Strategies to Implement and Enhance Digital On-boarding

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The COVID-19 pandemic has hampered the on-boarding process for financial institutions. Where previously customer due diligence and verification was supported by in person reviews, that was no longer possible during the closure of branches. Adding to the stresses was the need for FIs to process billions of dollars in stimulus payments to small businesses yet still ensure that funds were not lost to illegitimate or shell companies.

Digital banking is not new but its importance has been accelerated. This fact is especially true for the on-boarding process. But how should FIs approach their future onboarding technology strategy given stressed resources and tight budgets?

In the webinar, experts at Thomson Reuters review strategies that various types of FIs can deploy in order to accelerate their adoption of technology to support their on-boarding and due diligence processes.

Topics covered during the webinar include:

  • Current state of technology solutions to support KYC, KYB, and digital on-boarding
  • How risk scoring can be used during the on-boarding process to enable a risk-based approach at the onset of a relationship
  • Where technology can be added in the current on-boarding process to reduce the load on compliance teams and increase the speed of on-boarding
  • How different financial institutions (community banks, MSBs, Fintechs, etc.) can insert digital due diligence and verification solutions that are tailored to their customer base
  • Current digital banking facts and myths