Financial institutions of all shapes and sizes must perform KYCand due diligence checks. Both help to verify the identity of newclients and any risks involved with doing business with them. Bothprocesses can involve a long, tedious exchange of documents. Thequestion is: how to make that exchange shorter and less time consuming?
The answer often depends on how savvy a finance company has been at using automation. One survey found that automating the KYC process inside a large global bank reduced onboarding costs by 70%. That same survey, by Harvard Business Review Analytic Services and EXL Service, found that automation reduced turnaround time on customer requests by as much as 90%.
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SOC for Service Organizations
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