Banking and financial institutions face a great deal of
hardship in ensuring KYC compliance to the continuously changing
regulatory laws. Physical document collection and management,
manual customer data extraction and updation to the core banking
solution are highly error prone and time consuming. Usage of
multiple software solution for scanning, document management, KYC
management with no integration to the core-banking solution
complicates the processes resulting in compliance breach so very
often. Non-compliance to various standards incurs great revenue
loss in terms of regulatory fines and diminished customers.
The need of the hour is a common digital platform to
automate and perform the KYC processes online in a secured
platform for refined banking processes and optimized end results.