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The continued pressure to increase efficiencies within KYC and reduce the cost of compliance has resulted in ‘KYC automation’ becoming a hot topic for the industry. Clients often ask us what their priorities should be, who can help them with the process and what the best practices are for implementation. Here are the 7 key principles I normally share:
7 steps to success
Building the foundations
Fundamentally, delivering successful KYC automation into your organisation requires a combination of strong senior sponsorship, excellent programme management, a delivery team with the right skills and experience, and full collaboration within the organisation and any third parties.
Like all technology-led change, continual improvement is critical. It is important that organisations deliver regular incremental automation enhancements. While automation is an important step in the journey to increasing efficiencies and reducing costs in KYC, it is only one piece of the puzzle. Getting this right however will build the foundations for longer term transformation.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Ritesh Jain Founder at Infynit / Former COO HSBC
08 January
Steve Haley Director of Market Development and Partnerships at Mojaloop Foundation
07 January
Nkahiseng Ralepeli VP of Product: Digital Assets at Absa Bank, CIB.
Sergiy Fitsak Managing Director, Fintech Expert at Softjourn
06 January
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