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.
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.