloud-native or on-prem configurations to suit your specific operational needs.
When billions of dollars in revenues—and potential compliance penalties—are in the balance, you need a solution you can trust, and that can scale with your needs and market complexity.
eKYC from Persistent Systems applies:
- 20+ years of experience working with leading financial institutions, as well as innovative fintech and smaller institutions across all industry sectors
- Established partnerships with leading platform providers and fintech to deliver the right solution for today and the ability to innovate for tomorrow
- 30+ years of diverse engineering experience applying cutting edge technologies to deliver technology-driven solutions that drive business results
- An award-winning track record of providing “exceptional customer-centricity in the delivery of core technologies across all geographies and industries” in the Banking and Financial Services industry
If your bank or financial institution wants to accelerate your regulatory approvals process and improve your customer onboarding experience without increasing your enterprise risk, find out more about eKYC from Persistent Systems.
