Customer On-Boarding

Key Challenges

  • To capture customer data comprehensively to assess the true potential of long-term business relationship, right at the customer onboarding stage.
  • To identify high & ultra-high risk potential customers, so that only better risk managed customers are accepted.
  • To speed up customer onboarding so as to ensure that unattended ones do not wander off to competition.
  • To efficiently furnish all information and reports required by regulators in spite of limited customer profile data captured and frequently changing regulations.

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KYCsphere Solution

KYCsphere’s Customer Onboarding tool allows you to capture the customer profile data comprehensively, making your institution straightaway KYC & associated regulation compliant. In addition to meeting your country’s regulatory requirements through the intuitive processes of this tool, it enables you to establish processes & best practices to identify risky customers and associated financial crime risks at an early stage of customer acceptance.

On the flip-side you could run additional analytics to be able to assess the true business potential of customer relationships and recommend products & services suitable for them. Thus the tool serves as a gatekeeper to protect your institution against fraud, money laundering, corruption induced & other financial crimes, financing of terrorism etc. This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.

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Key Benefits

  • Avoid manual processing of new customer application process, thus adding to agility of your business by establishing customer onboarding processes & best practices.
  • Build centralized customer master data to be shared by your other business applications to avoid duplications & errors. You could further run a host of analytics including customer suitability for products offered, quantifying business relationship potential over the customer life-cycle, etc.
  • Proactively, protect your institution from extreme risk of criminal activities and from reputational damage.
  • In conjunction with KYCsphere's Screening Tool, conduct regular checks against sanction/watch-lists initially during customer acceptance and subsequently over the ongoing Customer Due Diligence process. This way you could better manage high-risk customers such as High Net Worth Individuals (HNI), Non Residents (NR), Politically Exposed Persons (PEP), while denying access to ultra-high risk individuals & entities including defaulters, fraudsters, criminals and terrorists.
  • Along with KYCsphere's Due Diligence Tool capture & screen sources of funds, ultimate beneficial owners and other individuals associated with applicant legal entities.
  • Monitor actual customer behavior against initially captured expected behavior, based on profile data, frequency & size of transaction. This would help in identifying suspicious customer behavior to be further investigated.
  • Manage your jurisdiction based documentary proofs to be captured for each category of individuals & entities. Further maintain customer furnished ID & Address proofs and other documentation along with verifiable audit trails in a central repository that is instantly accessible during due diligence and regulatory inspection.

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