- Solution overview
Customer Verification solution overview
Know your customer: Better and faster than before
![](https://images.genpact.com/redesign/insights/solution-hero-customer-verification-solution-overview.jpg?auto=format%2Ccompress&fit=clip&q=25&w=480)
How Genpact's solution can help financial institutions take control of compliance
Finance is probably the most regulated industry. Financial services companies are well used to updating their compliance practices as regulators change existing rules and bring in new ones to address evolving challenges and risks in the financial landscape. Compliance is a necessary obligation.
Finance companies need a proactive strategy to fight financial crime that goes beyond a box-checking exercise. This strategy must be operationally efficient, minimizing the impact on the customer experience and protecting them against financial crimes. And an institution's know-your-customer (KYC) process is a core place to start.
Challenge
Manual, slow, and frustrating
KYC is a straightforward concept but a difficult one to put into practice. Financial services companies have to continuously adapt to keep up with changing rules while also dealing with ever-growing volumes of customer data.
While KYC is an essential part of onboarding and involves customer-facing activities such as requests for information, many institutions and their customers find this process to be highly manual and painfully slow. Firms struggle to collect the internal and external data they need in a timely fashion and often have issues with data quality, lineage, and management, which drag out the process further.
Customers expect a seamless experience and speed, but many companies fail to deliver this when onboarding new customers and bringing legacy customers up to new standards. So what can financial institutions do to make the KYC process simpler and faster for all concerned?
Solution
Transforming KYC – from top to bottom
Genpact's end-to-end KYC solution covers the design, operations, and transformation of companies' KYC processes. The model aims to rapidly increase process efficiency, reduce risk, and lower the cost of compliance.
Our KYC Advisory team, composed of former regulators, industry practitioners, and other experts, guides the whole transformation engagement. They provide three differentiated advisory solutions to get your company ready for change:
- E-Direct: Our E-Direct approach analyzes the current state of your KYC operations with a specific focus on the customer experience. This evaluation encompasses critical dimensions, including experience, data management, investigative techniques, reporting, expertise, culture, and technology
- Benchmarking: We examine your core KYC operational processes, policies, and technologies and compare key metrics with peer institutions, giving you an idea of how you measure up
- Vision: We design a new KYC policy and process using our deep understanding of global KYC regulations
![Solution customer verification solution overview related graphic 1](https://website-files.genpact.com/redesign/insights/_fiftyFiftyColumnsSmallMobile/solution-customer-verification-solution-overview-related-graphic-1.jpg)
Our KYC Operations team then makes the change happen. It has more than 5,000 professionals, of which more than 20% are certified anti-money-laundering specialists. They can provide support globally from 10 locations in more than 20 languages. Some of their specialized operations capabilities include transforming onboarding KYC, managing the client life cycle, undertaking periodic reviews, and testing resilience and risk management through trigger events.
Between the two teams, your KYC operations can go from highly manual, slow, and expensive to highly automated, rapid, and efficient.
Our next-generation KYC technology platform, riskCanvas™, helps your institution meet regulatory requirements and exceed customer expectations by bringing enhanced data management automation, machine learning, and intelligent workflows to a single platform.
Take a copy for yourself
Impact
Happier customers, greater efficiency
At Genpact, we have worked with some of the world's largest institutions to transform their KYC processes and outcomes. With our experience, efficiency, and expertise, we have helped:
- A leading global social media company. In just two months, we built a team of 400 investigators to assist it in its KYC work and enhanced its existing KYC processes through a comprehensive overhaul of people and technology solutions. This increased the efficiency by over 20% and improved the customer experience
- A global institutional bank headquartered in Europe. We automated 80% of the KYC due diligence data collection and reduced the percentage of files going back to customers for additional information. This greatly increased the bank's efficiency and improved customer satisfaction by streamlining the onboarding process
- One of Australia's largest financial institutions to achieve global compliance with the new KYC standard. We provided end-to-end support across advisory, technology, and operations. We implemented riskCanvas™, designed the data model, and automated the due diligence data collection. This improved the customer experience and made the process more efficient
Our KYC solutions, designed and delivered by expert advisory and operational teams, help financial institutions keep pace with regulations, reduce risk, lower the cost of compliance, and keep customers happy with seamless service.