Digitization offers the financial industry the opportunity to move a traditional, fragmented approach to client onboarding and KYC to integrated end-to-end processes. At the same time, digitization triggers clients’ expectation for effortless, seamless, and time-efficient interactions such as onboarding for my banking accounts, for applying banking products, and many more. Both can be seen as paradigmatic change for the entire financial industry. Workflow based end-to-end client onboarding and KYC processes, combined with an increased use of technologies such as Machine Learning, are the key levers to achieve substantial benefits for both parties: client satisfaction and efficiency, accuracy and significantly increased quality of compliance and AFC capabilities.
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