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Optimizing efficiency with managed services

Optimizing efficiency with managed services

Implementing scalable and efficient solutions to help financial institutions achieve optimized Know Your Customer and Customer Due Diligence.

Implementing scalable and efficient solutions to help financial institutions.

Reducing the cost and improving the efficiency of Know Your Customer (KYC) and Customer Due Diligence (CDD) operations is an increasingly critical focus for leaders at major financial institutions. It is a costly and time-consuming challenge for banks, yet many struggle with inefficient and ineffective KYC operations while non-compliance fines are on the rise.

In this environment, financial institutions need a new, managed service approach to KYC compliance – an approach that will enable them to deliver optimized KYC/CDD business operations with a reduction in the total cost of KYC/CDD compliance; an enhanced customer experience; and improved risk management/financial crimes compliance.

KPMG and its network of firms have developed a managed service solution that is designed to help organizations reduce the overall cost of the KYC function by optimizing much of the manual operations. By leveraging this managed service solution, financial institutions can:

  • Increase productivity with decreased re-work and improved client experience
  • Anticipate and prevent the conditions that prompt increased government scrutiny and the possibility of lengthy investigations
  • Avoid costly remediation to repair identified deficiencies, freeing up resources for other customer focused initiatives. 

Combining domain/subject matter expertise, technology and data, and operational excellence, KPMG’s KYC/CDD managed service approach can help deliver scalable and cost effective services.

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