Automate periodic review and ongoing monitoring with automated perpetual KYC
Reduce onboarding times, KYC refresh costs and improve the customer experience by proactively monitoring changes in a customer’s circumstances.
The average onboarding time for corporate banking customers is a staggering 90-120 days (Oliver Wyman's Global KYC benchmarking study on Global Banking & Markets KYC).
Regulators are increasing pressure on financial institutions to enhance their KYC refresh efforts, which is often split across multiple teams causing disconnect and delays.
KYC teams are having to perform laborious, repetitive and highly manual processes, across siloed data, to keep up with a backlog of traditional KYC periodic review cycles.
The Arachnys Advantage
Risk and exception based approach
Resolve and validate existing customer data against primary sources to create a ‘fresh’ baseline KYC file.
Significantly reduced KYC refresh effort
Proactively monitor for deltas in a customer’s circumstances, such as UBO, shareholder or director changes.
Continuous and automatic content acquisition
Compilation from open source data sets, including primary data sources and premium content.
Automating the periodic review process removes some of the laborious, repetitive and highly manual processes.
Enhanced data structuring
Improve the data governance, quality and data structuring across all your customer populations.
Improved client lifecycle
Orchestration and configuration of source hierarchies incorporating both structured and unstructured data.
Resolving internal customer data against primary data sources to construct a structured baseline profile of the customer
Single view of the customer and its related parties allows an FI’s analysts to get an holistic 360 degree view of the customer profile and its relationships, facilitating reuse of previously gathered, validated and enriched customer information
Configurable monitoring policies that use artificial intelligence (AI), API connectivity and Robotic Process Automation (RPA) to evaluate corporate changes from structured and unstructured data sources in line with the customer’s risk appetite and budget restrictions
Ability to incorporate changes in customer provided data for real time validation and enrichment
Move towards trigger based reviews by seamlessly integrating with and sending detected changes to the client’s customer lifecycle management (CLM) solution
The Perpetual KYC Cycle
Unified Search API
Query any KYC or AML data source – even those without APIs – using a single set of credentials and a unified query language.
How close is the financial world to achieving perpetual KYC?
Oliver Wyman shared with us their Global KYC benchmarking study on Global Banking & Markets KYC, which has found that the overall onboarding time for corporate banking customers is a staggering 90-120 days.
In this white paper, , we look at how banks can reduce onboarding times, KYC refresh costs and improve the customer experience by leveraging better technology and automation across the three pillars of data:
Driving efficiency with self-reported customer data
Using automation to capture & screen external data
Reducing risk through monitoring transaction behaviour