EXL, a operations management and analytics company, has launched the global rollout of a digital Know Your Customer (KYC) solution.
HSBC recently commissioned EXL to develop the solution to improve the efficiency of KYC processes, lower the cost of compliance and ultimately improve end customer satisfaction.
The new solution incorporates automation, AI and other advanced analytics techniques such as natural language processing to help banks and financial institutions identify, sort and verify large amounts of data to meet KYC research requirements.
EXL’s offering embeds automation and analytics across KYC processes including screening new account set-ups, monitoring active accounts for signs of financial crime and economic or reputational risks, and recording exits when an account closes.
EXL claims due diligence efforts associated with customer onboarding can be reduced up to 70%, while client selection and exit management processes have seen turnaround time shortened by as much as 90%.
Pavan Bagai, president and CEO, EXL, said, “The combination of banking and regulatory expertise coupled with our strengths in advanced analytics gives us the context needed to solve today’s business problems. We are then able to orchestrate our teams and emerging technologies like robotics and AI together to deliver significant business outcomes.”
EXL looks to help companies improve global operations, enhance data-driven insights, increase customer satisfaction, and manage risk and compliance. It serves the insurance, healthcare, banking and financial services, utilities, travel, transportation and logistics industries.
Earlier this year, HSBC started using artificial intelligence to help it spot money laundering, fraud and terrorist funding. The bank is integrating the AI software of Quantexa, a UK-based start-up, to screen the vast amounts of data it holds on customers and their transactions against publicly available data, in a big to tackle financial crime.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
