EXL's KYC Solution
Traditionally, client lifecycle management (CLM) processes have been highly manual, inefficient, and cumbersome. This results in delayed processes, impacting customer experience and potentially exposing organizations to financial crime risks. Know Your Customer (KYC) is an integral part of the CLM processes. The ever-changing regulatory landscape coupled with the need for vast amounts of data from various sources further complicate the process of creating a KYC profile. Typically, analysts research a number of sources for client information such as formation details, legal IDs, ownership
and key controllers. This collection, assessment and organization of customer information is manual, repetitive, time-consuming and open to human error.
EXL's KYC Solution eliminates the manual step of data collection and analysis using automation and advanced analytics component. The solution searches over thirty sources to identify and ingest client information. It then uses proprietary algorithms to resolve conflicts and arrive at a set of answers for more than 100 KYC questions.
The tool also customizes the output (data and documents) based on user roles, region and entity type.
The solution allows the analysts to now focus on critical tasks and resolving exceptions, rather than the time-consuming tasks of collecting, ingesting and arranging data.
The key components/features of the solution are
1. Core BPM Engine - For planning tasks, workflows and for users to interact with the system.
2. Robotics Process Automation - Automatic data collection from various information sources
3. Systems Integration - Integrations through APIs with information providers
4. Advanced Analytics - Data mining using business rules and fuzzy NLP matching
The solution offers the following benefits.
a. Reduction in turn-around time of data aggregation
b. Improvement in output quality
c. Standardization of outputs across various geographies
d. Reduce cost of FTE performing KYC activities.
e. Better compliance with regulatory/policies due to standardized approach of completing KYC requirements