Recommended
Recommended
More Related Content
Recently uploaded
Recently uploaded (20)
Featured
Featured (20)
Robotic Process Automation for Customer Due Diligence
- 1. Reasons you need Robotic Process Automation for Customer Due Diligence Increasing and Changing Requirements Slow On-boarding and Revenue Realization High fines for Non - Compliance Increased Annual Cost of Compliance 79% of financial institutions have already changed their KYC process or are considering to do so Only 30% of bank executives feels their operational process can adapt to eternal changes Manual verifica- tion process lead to slow and ex- pensive customer on-boarding. The average time to onboard a new financial customer is expected to in- crease from 28 to 32 days this year. On an average a financial firm spends 60M a year on KYC, CDD and customer onboarding. Manual process increases the probability of errors or missing information Banks have paid more than $300 Billion in non-compliance fines since 2010 70% of financial in- stitutes are wor- ried about the consequences of non-compliance Global retail banks will increase IT spendings for compliance by 20% over the next 4 years. Banks contact cli- ents on a average of 4-8 times during an on- boarding process. 41 days to on- board a high net worth customer It takes 5.4 hours to screen a high risk customer