The evolution of digital finance demands a simultaneous evolution of AML and KYC practices at financial institutions. 
In this digital world, regulated financial institutions need to focus on combating illegal financial activities, such as fraud, money laundering, and the financing of terrorist organisations. Increasingly financial institutions are competing with fintech organizations on the speed of execution, customer experience, and cost. Customers want to spend as little time as possible with onboarding and expect it to be smooth, frictionless, and fast. Effortless digital onboarding has now become a key factor of success, as poor customer experience will inevitably lead to an extreme drop in conversion rates.

Where most organisations perceive KYC and KYB as a burden, it in fact helps increase conversion and security, reduce risk, and protect your brand reputation. By implementing an automated onboarding flow, it becomes possible for financial institutions to expand their customer base at a higher rate without compromising on risk and security since all checks can be performed in seconds without the customer even noticing.  Optimising these workflows ensure that you stay on top of the latest KYC requirements and significantly lower onboarding spend.