Robo-Onboarding and Straight Through Processing
Robo-Onboarding: an industry-first approach to your KYC onboarding process. smartKYC’s award winning model automatically approves your online client applications within a matter of minutes using full enhanced due diligence, not just ID verification KYC.
KYC Onboarding Challenges
smartKYC is designed to meet the specific challenges financial institutions and corporates face in conducting KYC and enhanced due diligence on their clients, partners and investments. However, the process to meet regulatory and internal demands is typically slow, manual and expensive. This approach also lacks consideration for the client experience recognising that clients will often abandon the application if it takes too long.
Additionally, the KYC onboarding process in a post-Covid world has meant more reliance on virtual environments to gather information and verify a client’s identity.
smartKYC automates the KYC onboarding process so that even HVD clients (High Value Dealer: Clients who deposit more than EUR10,000 a time) are straight-through processed within minutes.
The process is seamless, paperless and requires no human interaction from the bank’s side if no red flags are found. If red flags are found, applications are escalated for human review, using the smartKYC console for deeper investigation.
smartKYC’s proven digital onboarding software applies a 5 step approach to achieve such an automated solution:
- Automated Paperless ID and Address Verification
- Automated Paperless Bank Account Verification
- Automated Intelligent Questioning to the Client
- Automated Watchlist Checking
- Automated Adverse Media Screening
Our KYC onboarding software can easily be integrated into existing workflow tools such as client lifecycle management systems to optimise efficiency and reporting.
To read a real case study on building this automated kyc onboarding process for one of the world’s largest wealth managers, please click here.
Discover Robo-Onboarding with smartKYC
Our robo-onboarding software ensures enhanced due diligence, whilst eliminating false positives. With this industry first, we believe a bar has been set for both quality and speed in automated KYC checks which are now incumbent on any firm with real ambitions in robo to meet. Compliance, cost-control and, most of all, the client experience demand true digital KYC onboarding.
Book your demo today to find out how your firm can deliver true digital kyc onboarding with smartKYC’s advanced enterprise solution.