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Financial firms and their corporate customers say compliance with Know Your Customer (KYC) procedures is putting more strain on onboarding processes and client relationships, according to a 2016 Thomson Reuters survey. It’s taking even longer to onboard new customers, not to mention banks are spending millions on compliance with KYC and other anti-money laundering rules.
This time lag creates frustration for both clients and agents/brokers, who expect fast, mobile-enabled, personalized interactions for new account opening and onboarding. So if you’re responsible for improving these operations, how can you do better?
First, the basics: for KYC compliance you need to capture the right information from new customers, transfer that data to your back office systems and hold onto data correctly in line with KYC regulations. This means:
Let’s dig into three ways you can simplify the customer experience and accelerate the process of new account opening, in support of your KYC compliance processes.
One of the most challenging aspects of KYC compliance is in knowing what information needs to be captured, because it varies depending what you know about the customer, and what you learn along the way. That’s why a long one-size-fits all static form is so frustrating, for both the customer and the agent. It’s difficult to figure out what sections of a form require completion. Companies often have to go back and forth to ask additional questions before an account can be opened.
Here’s how we’re working with a U.S.-based wealth management company to incorporate Intelledox adaptive forms to solve this issue for its high net worth clients. The company uses Intelledox Infiniti to create digital interviews for account opening, covering areas such as risk tolerance, tax status, type of account needed and other important details.
The bank’s KYC rules engine determines the level of risk for that customer and then dynamically, in real time, delivers additional questions in a personalized digital interview. Intelledox is helping the company reduce data errors and missing data, in turn speeding up new account opening and improving the customer experience.
Furthermore, the company now has a full audit trail showing what information was provided, by whom, when and how.
At the end of the interview, Intelledox Infiniti produces the necessary forms and documents for digital signature, and synchs that data with core bank systems. (Intelledox partners with DocuSign to make the entire transaction paperless through DocuSign Guided Forms.) The customer can review all the details and electronically sign the document to verify his or her data.
Customers reward banks who recognize them and know who they are. If you want to make things easy for your customer while meeting KYC regulations, you need to eliminate manual handwriting and data entry, and leverage existing data. You also need to tailor the questions to the demographics of the customer and type of interaction.
You can connect Intelledox Infiniti with your back office systems and databases, such as Fiserv or Jack Henry Symitar, to pull in relevant information and prepopulate the interview as needed. Your customer just needs to review these details, ensure they’re correct and approve them. This can have a significant impact on data error rates.
KYC compliance isn’t just about using the data you hold in your systems — many financial institutions confirm customer details with other vendors and identification services. With an Intelledox interview, you can link your forms data with external credit agencies, Social Security or passport number lookups, and other resources. This enables you to ensure your customers are who they say they are, all in real time.
With so many financial services sold through brokers and agents, how can you help your channel deliver a customer experience leveraging to their own brand? Moreover, some advisors want to complete account opening forms on their own, as a value-added service to their customers.
With Intelledox Infiniti, you can easily drag and drop to build customized versions for your intermediaries, enabling them to guide customers through their interviews and providing maximum value for all parties. Then connect that data back with your core systems. So Intelledox guided forms can support either customer self-service or agent interactions – whatever makes the most sense for your business.
With so much pressure on IT to keep up with KYC compliance requirements, it’s important to look for low-code or “no code” software platforms that empower business users to make changes to processes quickly. IT analysts can configure data connections once and make them reusable. Meanwhile the business can drag and drop questions for form testing and optimization, while supporting new product launches.
In the case of our wealth management client, the team creates “fragments” of forms specifically related to KYC, like asking for personally identifiable data, or details of financial assets held elsewhere. Then business users can easily add these fragments into new account application forms. This helps the business make sure it is following compliance regulations, while speeding time to market and reducing IT costs.
In addition to operational efficiencies, here are some of the primary ways Intelledox improves the overall customer and agent experience.
Customers can access your interactive forms wherever they are, from any device. Intelledox Infiniti renders perfectly across smartphones, tablets, laptops, and desktops so your customer or agent can use the device they want.
You can also incorporate emerging tools like virtual assistants, chatbots and AI-driven social media to capture information and propel your business process.
Intelledox Infiniti remembers each customer and where they are in the process. They can pause their application on one device and restart it on another, completely seamlessly.
Because you can tailor forms to only ask for the most relevant information, the whole customer interaction is a more streamlined process.
If you’re focused on improving your customer- and agent-facing KYC operations, let’s talk. Request a demo and we’ll show you more.
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