Digital: Onboarding & KYC Deep Dive

Onboarding is a rigorous process of checks that ultimately decide if a client can access products and open a bank account. The need for rigorous KYC standards is entrenched in high regulatory pressure; one study by the European Parliament emphasised that fraud was costing €990 bn a year. As such; fines for financial institutions have dramatically increased. KYC checks are therefore imperative to a bank’s anti-money laundering (AML) policy; yet this is an incredibly manual and labour-intensive process. Banks must therefore look towards emerging technologies and automating low value-added tasks to improve efficiency and effectiveness around onboarding and KYC.