Financial institutions are therefore faced with three challenges: increasing data quality, operational efficiency, and customer experience. To meet those challenges financial institutions have to reevaluate how KYC data is collected and generated within their institutions. “Good data” is not only critical for KYC and compliance assurance but for providing state-of-the-art service to the client during his/her entire lifecycle at the bank.
To collect “good data” in a pertinent, consistent and compliant way as well as to review it when deemed necessary, specific technological support is required as manual processes and silo solutions have proven to be no longer efficient. From a strategic point of view, banks have to adopt a customer-centric approach to ensure that specific departments, functions, and systems do not define the process.
Read the full article as published on April 13th, 2017, in Future Banking International