De-Risk Onboarding

In the current highly competitive landscape, regulated entities optimise revenue, mitigate attrition, and nurture customer relationships. This entails adopting a comprehensive strategy to foster robust customer-centricity, which is the primary goal of effective customer lifecycle management (CLM).

Regulatory supervisors worldwide are increasingly realising the importance of having sufficient controls and procedures in place to identify customers. Conducting thorough due diligence on both, new and existing customers is a crucial part of controls. Without this due diligence, banks can be exposed to reputational, operational, legal, and concentration risks, which can have a major financial impact.

Customers expect convenience, speed, quality service, and personalisation. An efficient onboarding process reinforces a customer-centric approach and addresses critical operational risk procedures such as KYC, due diligence, and ownership verifications are up to complete compliance.