4. KYC Pain Indicators

This content should be used along with the following How to Guide:

How to use prepared questions to identify and diagnose indicative or surface pain with a decision maker

Indicative or Surface Pain	Which can lead to...	Third party stories	Opening questions to dig for pain
KYC processes are causing customer friction	Customer churn Lower revenue/profitability Negative customer experience	Our customers have been able to automated 75% of key customer fields utilizing our KYC solution to reduce the burden on clients.	What percentage of your KYC processes are automated with external data? Do you have customer experiences issues due to KYC onboarding or refresh processes?
Concern about unknown customer risk due to periodic refresh schedule	Audit or regulatory actions. Possible reputational issues	A number of global FI's are leveraging Quantexa in their journey to pKYC which provides them quicker identification of risk changes and a more up to date KYC record.	What are your periodic refresh timeframes? Are you comfortable that your customer risk rating is accurate for medium and low risk customers which have not been refreshed for some time?
KYC onboarding and refreshes take substantial time & effort.	High KYC operating budget Manual processes lead to employee burnout and turnover Increased opportunity for human error Lack of standardized approach across process Increased potential for audit or regulatory actions	Banks are leveraging Quantexa KYC across onboarding, EDD, refresh and remediation to drive efficiency and consistency across KYC processes. Leading to improved outcomes at lower effort.	What is the average time to complete a corporate KYC refresh? What is the size of your KYC operations team or the number of people involve/performing refreshes? Do you have analysts performing refreshes on customers who have minimal changes or new risks?
We have a large remediation backlog to get through	Reactive approach to KYC Misrepresented customer risk rating High effort and cost to complete Regulatory actions	Banks have leveraged Quantexa KYC for remediation to drastically speed up remediation of large volumes of customer profiles. The solution allows for addressing data gaps and deduplicating records to clear backlogs sooner and allow you to be proactive in your KYC processes.	Are you looking for ways to clear your remediation backlog quicker? Are you looking at clearing your remediation backlog in a way that is foundational for better and easier periodic refresh?