Financial Crime World

Low-Code Revolutionizes AML and KYC Customer Journey for Banks

In today’s fast-paced financial landscape, banks are under pressure to streamline their Anti-Money Laundering (AML) and Know Your Customer (KYC) processes while ensuring compliance with stringent regulations. The complexity of KYC data and the need for real-time analysis have created a significant challenge for organizations.

Fast Access to High-Quality Data: A Key Differentiator

Leading banking and financial services organizations share three common characteristics in their successful KYC processes:

  • Prioritize fast access to high-quality data: This data illuminates risks and tracks how risks may change during the customer lifecycle.
  • Break down silos: Leverage a platform with data fabric capabilities to enable employees to access any data source in real-time.
  • Enable employees to make informed decisions: With real-time access to high-quality data, employees can complete investigations and provide compliant reporting.

Reliance on Automation: The Game-Changer

The kind of access to data provided by data fabrics gives banks the insights necessary to:

  • Complete investigations faster: Intelligent automation can analyze AML alerts faster than compliance teams alone can.
  • Provide compliant reporting and auditable data trails: Modern automation technologies, including intelligent document processing and machine learning, can help automate these tasks.

Flexible, Reusable Workflows: The Key to Scalability

Banks that want to improve KYC process speed should:

  • Prioritize workflows that can be reused many times: Store and reuse automated processes with connected APIs.
  • Tweak workflows as regulatory demands evolve: Use vetted, proven components at every stage of the workflow.

As the KYC environment continues to evolve, banks and financial institutions will need to:

  • Adjust processes to keep up with emerging trends: Expect added regulations, increased ESG reporting demands, and a greater reliance on machine learning and AI.
  • Differentiate themselves through intelligent automation: Improve the customer experience and turn the KYC process into a profit center.

Conclusion

By embracing low-code platforms, financial institutions can revolutionize their AML and KYC customer journey, ensuring compliance, security, and competitiveness in an ever-changing market.