Optimizing operations with KYC Managed Services
Implementing scalable and efficient solutions to help financial institutions achieve optimized Know Your Customer and Customer Due Diligence operations.
Financial institutions spend an average of $48M a year on Know Your Customer (KYC) and Customer Due Diligence (CDD) operations with some major financial institutions spending $500M, yet many struggle with inefficient and ineffective delivery centers, while non-compliance fines are on the rise.1 Leaders at major financial institutions have increased their focus on reducing the cost of compliance by improving the efficiency and effectiveness of KYC.
KYC operational challenges are considerable. They can include:
- Process inefficiencies/changing requirements
- Fragmented and siloed data
- Minimal technology investments
- Negative customer experience
- Labor intensive operations
- Limited controls
KPMG's KYC Managed Service Solution is designed to help financial institutions reduce the overall cost of the KYC function by helping to optimize manual operations so that their staff can focus on value-add services. Financial institutions typically spend 900 minutes to conduct a KYC client refresh. With KPMG's KYC Managed Service Solution, KPMG firms have been able to reduce processing time to 400 minutes.
These services aim to drive sustainable benefits and can help provide:
- Optimized KYC business operations with a reduction in total cost of KYC compliance
- Enhanced customer experience for onboarding and client refresh
- Improved risk management/financial crimes compliance to assess and monitor KYC client information for critical insights
KPMG Managed Service Solution is focused on providing the key elements to help achieve your objectives of enhanced efficiencies and cost effectiveness by shifting the capital intensive fixed costs to a variable outcome-based, ongoing services.deep domain expertise, leading technology and a commitment to operational excellence. KPMG firms help you gain efficiencies and reduce costs by shifting your capital intensive fixed costs to a variable outcome-based service.