EXL's Digital 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 Digital 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 also supports the monitoring of client profiles on an ongoing basis, providing results and outputs of KYC data changes, adverse media hits and sanctions and PEP hits. It is integrated with multiple data providers, ingest the data, uses proprietary models to remove false positives and provides results in a structured output.
The greatest benefit of the solution is that it allows the analysts to now focus on critical tasks and resolving exceptions, rather than the time-consuming tasks of collecting, ingesting and arranging data. it also helps shorten onboarding time, time for reviews and for the client to focus on high value tasks of analysis and investigations rather than data collection and monitoring.
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
5. Ongoing Monitoring - Monitoring of client data, adverse media and sanctions and PEPs
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