
Key Steps for Unlocking The Impact of KYC-program
By enhancing the quality of data gathering and using the correct analytics during the know-your-customer (KYC) process, banks can improve risk management, the customer experience, and their capacity to serve clients, cut costs, and increase
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CIO Applications Europe | Tuesday, November 30, 2021

Fremont, CA: Banks have spent billions of dollars getting to know their consumers but have failed to harness this data beyond regulatory "check the box" processes that may irritate customers and even drive them away from their banks. But this does not have to be the case. By enhancing the quality of data gathering and using the correct analytics during the know-your-customer (KYC) process, banks can improve risk management, the customer experience, and their capacity to serve clients, cut costs, and increase revenue.
Key Steps for unlocking KYC-program impact
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- Use risk-driven design and customer-risk management.
To create a more precise, comprehensive, and near-real-time perspective of customer risk, prioritize risk assessments in policy creation and process design.
- Digitize and optimize the customer experience.
Digitize institutional client journeys with a self-service customer portal that gets customized to the needs. To support that site, hire a customer-service team with global and local KYC competence.
- Apply data and KYC-program-risk analytics.
Set up a disciplined data-management technique that uses automated and dynamic data inputs from external and internal sources. For a competitive edge, use the data to do sophisticated KYC-program-risk analyses.
- Pursue intelligent process, case, and policy automation.
Improve capacity by automating case management, processes, and policy management so that teams can focus on actual value-added tasks like client risk assessment.
- Create a center of excellence.
Create a center of excellence with robust performance management that uses balanced scorecards and accounts for the customer experience at every stage of the process (for example, by incorporating customer-experience measures on analysts' scorecards). Create specialized career paths for KYC-program participants and optimize location and resourcing methods.
See Also : KYC Companies
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