KYC Portal has been chosen as the underlying framework by an off-shore bank to streamline the entire on-boarding process of retail customers. A major project involving several third parties covering the core banking system, the online verification of documents, checking of PEPs, sanctions and adverse media as well as digital signing of documents online.
Based on statistics, between 60% and 70% of the entire retail customer base that a bank on-boards is low risk. Yet, the operational on-boarding processes of KYC and due diligence teams are almost the same on all customers, irrespective of risk. This bank managed to automate the 60% and allow the teams to focus on the 40% only, leading to increased efficiencies across the board.