Speed up your compliance onboarding process with an integrated solution
Tips & Tricks series to automating your customer onboarding processes
The importance of implementing a thorough due diligence process is clearly demonstrated by the anti-money laundering (AML) fines enforced by the Financial Conduct Authority. According to McKinsey, the average annual fines for compliance risk activities rise above $400 million. As technology progresses, it is imperative that companies evolve to maintain their high compliance standards.
The onboarding process is critical as it's the first interaction between your customer and the business outside of the sales and marketing cycle. It is a key indicator of the quality of service your customer can expect moving forward into the relationship.
Conducting thorough due diligence checks is often a very slow and cumbersome process due to the time required to acquire and verify the necessary documents. This can sometimes cause frustration with suppliers or customers. In a recent data benchmarking survey we ran, 12.7% of respondents said that it takes over a month to onboard new suppliers. This is certainly not an ideal customer experience for your new partners and is something that should be changed and automated.
20 - 25% increase in effectiveness and efficiency for companies who implement digital risk initiatives
Through automating your KYC & AML checks, it ensures you are putting the customer first and providing them with a seamless experience from the start of your relationship.
Most recently, DueDil have expanded its offering to automate KYC & KYB checks for businesses so companies can streamline vital checks on companies and the key directors and beneficiaries who run them. It enables users to meet regulatory and compliance standards, improve their onboarding processes and safeguard against risk. With this new partnership companies can now integrate KYB and KYC data into their systems putting the customer first.
Download the full eBook now to learn how you can automate your customer onboarding process.