Standard Bank: KYC On The Go - A Component of Remote Customer Onboarding
Celent Model Risk Manager 2021 Award for Digital and Emerging Technologies
Following its introduction of digital onboarding for retail and business customers in 2019, Standard Bank built a tool for remote uploading of KYC documents for small business customers. Standard Bank built its document upload tool on Microsoft Power Apps, a mobile app available in Google Play and the App Store and has rolled it out to eight of its markets in Africa. The tool is simplicity itself, yet has enabled Standard Bank to replace a highly laborious paper-based process and at the same time achieve 100% compliance with KYC requirements.
Click on the video link below to watch a conversation between Leon Rossouw, Head, Customer Onboarding Journey at Standard Bank Group, Africa Regions, and Neil Katkov, Celent's Head of Risk; Celent Risk research members can download the PDF of a detailed case study.