LONDON, March 31, 2022 – A new survey has revealed that 48% of compliance professionals want to simplify their customer onboarding process, while 62% expressed the need to offer an identical experience to all involved parties.
These are just 2 of the findings from an insightful new survey that was commissioned by RiskScreen, the award-winning provider of onboarding, screening and in-life monitoring technology.
It comes as no surprise to learn that nearly two-thirds of staff working in a compliance role report that one of their key priorities to improving their KYC onboarding process is the reduction of risk to their business. With this objective in mind, the survey also revealed that nearly 50% of respondents struggle with customer document gathering and identifying ultimate beneficial owners (UBOs). Furthermore, the results also indicated that the overall time to onboard customers remains an ongoing challenge.
With the Covid pandemic accelerating digitisation across nearly every sector, the survey reflected this trend with 62% highlighting the need for end-to-end solutions for onboarding. This is supported by 58% admitting they currently use 2-3 tools to collectively onboard customers, including the requirement to integrate electronic identification and verification (eIDV) technology as reported by 42% of respondents.
Tom Devlin, Senior Director, Product & Regulatory at RiskScreen, commented, “This survey confirms much of what we’re hearing from our customers and prospects, who are still struggling with some familiar challenges when onboarding new customers. But what it also reveals are some of the more hidden issues around dealing with highly complex corporate structures and the pressing need to apply simplicity and consistency across the whole process.”
The full report is accessible from this page.