Automation of All Low-Risk Subjects
In the majority of cases, currently, each single applicant is vetted manually and followed by risk specialists throughout the client’s lifespan.
This approach is exceptionally inefficient, with up to 75% of specialist resources dedicated to reviewing past applicants and that only the remainder being assigned to signing new leads.
KYC Portal allows organisations to refocus their specialist expertise, and through the automation of the onboarding process, the system does away with human overview till the risk assessment portion, the resultant of automated rules compared with information supplied directly by the subject.
At this stage, if the customers are deemed to be beyond the acceptable risk threshold, these can be outright rejected or be scheduled for extended investigation. Conversely if they are green-lighted as low risk, they are automatically approved, in turn allowing the risk and fraud teams to focus exclusively on the remaining 20% of customers that require extended due diligence and that may actually qualify, but currently pose a high enough risk to merit direct attention.
Equally, the same methodology is applied for all ongoing clients, where reviews are conducted in the background by the system, becoming a mere formality as input is only required from specialist resources in cases of flagged activity.