Most
industries are growing and changing, rapidly. Companies are finding it
difficult to keep up with the current trends and deliver a seamless service and
experience. In 2020, the customer is being put at the centre of any business
module, it is all about the ultimate customer experience. The COT (Customer
Outreach Tool) module within KYCP focuses on allowing external subjects, be it
corporate structures, suppliers or individuals, to be able to on-board themselves.
This is done seamlessly through COT, whereby the system presents the user with
a guided three stepped approach to any type of entity being on-boarded. An
interface that was designed with the end user in mind, and is dynamically
maintained by the organisation itself. All the information is presented to the
user in a neat and simple form, however the engine behind it is doing all the
leg-work, hence increasing operational efficiency and reducing the work load on
your compliance team.
Flexibility
– One of the biggest challenges for organisations within the compliance
industry is the constantly changing perceptions of risk. Risk changes based on
regulation requirements, market happenings and changes within internal
policies. How can one keep up with such changes when you are offering various
services to numerous subjects in real time? KYC Portal’s configuration engine
allows the organisation to be able to tweak and adapt the entire regulatory
process at service level in real time. Whenever a change or new adaption of
risk interpretation is applied, the system will instantly re-assess all the
subjects in the database, re-calculate the risk and alert the compliance team
should the subject have moved across the brackets of the risk based
approach.
The reliance
on email communication with subjects throughout on-boarding and ongoing aspects
of KYC and due diligence is a nightmare and in 2020, this is expected to
increase. Technology advancements have completely transformed the ways of
working. The embedded CHAT module within KYCP removes the dependence on
email in its entirety. It allows for a fully secure and audited means of
communication between the due diligence agents of the organisation with any of
their subjects be it corporate structures or individuals. This module allows
for three methods of communication; Real-time chat, Real-time audio calls and
Real-time face-to-face calls, which are fully embedded within the solution (no
use of third parties), and all calls are stored within the tamper proof audit of
the application which can be played back at any point in time.
AI and
machine learning is on the rise. It is become critically important for
organizations to be able to detect new unseen patterns that reveal illicit
activity and understand where their risk is coming from. In Q1 2020, KYC Portal
is launching an optional AI reporting engine which shows you the how the risk
evolved on a certain entity, over time. All this data is being stored in the
system so it understands and calculates your cost of compliance over time, and
is able to identify any bottlenecks in your workflows or processes. It will
give your organization a boost in identifying crucial needles in the haystack —
consistently, quickly, and accurately. It is using all the data of actions you
took in the past to be able to foresee the risk of a subject from the very
first day of communication.
Business
owners should prepare for a future where they are constantly relearning,
adapting and innovating in order to thrive. The trends highlighted represent a
huge opportunity for those ready to embrace change and KYC Portal is your
answer in this fast-paced, ever-evolving world.