Tier 1 banks are proactively exploring avenues to optimize their operational workflows. The acceleration of client onboarding and refresh not only acts as a catalyst for growth but also contributes significantly to boosting profitability.
Despite strides in the digital adoption for onboarding retail customers, the corporate sector continues to grapple with prolonged onboarding and refresh processes, primarily attributed to the intricacies of Know Your Customer (KYC) regulations and suboptimal practices.
This whitepaper leverages insights from primary research to comprehend, and articulate, the challenges and frustrations confronting institutions and corporations in client outreach. It particularly emphasizes the operational inefficiencies arising from manual processes and their extensive implications on customer satisfaction, retention, and adherence to regulatory compliance.
Looking to the future, the paper explores solutions tailored to address the persistent challenges associated with KYC outreach, paving the way for streamlined customer refresh processes.
