Due to regulatory changes, financial organisations across the globe are expected to demonstrate “Know Your Customer” or KYC. Not only at the time of Client On-boarding but throughout the entire client lifecycle.
Creating two costly undertakings, to which financial institutions, must fully commit:
Designed to become a baseline from which the periodic review process can begin, data remediation has become an erroneous task. The larger part of all data remediation activity is manual. The elimination of false positives is followed by gathering, collating and building the KYC file is estimated to be 60% of the task.
Using a tailored version of our core suite of products, ICX4 have developed an automated approach to addressing the data remediation exercise. An approach we believe eliminates 60% of the current manual activities and the associated costs.