Banks spend millions of dollars to KYC customers every year due to the manual nature of the KYC remediation processes that are a regulatory requirement. Despite this, many still struggle with the process and often incur punitive regulatory fines.
We explored how to simplify and enrich KYC processes using perpetual risk-based KYC, also known as pKYC. We identified three common pain points with the current process and how banks can solve them with our empathic design thinking-led approach. Watch this video to find out how we prototyped and found a time and cost-efficient solution for financial services clients.
For more information about how we are improving data quality and eliminating wasted efforts during the KYC process, please contact us.