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Effective KYB (Know Your Business) seeps into every aspect of your business and lays the foundations for future successes. The KYB process begins when onboarding corporate clients and it has become evident that digital transformation within this sector has reached a do-or-die moment ever since the pandemic began
There is still a reluctance to go digital within the finance and banking industry. This is merely a fear of the unknown. However, all insights show that sticking to a manual paper-based process hurts businesses far more than adopting a digital-first strategy. Monetary authorities around the globe are encouraging financial institutions to innovate as they too see the value in digitization. It has never been easier to do so. With HelloFlow's no-code onboarding system, the process is not only faster than ever but covers all the finicky aspects of compliance, like AML (Anti-Money Laundering) and due diligence checks, spanning over 200 jurisdictions.
KYB stands for 'Know Your Business'; it is the make-or-break part of onboarding a new corporate client. Similar to KYC (Know Your Customer), KYB allows you to vet clientele and identify any areas of concern or opportunity. This process covers all legal and regulatory compliance requirements when verifying a new corporate customer. It typically encompasses 4 main phases: document collection and verification, data assessment, monitoring, and reporting and intelligence. It is vital for companies to do their due diligence to weed out any criminal activity like money laundering and the finance of terrorism. It is important to note that KYB is not a one-off audit but an ongoing process that continually verifies that everything is squeaky clean.
● Traditional KYB methods sap resources; it requires days of manual labor by a dedicated team who are weighed down by antiquated processes. In some cases, corporate clients can take months to fully onboard.
● When it comes to traditional KYB, human error is inevitable. When handling vast amounts of data and information, mistakes happen, exposing you to significant risks.
● The greatest hurdle of them all is navigating the regulatory landscape, particularly when multiple countries are involved. The rules and regulations behind KYB are convoluted, fragmented and ever-changing. Even the largest banks are not immune to blunders, which can lead to reputational risks and heavy fines.
The time to adopt digital transformation is now. Banks and financial institutions need to embrace more tech-savvy approaches to stay relevant and agile within their KYB processes. Businesses take a bigger risk by taking no action than pivoting.
"70% of online, international businesses are currently using technology to help them deal with regulations and compliance. Our findings show that this figure has risen to 99% of businesses during the COVID-19 pandemic." - Stripe: Synchronizing Europe – Regulation, Technology & International Business Growth.
Technology moves fast, and when you have digital-first solutions, you help to future-proof your business! Demands for effect KYB are growing, not just because of regulations but because the ability to onboard clients quickly is essential.
The traditional KYB processes can be drastically improved through a myriad of automated verifications, AI, and data-driven analysis of information. All of which can be done far quicker than any person can. Automations allow companies to react quickly and consistently scale to enforce compliance procedures without suspending services or having to retrain their workforce.
This, in turn, helps to deliver an experience that is more secure, convenient, and sustainable. It moves with the times! According to a research report by Globalscape and Ponemon Institute11, companies that adopted compliance technology save an average of $1.45 million per year in compliance costs.
Of course, building an in-house KYB digital onboarding system from scratch is expensive, time-consuming, and leaves room for error. It might seem like a pipe dream to streamline your KYB process without a hitch in a day, but that's exactly what we do at HelloFlow. You can build a digital KYB onboarding solution using drag and drop tools and launch it right away! No coding know-how needed. HelloFlow implements PEP, sanctions, and adverse media scans using World Watch Plus for you. You can click to add authorization and verification within your onboarding flow using global (BREX) and local databases (like VIRK for Denmark). This simple click-to-build process reduces your KYB time from months to days.
Join our free trial and see for yourself! Simply fill out a short form and enjoy unlimited access to all of HelloFlow's features for 14 days.