A manual KYC process is time-consuming. Many companies experience this every day. Automating this important process is therefore regularly high on the agenda. The goals are to save time, improve output and reduce risk factors. But did you know that in addition to these benefits, there are more unexpected benefits when you automate your KYC process? You can read about these benefits here.
1. A more thorough process
That automation saves time is nothing new. But did you know that in addition to reducing your turnaround time, you also greatly improve the quality of your KYC process? That's because, thanks to the time savings, you can now do more frequent analyses and checks. Your colleagues can also get involved in investigating the actual risk cases. As a result of all this, your KYC process will thus become many times more thorough.
2. Going beyond legal requirements
An automated process allows you to look beyond "standard" compliance. More and more companies are taking this beyond compliance approach based on their corporate social responsibility, going beyond legal requirements. This is how you move toward a customized process for your risk appetite.
Want to know more about your beyond compliance? Also read: Beyond compliance: six clear benefits
3. A clean moral compass is attractive in the job market
Finally, automating your KYC process can have a positive effect on your employer branding. As you improve this process, you can say with certainty that you do business sustainably and securely. That certainty makes you an attractive party in the job market. In fact, job seekers pay more attention to how a company behaves in terms of ESG (Environmental, Social, Governance), organizational structure and collaborations. And since there is a lot of greenwashing nowadays, it is an extra plus if you can demonstrate that you really do business in a sustainable and safe way. Especially the younger generations, such as the Millennials and Gen Z, find this important.
Getting started with automation?
Are you convinced that automation can benefit you even more than you already thought? And would you like to know where to start automating? We wrote a white paper all about automation: Automating and optimizing KYC in 6 steps. It gives you all the tools you need to start your automation and then optimize even further.