For financial institutions and banks, knowing everything there is to know about a customer and their account isn’t just good customer service—it’s the law. With hackers, identity thieves, and other bad players growing savvier every day, banks must redouble their efforts to verify that their customers are who they say they are. As such, banks must be constantly vigilant to ensure they aren’t doing business with a fraudster. That’s where having a robust “Know Your Customer” (KYC) function is key.
Today, banks’ average annual spending on KYC compliance and Client Due Diligence (CDD) hovers around $48 million (including labor and third-party costs), and 10% of the world’s top banking institutions spend at least $100 million per year on these processes. The question, it seems, is not if banks are investing enough to improve their KYC processes and related business outcomes; it’s whether or not they are investing in building the right kind of KYC solution.
Unqork’s enterprise no-code platform can help banks optimize KYC procedures without the hefty price tag and enables banks to easily manage a full onboarding solution.
With Unqork’s Customer Onboarding Solution, banks can rapidly build and effectively manage their KYC functionality without sacrificing due diligence quality. The solution’s self-service functionality minimizes redundant data entry, lowers administrative costs, improves the client experience, and accelerates onboarding processes overall. Unqork’s platform makes it easy to securely and seamlessly integrate your custom workflows with third-party Anti-Money Laundering (AML) screening vendors such as Arachnys. With a no-code platform, you can unlock all these features (and more) in a fraction of the time for a fraction of the cost, ensuring streamlined KYC procedures and AML compliance. Indeed, one of our clients went to market with their custom onboarding solution in just eight weeks!