Customer Verification solution overview

Finance is probably the most regulated industry. Financial services companies are well used to updating their compliance practices as regulators change existing rules and bring in new ones to address evolving challenges and risks in the financial landscape. Compliance is a necessary obligation.

Finance companies need a proactive strategy to fight financial crime that goes beyond a box-checking exercise. This strategy must be operationally efficient, minimizing the impact on the customer experience and protecting them against financial crimes. And an institution's know-your-customer (KYC) process is a core place to start.

KYC is a straightforward concept but a difficult one to put into practice. Financial services companies have to continuously adapt to keep up with changing rules while also dealing with ever-growing volumes of customer data.

While KYC is an essential part of onboarding and involves customer-facing activities such as requests for information, many institutions and their customers find this process to be highly manual and painfully slow. Firms struggle to collect the internal and external data they need in a timely fashion and often have issues with data quality, lineage, and management, which drag out the process further.

Customers expect a seamless experience and speed, but many companies fail to deliver this when onboarding new customers and bringing legacy customers up to new standards. So what can financial institutions do to make the KYC process simpler and faster for all concerned?

At Genpact, we have worked with some of the world's largest institutions to transform their KYC processes and outcomes. With our experience, efficiency, and expertise, we have helped:

• A leading global social media company. In just two months, we built a team of 400 investigators to assist it in its KYC work and enhanced its existing KYC processes through a comprehensive overhaul of people and technology solutions. This increased the efficiency by over 20% and improved the customer experience
• A global institutional bank headquartered in Europe. We automated 80% of the KYC due diligence data collection and reduced the percentage of files going back to customers for additional information. This greatly increased the bank's efficiency and improved customer satisfaction by streamlining the onboarding process
• One of Australia's largest financial institutions to achieve global compliance with the new KYC standard. We provided end-to-end support across advisory, technology, and operations. We implemented riskCanvas™, designed the data model, and automated the due diligence data collection. This improved the customer experience and made the process more efficient

Our KYC solutions, designed and delivered by expert advisory and operational teams, help financial institutions keep pace with regulations, reduce risk, lower the cost of compliance, and keep customers happy with seamless service.