What's wrong with your KYC Process?
And how to fix it by adopting advanced AI ML and Blockchain technologies
Banks, insurance companies, and other financial service providers all around the world devote significant resources to compliance procedures such as "Know Your Client" (KYC) and "Anti-Money Laundering Laws" (AML). People are exchanging their personal information at an alarming rate in today's networked society, and this phenomenon will continue with 5G, IoT, open banking, and other technologies.
Most financial institutions' existing KYC/AML processes are inefficient, with a few conspicuous shortcomings like:
1. Information gaps between financial institutions and regulators
2. KYC/AML compliance work that is duplicated within and between FIs.
3. Financial institutions devote a disproportionate amount of time and resources to manually evaluating and coordinating KYC/AML documentation completion and reconciliation.
4. Exorbitant KYC/AML compliance costs
5. Current compliance programmes, in many situations, are manual, scattered, and slow.
Blockchain can solve inefficiencies in existing KYC/AML processes.
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