Mitigate risk with robust process and controls

 

Knowing your customer (KYC) is integral to good business practice, protecting your firm and delivering enhanced experience to your customers.

The key to stamping out financial crime

We live and work in a digitally connected world in which customers expect ever greater levels of customer service. For firms, knowing who they are dealing with must be established faster, with greater certainty and to a more comprehensive level than ever before, all while ensuring that customers leave having had a positive experience.

The ability to meet these requirements is becoming a differentiator between firms—some struggle with dated processes and tools, whilst others forge ahead with delivering improved process, technology and enhanced customer service. Effective solutions mean that customers can be onboarded more quickly and serviced better after that; all at a lower cost than firms might have traditionally experienced.

Huntswood offers a customer-centric, efficient and cost-effective screening solution to keep your business at the forefront of regulatory change. Our blend of technology, expertise and experience will ensure that the identities and risk profiles of your customers are understood at onboarding, servicing, transacting and every other stage of the customer lifecycle.

The Huntswood approach to KYC

The challenges in defending against financial crime are numerous, and include:

  • Customer Data being held and processed on multiple systems (with no 'single view' of the customer available)
  • Availability, range, credibility and cost of external data sources against which the data is checked
  • Limitations of existing technology
  • Organisational structures that inhibit efficient processing
  • The cost of change (although this is usually lower than the cost of not changing)
  • Step-change enhancements made by competitors
  • Evolving regulations / requirements

We can help simplify the process to help you get more of the right customers through the door:

  • End-to-end solutions – We are able to take on any part of your screening process, from a single, troublesome step to the entire, end-to-end workflow. This includes screening, customer risk rating solutions and alert management / investigation. We help firms to fast-track low risk activities, identify suspicions and avoid duplicated controls.
  • Next-gen compliant technology – The Huntswood screening solution utilises robotics to automate aspects of the screening and checking process. We’ll maximise data and operational efficiency in real time; ensuring all corporate decisions are based on the most accurate and current data available.
  • The right blend – Huntswood won’t simply sell you a software product. We will be with you, every step of the way, providing advice, assurance and decades’ worth of expertise in financial crime prevention. Result: Your firm’s approach to KYC will be appropriate, robust and compliant with regulation.

Key Benefits

  • Increase operational effectiveness with quicker, more cost-efficient processes

  • Augment delivery capability through a combination of expertise, resourcing and automation

  • Embed regulatory and quality assurance into operational delivery

  • Deliver good customer outcomes – increasing advocacy and driving revenue growth

 

Why Huntswood

Comprehensive understanding of financial crime, from both a regulatory and operational perspective

Expertise and understanding of best practices to deliver the right balance of human resource and technology

Tailored solution – the ability to support on all aspects or specific elements as required

Experience - our workflow solutions have reduced costs, processing times (time savings of up to 96%) and improved quality