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customer due diligence software, kycp - KYC Portal
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.
 
 
 
 
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