Continuous KYC from Accenture + Quantexa
Knowing your customer is one thing. Understanding them is everything.
From compliance to customer experience opportunity
Accenture and Quantexa have partnered to provide an automated, data-driven contextual approach to client risk assessment that we call Continuous KYC (cKYC). It improves risk identification, lowers cost and helps deliver impeccable client experiences.
Automated monitoring
Shift from periodic to event-based reviews with automated threat monitoring and screening (Politically Exposed Persons, Sanctions and Adverse Media).
Dynamic risk scoring
Constant and dynamic risk scoring, taking a data-driven and risk-based approach across all KYC and Customer Due Diligence activities.
Unified network view
Link all related entities into a single dynamic network of KYC profiles, with automated KYC data collection and integration.
Simplified enhanced due diligence
Screen the entire customer network as generated and flag any potential hidden risk. Perform enhanced due diligence based on exceptions.
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Continuous KYC gives you more
More data, higher accuracy
Getting a precise picture of your clients is easy when changes in your data sets are automatically flagged.
More analytics, stronger connections
Bank managers can build better relationships with clients when they are able to draw the right conclusions from your data.
More automation, renewed trust
The client experience is a happy one when unnecessary back and forth processes are reduced.
More tools, better answers
When analytics, search, data visualization and artificial intelligence (AI) come together, so too does a more detailed portrait of your clients.
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Why make the move?
KYC practices first emerged in rapid response to regulation, bringing a negative impact on cost and customer sentiment. With the right approach, we can turn KYC into a more efficient function that enhances the customer experience.
Reduced cost
- Banks are spending up to $500 million on KYC.
- The cost of compliance is set to double as new Anti-money Laundering (AML) directives are introduced. cKYC helps you react while securing revenue through faster onboarding.
Better risk identification
- Based on our experience, periodic reviews are resource intensive and rarely lead to a change in the client’s risk rating.
- cKYC reduces these ineffective reviews by responding to changes in real-time and with fewer false positives.
Better customer experience
- 89% of surveyed customers claim they had not had a good KYC experience.
- KYC checks can be repetitive and often cause customers to switch banks. With cKYC you gain more data on customer needs to fuel genuine conversations.
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How we work with you
Every journey to cKYC is unique, so our approach uses self-sufficient, flexible technology that can be tailored to your needs. We design our solution around your policy, preferred data sources and overall strategy.
New tools can then be integrated easily with your existing stack. We’ll also provide ongoing data and analytics guidance to help you get the most from your data sets. As part of the end-to-end transformation, we offer change management and advisory services to bring it all together: your people, your tools and your new ways of working.
Our partnership completes the picture
Accenture’s knowledge of the evolving regulatory environment combines with Quantexa’s cutting-edge contextual decision intelligence platform to give you an ever-evolving view of your clients.
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