Account Onboarding and Know Your Customer (KYC) requirements sit at a crucial stage in the client lifecycle. This is especially relevant for wealth managers and private banks, given there have been $26 billion in fines levied against financial institutions for AML/KYC sanctions violations since 2008. At the point of onboarding, businesses must collect due diligence and KYC information without making the client experience overly cumbersome. They should limit the amount of manual data in keying efforts by the client and should never ask for the same piece of information more than once. Furthermore, the client should have a clear understanding at every step of the process on additional steps required while minimizing the time the bank takes to respond.
Synechron’s Wealth Tech Accelerator for Client Onboarding creates a Straight Through Processing (STP) Digital Onboarding Experience by using Optical Character Recognition (OCR) and Natural Language Processing (NLP) to scan the required identification and paperwork. Synechron’s OCR and NLP integration module now enables banks to deliver a more frictionless experience by allowing customers to easily upload documents through their mobile or tablet camera and extract both the needed data fields and ‘intent’ of documents to fully-automate the origination process. Therefore, this functionality enables banks to ingest automatically ingest and process both structured and unstructured documents. Through Synechron’s partnerships with industry-leading rules-based compliance and data science vendors, we are able to offer a range of KYC, AML and fraud reduction solutions.
HOW WE HELP
Creating a streamlined, seamless customer experience
Synechron’s Wealth Tech Client Onboarding Accelerator incorporates the following functionalities:
Automated end-to-end process - Documents are collected through an online wizard, automatically assessed and packaged for approval.
Ability to process both structured and unstructured documents - Ability to process structured documents (such as passports and ID cards), as well as unstructured documents (such as salary and guarantee letters).
Using Artificial Intelligence to assess the intent of a document - Complex, unstructured documents assessed using Natural Language Processing and Artificial Intelligence to automatically extract the intent, regardless of formulations used.
Seamless and a fully transparent user experience
Significant improvement of onboarding times - from days down to hours or minutes
Reduction of manual effort - required to collect and assess/validate documentation
To learn more about Synechron’s Wealth Tech Accelerator for Client Onboarding and the work we’re doing email us at firstname.lastname@example.org