On average, financial institutions spend $60 million each year on KYC compliance. Controlling those costs is one reason banks are turning to robotic process automation (RPA) with increasing frequency. To assist in that quest, FactSet, a Norwalk, Conn.-based provider of financial data and software, has introduced a cloud-based application that it says combines RPA with proprietary content and public registries that will make the process of completing customer due diligence faster, more efficient and less prone to errors.
“The regulatory and business environments are becoming increasingly complex, yet compliance cost pressures remain high,” said Ali van Nes, senior director of regulatory solutions at FactSet. “Clients are therefore looking for KYC-specific tools that will help them streamline this activity. Reducing time to revenue is also key, and we are excited to offer a technological solution that improves an often slow and manual process.”
According to a press release the software will be able to automate the process of collecting data necessary for KYC including information on corporate executives, ownership and the presence of any sanctions against the customer.