This post was originally published on Fin Extra
Why is it so crucial that customer management and risk management are interconnected in our instant, global world? How can banks create seamless end-to-end KYC processes that enable the business rather than just tick a risk checkbox? Everything is shifting towards the initial contact a bank has with the customer – how can banks streamline onboarding to extend the customer lifecycle? What role does data play, and how can banks optimise the information they collect?
The connected and instant world we operate in demands a lot of new behaviors – including the KYC process. And this starts with the first initial contact: Over 25% of customers consider the onboarding process to difficult, and a staggering 63% of customers have stated they have previously abandoned a digital bank application.
Expectations of seamless customer experiences are higher than ever before, so banks need to review their whole ecosystem of customer management and risk management. From onboarding to ongoing lifecycle management and transaction monitoring – it’s time to start looking at this data more holistically than just risk. It can be an enabler for the business to start looking at customers in a positive way that helps banks maximize profits whilst
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