1 Based on McKinsey studies on KYC-program time and motion data-quality-issue costs constituted $6.1 billion out of a total of $23.4 billion in operations costs. Top organizations are working toward a single, global customer view and real-time data. Based on McKinsey studies, data-quality problems account for up to 26 percent of operational costs, driven by nonstandardized data formats and duplicate and incomplete data.
According to McKinsey analysis, banks with top customer-experience scores have significant advantages, including a 3 percent growth rate, 15 percent revenue increase, and a –4 percent efficiency ratio. Customer expectations for speed and convenience are constantly increasing, with more fintech vendors providing a superior KYC-program experience.
Customers seeking B2C-like experiences.
#KYT INTELLIGENT RISK ENGINE MANUAL#
The increased focus on risk effectiveness, efficiency, and innovation suggests that banks improve risk coverage and mitigation, automate manual processes to reduce human errors, rethink offshoring and outsourcing strategies, and address opportunities for utilities.
Increased focus from regulators on risk effectiveness. While banks have struggled with KYC-program issues for years, a number of trends in the business landscape are now putting significant pressure on institutions to rethink their KYC approach and devise efficient solutions that will create competitive differentiation. The goal is to analyze the results to quantify better the benefits of improved KYC processes and identify best practices for tackling the associated challenges. With that in mind, McKinsey recently conducted its KYC Benchmark Survey of 12 top global banks. By improving the quality of data collection and applying the right analytics during the know-your-customer (KYC) process, banks can tap deep customer intelligence and insights to improve risk management, the customer experience, and their own ability to service customers, lower costs, and boost revenue. For more information, you can visit us at or connect via LinkedIn.Banks have spent billions of dollars getting to know their customers but have failed to leverage this intelligence beyond regulatory “check the box” processes that can annoy customers-even driving some to leave their banks. Adopting a risk-based approach (RBA) incorporating KYC, KYB, and KYT into a single consolidated platform, Regtank has innovated a comprehensive and advanced AML/CFT smart risk assessment engine that can automatically classify the risk of individuals tailored to the risk matrix of the clients. Regtank is the leading provider of a one-stop software-as-a-service compliance solution, revolutionising the compliance landscape. Providing a seamless data integration from different sources throughout a customer's account lifecycle, organisations can now leverage Regtank's solution to automate their compliance and operational processes, from customer onboarding to transaction monitoring without compromising compliance risks. This award reflects Regtank's measure of excellence and our committed efforts to empower and value-add companies in their risk management and regulatory compliance." - Megan Lee, CEO, Regtank Technology Pte Ltd "We are pleased to win the AML Risk Assessment Award, following the growing importance of compliance standards that companies would want to keep up with, especially with the recent FTX fallout.
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