Compliance is a core tenet of financial services organizations’ day-to-day operations. And the stakes are high, as regulatory fines are steep and climbing. Know Your Customer (KYC) compliance is just a piece of the overall compliance puzzle—but it’s an important piece. In 2022, global fines for failing to prevent money laundering and other financial crime surged more than 50% according to the Financial Times.
KYC processes are often a thorn in the side of financial institutions, as the data they need is difficult to find within highly complex, manual workflows that are made even more complicated by outdated technology. Discover how process automation can help you overcome these challenges.
Financial institutions must comply with regulatory mandates imposed by government bodies and organizations such as FATCA, FCPA, and FINRA. On top of that, there’s also internal pressure to establish a unified view of customers, so decision makers can quickly view risk profiles, regulatory information, and performance data through a single lens of Customer Lifecycle Management (CLM).
Creating a comprehensive customer view empowers banks to make informed decisions, manage risk efficiently, and enhance compliance. Here are six top pain points that can hamper institutional efforts to ensure compliance:
The complexities of these challenges can impede a financial institution's onboarding and customer processes, as well as hinder employee productivity. Additionally, they can restrict growth opportunities and escalate the risk of substantial compliance penalties. Appian partner RSM US LLP, an audit, tax, and consulting firm, suggests that this may be the reason why enhancing customer experience is the top priority for 48% of organizations as part of their growth strategy.
There is a way to take complexity out of KYC processes: the Appian Connected KYC solution continuously monitors alerts and automatically initiates targeted KYC investigations. Tailored to meet the KYC requirements of financial institutions, Connected KYC uses our process automation platform to tackle all six previously mentioned pain points. Let's take a look at how it works:
Both the Appian platform and our Connected KYC solution offers financial institutions a way to future-proof their KYC operations and transform their existing workflows. Want to learn more about how we help financial organizations better manage KYC compliance? Download our eBook Seamless Know Your Customer (KYC) Operations with Process Automation for a step-by-step guide to go from disjointed operations to efficient compliance.