ID4-S.com Research Estimates Onboarding Can Grow from 5 to 124 Clients per Week
IDV, AML, PEPs, Sanctions & Adverse Media checks are essential procedures for businesses in today's fast-paced digital world. These checks are designed to prevent fraud, money laundering, and other illegal activities by identifying and verifying the identity of customers, as well as screening them against various lists of high-risk individuals and organisations.
Research by www.ID4-S.com has estimated that the average manual IDV, AML, PEPs, Sanctions & Adverse Media process could consume around 6.31 hours per Client - as per the Business Process in the graphic above, this includes collating prospect data to whom the checks are being sent, correcting any missing or erroneous details, reminding prospects to send documentation, etc.
In addition to the hours burned, at scale it becomes exceptionally difficult to manage these processes concurrently. Being unable to manage multiple prospects, at scale, results in economic loss - the loss of business attributable to not being able to onboard new Clients.
To mitigate these risks, businesses are increasingly turning to digital processes for IDV, AML, PEPs, sanctions, and adverse media checks. By automating these procedures, businesses can reduce the amount of time and resources spent on manual tasks, while also increasing the accuracy and efficiency of their screening processes. The research by www.ID4-S.com estimates that a junior Client Manager could increase onboarding prospects from 5 Clients per week, to 124 Clients per week.
Digital processes also help to reduce the risk of human error, by eliminating the need for manual data entry and providing real-time data and analytics to support decision-making. This can help to improve the overall customer experience and increase the chances of successfully onboarding new customers.
In conclusion, IDV, AML, PEPs, sanctions and adverse media checks are critical to the success of any business operating in today's digital world. However, the process of performing these checks can be time-consuming and labour-intensive, which can lead to increased risk of losing prospects and revenue. By automating these procedures with digital processes, businesses can reduce the amount of time and resources spent on manual tasks, while also increasing the accuracy and efficiency of their screening processes. This can help to improve the overall customer experience and reduce the risk of human error.
Contact ID4-S.com today to improve your Client onboarding processes and bandwidth, or Sign-up for free and start using ID4-S.com in minutes.