HSBC commissioned EXL to develop the solution to improve the efficiency of KYC processes, lower the cost of compliance and ultimately improve customer experience. The solution incorporates automation, AI and other advanced analytics techniques such as natural language processing to help banks and financial institutions identify, sort and verify large amounts of data to meet KYC research requirements. The two organizations are now collaborating to market the product across the industry.
The solution is available as a standalone product or as part of a KYC-as-a-Service arrangement and is able to meet KYC requirements in 20 countries across five continents. Due diligence efforts associated with customer onboarding can be reduced up to 70%, while client selection and exit management processes have seen turnaround time shortened by as much as 90%.
The solution embeds automation and analytics across KYC processes including screening new account set-ups, monitoring active accounts for signs of financial crime and economic or reputational risks, and recording exits when an account closes.
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