KYC challenge: Customer Outreach Friction

Based on our in-depth knowledge of the financial services industry and our ongoing dialogue with CoorpID users, we have identified multiple KYC challenges that financial institutions (FIs) are facing today. One of them is: Customer Outreach Friction

Which we will explain below. 

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Customer Outreach Friction

When performing an initial Customer Due Diligence investigation for a prospective customer or carrying out a review of an existing customer, a bank or Financial Institution has to gather information on the customer to fulfil its Know Your Customer obligations. A lot of this information can be obtained from third-party data sources. However, some information has to be provided by the customer and this ‘customer outreach’ process can be a source of frustration for both the customer and the financial institution if this process is not managed properly.

We have identified five KYC challenges that Financial Institutions are facing today. If you work for a Financial Institution, do our KYC Challenges Quick Scan and gain insight into how your organisation is dealing with these challenges.

The future of kyc requests

In addition, customers are being confronted with a large diversity of information requests and KYC requirements. At present, there is still a total lack of alignment between national and international interpretations of AML and CFT regulations. This is particularly onerous for large multinational companies with multiple entities operating in different geographies. Even within one country, KYC requirements can vary considerably between individual FIs and even between the various departments of a single FI.

Here again is the challenge for banks and FIs to look for ways to streamline the customer outreach process and turn this into a positive customer experience. 

Interested in understanding more about the KYC challenges banks and financials institutions face? Download our whitepaper.

Negative Customer Onboarding Experience

Click here to read more about this bottleneck

Shortage of skilled KYC analysts and compliance personnel

Click here to read more about theisbottleneck

Rapidly changing and increasingly stringent regulatory requirements

Click here to read more about this bottleneck

Adopting a new approach to KYC: perpetual KYC

Click here to read more about this bottleneck

CoorpID is a digital vault
for storing and sharing KYC information

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We are happy to announce that CoorpID is now part of Encompass Corporation, the global provider of real-time digital Know Your Customer (KYC) profiles. To explain how this acquisition fits CoorpID's strategy, see the video message of our CEO, Job den Hamer and the press release.