risk management solutions, compliance solution, kyc verification - KYC Portal Aqubix
KYC - A necessary evil or a trove of hidden opportunities?
Monday, November 21, 2016
The findings of the Thomson Reuters 2016 KYC Challenges Surveys risk being misread as a statement of the obvious: further to the global changes in KYC regulations, the costs and complexities of conducting the due diligence required to Know Your Customer are huge and furthermore on the increase.

What is less immediately apparent is the scale and volume in question – from an industry average spend of $60 million, a number of financial firms are shelling out up to a staggering $500 million to meet their compliance demands.

Possibly more alarmingly are the time-frames required to vet and on-board – up 22% from 2015 and projected to increase by at least another 18% in 2017, with a third of respondents claiming on-boarding times in excess of two months, and 1 in ten experiencing wait times of over 4 months and an average of 8 different interactions with the bank throughout the period – effectively double that reported by the institutions.

Furthermore, despite the significant increases reported in resources working solely on KYC processes over the past year, there is a huge disconnect between perceived and factual accuracy of data, where while 7 out of 10 financial institutions believe that all or most of their clients report KYC status changes proactively, less than a third of all corporate customers reported doing so.

Unsurprisingly, the KYC Challenges Surveys also conclude that the frustration endured by the customers is costing the financial institutions dearly - almost 9 out of 10 corporate customers surveyed expressed their dissatisfaction with the KYC processes and 13% have been found to have changed banks as a result.

A clear conclusion of the Thomson Reuters KYC Surveys 2016 is that KYC and Customer Due Diligence process are not about simply being compliant and meeting legal obligations. Operations possessing the right technology platforms for Customer Due Diligence, like the Aqubix KYC Portal, provide positive and efficient on-boarding processes that contribute directly to gaining competitive advantages, directly impacting profit margins and both customer retention and revenues.

KYC Portal is an essential CDD platform that goes beyond simply identifying who your customers are but further integrates with your existing systems and third party data suppliers to monitor their ongoing status, transaction analyses and reporting.

For more information on how KYC Portal can help streamline your due diligence processes, visit kycportal.aqubix.com or get in touch with our sales department on sales@aqubix.com.
 
 
 
 

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