Supercharge KYC customer experience with corporate digital identity

With 85% of financial crime compliance executives prioritizing customer experience banks must adopt innovative approaches to know your customer (KYC) processes that not only meet regulatory demands, but also significantly improve client interactions.

Corporate digital identity (CDI) offers a ground breaking solution by leveraging intelligent data sourcing. Additionally, automation and strategic data management to transform the customer experience.

Data quality and customer experience

The cornerstone of an exceptional customer experience is accurate, reliable data. CDI revolutionizes this by ensuring high-quality data from the outset. By using automation rules for the collection and collation of both public and private data, banks can create comprehensive customer profiles. These profiles enhance the efficiency and accuracy of KYC processes. Starting with a thorough review of public data, CDI minimizes the need for repetitive client outreach, reducing the administrative burden on customers and creating a seamless experience.

Streamlined client interactions with automated outreach

After exhaustively leveraging public data via live connections, CDI enriches customer profiles with private data held within the bank. This is made possible with assets like CoorpID from Encompass. CoorpID is a secure document management platform and digital vault, that revolutionizes how banks handle KYC outreach. The platform allows clients to securely store and manage their documents in one place, giving banks full visibility of the process and reducing the need for repetitive outreach.

By automating outreach for required documentation, customers are only contacted when necessary and through standardized communications. This reduces delays and improves the overall customer experience by creating a faster, more transparent onboarding process.

Intelligent document processing

Intelligent Document Processing (IDP) further refines this process by automating the extraction and organization of unstructured and unstructured data. IDP uses pre-populated forms to streamline client outreach, reducing the need for clients to provide redundant information and accelerating the onboarding process.

By managing the entire process from a single platform, banks can increase productivity and ensure that KYC compliance is maintained with minimal disruption to clients. Building the comprehensive CDI profile in this way creates a more efficient process that benefits both banks and their customers, leading to improved satisfaction and long-term loyalty.

Strategic data management

Effective data management is crucial for maintaining the integrity and usefulness of a CDI. This involves standardizing and normalizing both public and private data to ensure consistency and accuracy. Hierarchical rules and entity resolution techniques create a clear and unified view of each corporate client. By resolving discrepancies and organizing data coherently, banks can maintain a consistent risk customer view.

A well-structured CDI profile provides a consistent and comprehensive view of the customer. This enables banks to make informed decisions quickly and accurately, improving their ability to manage risk and comply with regulatory requirements. A reliable and standardized customer view enhances customer insights and delivers a more personalized customer experience.

CDI benefits

The strategic implementation of CDI provides substantial benefits to customer experience. By reducing KYC client outreach, CDI minimizes disruptions for customers, leading to a smoother onboarding process. This efficiency not only enhances the customer experience but also positively impacts the bank’s Net Promoter Scores (NPS). There is the potential to decrease client abandonment by up to 40%. Additionally, faster service delivery and reduced manual effort foster a more positive interaction, building trust and loyalty.

Supercharged insight and customer experience

CDI represents a significant advancement in how banks manage customer information and interact with clients. By leveraging intelligent data sourcing, public and private data collation, and strategic data management, banks can create a comprehensive and accurate customer profile.

Additionally, reduced KYC client outreach significantly improves the onboarding process. This enhances customer insights and improves the overall customer experience, leading to greater satisfaction and client retention.

The ability for banks to manage customer identities efficiently and accurately is paramount. Additionally, enhancing business processes and customer experience is a key driver for banks increasing their anti-money laundering investment.