22% was the increase in Bank customers’ on-boarding time in 2016, followed by another 18% in 2017.
19% increase in customer onboarding cost in 2017 as compared to 2016, followed by a 16% increase in 2018
10% of the world’s top financial institutions spent $100+ million annually on KYC processes
51% of global respondents (as per reported an increase in engagement with regulators. 17% reported a “significant increase”.
Citibank spent $3.4 billion worth savings for additional investments in regulatory and compliance activities.
Automated OCR and transcription
Instead of Manual Data Entry
Timely and automatic documents and data update
Instead of Periodic Reviews that could result in data disparity
Instead of Manual Data Deduplication
Digital Identity Management
Instead of Physical Documentation
Distributed Data Repository
Instead of a less secure Central Storage of Data
Slashed Operational Cost
Instead of high human resource employment
Enhanced Customer Friction
Instead of a long and tedious verification process