INDUSTRY UNLOCKED data from various sources , including public domain information and proprietary bank-held data . This unified approach streamlines the onboarding process by improving data accuracy , reducing manual intervention and ensuring a faster and more efficient workflow .
CDI addresses several key challenges in corporate onboarding such as enhanced data accuracy , improved efficiency , streamlined compliance and competitive advantage .
By combining data from various sources into a single digital identity , CDI eliminates the need for duplicate processes and minimises the risk of errors . By doing this , banks can ensure that they have an accurate and up-to-date view of their corporate clients .
The automation enabled by CDI drastically reduces the time and effort required for identity verification , regulatory checks and risk assessments . Tasks that previously required extensive manual effort can now be completed more efficiently , allowing banks to onboard clients in a shorter timeframe .
With regulatory requirements becoming increasingly strict , CDI simplifies compliance by providing banks with a unified view of all necessary corporate data . This not only helps in meeting KYC obligations but also reduces the cost and complexity of compliance . As competition in corporate banking intensifies , banks with suboptimal onboarding processes face a significant disadvantage . Implementing CDI allows banks to improve customer experience , enhance operational efficiency and position themselves for long-term success in the marketplace .
The road ahead
CDI is emerging as a critical tool for banks looking to streamline their client onboarding processes . It is important to be aware of the challenges present in current onboarding processes in order to make informed decisions toward more efficient and streamlined processes . By doing so , banks can significantly reduce costs , minimise manual effort and enhance both compliance and customer satisfaction – paving the way for a more efficient and future-proof approach to corporate client onboarding . x
Alan Samuels , VP , Data & Product , Encompass Corporation www . intelligentcxo . com
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