Despite increased resources dedicated to the process, averaging onboarding rose from 24 days in 2016 to 26 days in 2017.
According to a survey conducted by Reftiniv, 85% of corporate clients have not had a good KYC experience, and 12% changed banks as a result. KYC is a process that welcomes users, meaning it has quite an impact on their first impressions. Stats show that customers are nearly three times more likely to leave a bank during the first 90 days of opening an account there.
Transforming KYC processes through smart automation, using an IBM Digital Business Automation platformDownload case study
Manual data entry implies less efficiency and a greater possibility for operating errors, as well as a lack of insight into the state and quality of data at hand.
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Comtrade KYC is a solution that cuts down account opening time, reduces processing costs and ensures compliance with KYC guidelines, improving customer experience with every step of banking interaction.