Breakthrough Solution for Banks: Increase Efficiency and Reduce Expenditure in Financial Crime Prevention
A groundbreaking partnership between Experian and PwC has revolutionized the way banks prevent financial crime, allowing them to increase efficiency by up to 75% while reducing expenditure.
Revolutionary Automation of Know Your Customer (KYC) Checks
The innovative solution leverages Experian’s data and PwC’s industry expertise to automate KYC checks, providing a slick and efficient operation. The system uses event-based technology, only requiring manual intervention when there is a change in customer data that could impact their risk assessment.
“This game-changing solution has the potential to transform the way banks approach KYC checks,” said [Name], expert in financial crime prevention. “By reducing manual checks, we can free up resources for more complex and high-risk cases, ultimately leading to better compliance and reduced costs.”
Key Benefits of the Solution
- Increased Efficiency: Automating KYC checks allows banks to process large volumes of customer data quickly and accurately, freeing up staff to focus on higher-value tasks.
- Reduced Expenditure: By minimizing manual checks and implementing an automated system, banks can significantly reduce their operational expenditure and avoid costly fines.
Rapid Assessment of Financial Crime Risks
Experian’s FinCrime analytics provides a rapid assessment of a bank’s customer records, helping to uncover hidden financial crime risks. The solution uses data profiling to understand customers and available KYC data, producing a report summarizing the results of data quality checks and analysis.
Data Analysis and Matching
The system quickly analyzes how data compares to external third-party sources, creating a comprehensive view of exposure to high-risk jurisdictions, sectors, entities, and ownership risks. Data matching and comparison with external data sets identify any KYC data quality issues and discrepancies.
Customer Screening
The solution screens customers and Ultimate Beneficial Owners (UBOs) against watchlists to ensure they do not appear on any PEP or sanctions databases.
Fraud Prevention
In addition to financial crime prevention, the solution can also help prevent commercial fraud. By using frictionless fraud-checking solutions that bring together data, analytics, and technology, banks can safeguard their organizations from significant losses.
The breakthrough solution has far-reaching implications for the banking industry, enabling institutions to increase efficiency while reducing expenditure on financial crime prevention.