Automated data sourcing and sharing—How banks with many branches both thrive and comply
By Frank Cummings, CEO of AML Partners
I wanted to update you on our newest leap in KYC/CDD Onboarding technology. We now provide for our customers Gold-Record copying, which provides next-level automation in data sourcing and horizontal sharing.
Recently, we at AML Partners provided a three-hour demonstration to a Middle Eastern bank. In that time, we demonstrated onboarding a bank in the Middle East– with local regulatory requirements, fully automated downloading from multiple data sources, and the magic of spending very little time to review and to update the now completed onboarding.
We then demonstrated the user experience of logging in as a New York-based Analyst searching the read-only customers from the Middle East and selecting a bank. With our KYC/AML technology on our RegTech OneTM platform, the system automatically moved all the read-only data to the local New York workflow and activated their data providers and enhanced the record for local requirements.
To be clear: This leap in automation and interconnectedness within an institution saves the Bank 90 percent of the normal onboarding time at each branch of the bank that reuses the on-boarding from HQ. (This customer has branches in a dozen other countries.)
I believe wholeheartedly that this Gold-Record copying is a major game changer for customer onboarding. And this functionality can be reused in many other areas as well–Vendor Onboarding, Cyber Security and Mitigation, etc. And for Managed Services professionals, this will massively cut onboarding time and costs.
An A-Team Insight blog article cites research by one of our competitors in KYC/AML that slow onboarding requiring manual processes can be predicted to cost banks over $4 billion in lost revenue. The dual factors of heavy AML/KYC regulation and outdated tech systems can result in onboarding processes that take weeks and weeks. And in the face of competition from high-tech digital-first banking options, traditional commercial and retail banks face additional pressure to update their systems and automate their processes to achieve speed, accuracy, and efficiency.
We at AML Partners are acing these challenges on behalf of our customers. We deliver KYC/AML and other RegTech solutions that automate everything possible, that create Gold-Record data, and that enable data and process connections among branches within an institution. We make sure that our customers are positioned to compete and comply at the highest levels. To learn more or schedule a demonstration, contact us today.
