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Why waste your frontline staff on KYC outreach?

By Howard Wimpory | Tue 16 April, 2024
four people on the telephone

The burden of administrative tasks, particularly in Know Your Customer (KYC) onboarding, can significantly impede front office productivity. More importantly, their ability to focus on revenue-generating activities. Subsequently, the transition from manual processes to digital solutions becomes crucial, especially in the context of client outreach.

Front office time reduced by 20%

Where front office staff have been tasked with outreach, their attention has been diverted away from their core sales role. In some cases, consuming up to 20% of their time. Given that front office employees are typically highly compensated for their sales expertise rather than their administrative skills, this presents a significant challenge.

Front office staff often lack detailed knowledge about the intricacies of KYC compliance and have limited influence over the process. They are essentially messengers to the client, relaying the information and documentation required for onboarding. This lack of control can lead to frustration and delays. Ultimately impacting the client experience as well as the bank’s reputation and revenue potential.

Conducting complex customer due diligence and regulatory compliance tasks can be particularly difficult. Shortcuts and human errors can sometimes occur, leading to increased risk exposure for the bank.

Leveraging automation to reduce KYC client outreach

To streamline KYC outreach and enhance efficiency, it’s crucial to shift the focus towards automation. By incorporating technology, banks can significantly reduce the administrative burden from whichever team conducts the outreach process. Additionally, minimize errors and optimize resource allocation, which ultimately improves client satisfaction and drives revenue.

Centralizing KYC outreach in the back office allows banks to capitalize on specialized knowledge and compliance expertise, ensuring regulatory requirements are met. This enables front office staff to focus on client-facing roles, leveraging their sales expertise to drive revenue generation.

Improving the client experience

In conclusion, reassigning KYC outreach responsibilities and automating the process can lead to significant efficiency gains, improved productivity, and enhanced client experiences. By harnessing the expertise of the back office and investing in automation and technology, banks can optimize their KYC onboarding process and empower front office staff to excel in their sales roles.

In addition, real-time profiles offer a comprehensive view of client data, including KYC information, which can be seamlessly shared across departments. By using these profiles, banks can ensure consistency and accuracy in client information, enabling both front and back-office staff to make informed decisions and streamline KYC processes.


Please read our whitepaper for further information on how your bank can reduce their client outreach.


Redefining client outreach in Tier1 banking

Reducing KYC client outreach: Digital profiles are the way forward

Author: Howard Wimpory

Howard works with Tier 1 banks to digitally transform their KYC onboarding and refresh processes. He has held a number of executive-level operational roles with a major global bank including leading their wholesale KYC Onboarding and Refresh functions. His most recent role prior to Encompass was as Managing Director, Group Financial Crime Operations position at Barclays Bank, where amongst other functions, he was accountable for leading KYC Remediation of Corporate and Investment Bank Client records to FCA committed timeline.

LinkedIn Profile | Howard Wimpory

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