Collaborative industry solutions for client onboarding and Know Your Customer (KYC) processes promise banks significant benefits in terms of reduced cost and increased efficiency, but the practical implementation of these types of solutions is equally challenging in an environment where banks are at different stages of process automation and manage both similar and different customer data.
The need to improve client onboarding and KYC processes to meet regulatory requirements and remain competitive, as well as different approaches to the problem, including the utility model, were discussed during a recent A-Team webinar entitled Client and Entity Data for Client Onboarding. The webinar was moderated by Sarah Underwood, editor of Data Management Review, and joined by experts Julia Sutton, Group Customer Data Management, HSBC; Enrique Neves Martin, Reference Data Product Manager, Enterprise Solutions, Bloomberg LP; Jon Hanmer, Global Account Director, Bureau van Dijk; and Mark Bands, Head of Product Strategy and Regulatory Intelligence, iMeta Technologies.
The webinar participants discussed the drivers behind new approaches to client onboarding and KYC, including the need to support increasingly sophisticated sanctions screening, and noted the vast amount of data, ideally including unstructured data, that must be managed. They concluded that success stories are still in the making and are unlikely to emerge until banks rise above departmental solutions to client onboarding and KYC, and develop centralised, enterprise wide processes that are both efficient and adaptable to regulatory change. A last word of advice encouraged data practitioners to get together, discuss different approaches to client onboarding and KYC and share best practice.
To find out more about:
* The challenges of client onboarding and KYC
* Approaches to improve onboarding and KYC
* The potential of collaborative solutions
* Client and entity data requirements
* The role of sanctions data
Listen to the A-Team webinar here.
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