KYC Technology: New Regulations, Faster On-boarding & Compliance with Celent.
Learn how global institutions are implementing rules-based KYC technology to manage complex customer due diligence.
Achieve Compliance while Improving the Customer Experience and Time to Revenue
The Challenge: Manual processes, isolated systems and repetitive documentation requests for ever-changing Know Your Customer (KYC) and Enhanced Due Diligence (EDD) requirements are driving higher costs, longer on-boarding times, growing customer dissatisfaction and non-compliance. Financial institutions and insurers must find far more efficient ways to keep up with complex regulations and relationships that ensure compliance while offering an exceptional customer experience.
With Pega, financial institutions and insurance companies can enhance compliance while gaining the agility needed to adapt rapidly to new risk regulations, such as FATCA and FINRA 2090/2111 KYC and Suitability rules. Pega offers the best of both worlds – a common platform for managing these regulations combined with dynamic, rule-based processes that support specialization by country, line of business and product. Even better, with Pega’s patented Build for Change® technology, it’s easy to keep pace with change, adjusting to new risks, due diligence requirements, regulations and processes in just days instead of months.
- Substantially reduce customer on-boarding time and costs. Rules-based solution and holistic case management automatically apply KYC, EDD and Suitability requirements, cutting on-boarding time while enabling 100% compliance.
- Gain a holistic view of risk. A 360-degree view combined with a dynamic risk rating engine provide a complete view of the customer’s profile and risk across products, lines of business and geographies.
- Deliver outstanding service at lower cost. Intelligent processes extend and leverage existing systems, for end-to-end automation that eliminates manual processing and repetitive document requests, delivering faster, more consistent experiences to customers.
- Increase compliance. Simplify and reduce the compliance effort with a self-documenting solution and full audit history that captures all user and system actions as well as all rule changes.
Unified Solution for KYC Cuts On-Boarding Time by 70%
For one of the largest global financial institution, Pega powers a unified KYC solution that serves thousands of customers and nearly 100,000 due diligence profiles across multiple lines of business. Seamlessly integrated with the bank’s on-boarding system, KYC requirements are displayed dynamically based upon risk rating, product and geography. The solutions has resulted in a 60% reduction in manual processing, 70% decrease in time for due diligence and on-boarding, and a 100% improvement in compliance controls.
Dynamic Application of KYC Rules Reduces Account Opening Time to Hours
A global banking and financial services company needed to reduce the 30+ days required to on-board customers because of KYC regulations. With Pega, the institution deployed a solution that delivers a complete view of the customer with dynamic rules applying the right regulations across lines of business and geographies. This ability to manage complex KYC rules across the globe and reuse existing due diligence has reduced cycle time for opening accounts to hours instead of weeks.
Pega’s Agile KYC Solution Streamlines Account Opening
Complex KYC requirements, multiple geographies and requests for the same due diligence were driving up on-boarding time for this prominent international financial services firm. As part of a Pega end-to-end sales solution, the firm has implemented Pega KYC to apply risk rating and due diligence rules dynamically based on country, line of business and product. The first iteration of this project was deployed in just 4 months, while providing the firm with the ability to re-use components on a global scale.