Best KYC and Client Onboarding Solution
Know your client (KYC) and client onboarding procedures are widely considered among the most burdensome duties that private banks must perform. With regulatory scrutiny increasing, the average time for client onboarding has grown an excruciating 20% YoY to 36 days, according to a 2017 survey jointly conducted by the Private Wealth Management Association and PwC.
In 2017, Appway, which provides top-tier KYC and onboarding solutions to Asia’s private banks, showed that it is one step ahead of the pack, deepening its regional presence and winning over a number of new relationships with local and multinational private banks.
Appway’s KYC solutions automate and standardise banks’ onboarding workflows and data collection requirements while offering real-time statistics based on collected client data. The tech vendor’s solutions utilise these statistics to automate ongoing due diligence and KYC reviews while preserving a full audit trail of changes for the benefit of future case investigations or regulatory inspections.
In a provided case study, Appway’s client onboarding solution reduced the manual work of a top-tier private bank by 50%, while achieving a near-zero error rate. Given the sheer size of the bank’s client base, this achievement itself speaks volumes to the robustness of Appway’s systems.
Looking towards the future, Appway has fostered a culture of collaboration and weaves this into its research and development efforts. In its 2018 pipeline, the firm will cooperate with fintech firms across the globe to innovate its solutions, and promises to continue rolling out updates that focus on trimming compliance costs.
Appway takes Asian Private Banker’s Best KYC and Client Onboarding Solution for 2017.
“At a time when increasing regulations are slowing processes down, Appway solutions offer organisations a distinct competitive advantage by digitalising processes and automating all related activities, whether it’s onboarding new clients or expanding on existing relationships. The end result is a more tailored customer experience throughout the entire client journey. This is why it is a great honor that Appway has been recognised, for the second year in a row, as the Best KYC and Client Onboarding Solution in APAC by Asian Private Banker.”