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Automate your KYC-process with Contractbook

Casper Bach Andersen
October 20, 2021

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Nobody likes doing know-your-customer. Or “KYC” as it is often referred to. You do not gain any value from it; you do not learn anything new, you do not improve any of your skills, and yet, you have to do it. For most companies, the process is awfully mundane and just a tedious friction in your relationship with the client. Your clients hate it as well. Best case is a practical hassle that slows down the onboarding process and damages the customer experience. Worst case, you are perceived as conservative and lose the client.

One thing is certain: you cannot escape the KYC-process. On the contrary, anti-money laundering regulation around the world becomes more and more cumbersome.

That means you have nothing but a strong interest in making this process as easy and frictionless as possible. At least, this is what we believe.

The good news is that we have automated the KYC-screening process for you. Allow us to introduce our new KYC automation that makes data collection a smooth process for the client - and you. In addition, it gives you complete oversight of our client's' data so that you can manage the entire process with minimum effort.

The KYC-process plays an integral part in the first impression your firm leaves on the clients. Therefore, we have aimed to make your firm look as professional and modern as possible by giving your clients a well-designed, intuitive and frictionless experience. It takes only a few minutes to complete all the formalities, and the entire process can even be managed on the go via mobile if that is what the client prefers.

So how does this KYC magic work?

Automated KYC with Contractbook

You will send your new clients a link where they will be presented with a questionnaire that is white-labelled with your logo and brand. From there, they can onboard themselves by answering a few questions, filling in information and uploading all the necessary documents. They can upload everything at once, so tracking is easy, and there is no need for messaging back and forth. If they need to find a certain document, they can always pause the process and continue where they left at another time through a link they receive in their email.

Once all the information is uploaded, the client approves a short declaration stating that everything is true and correct, and that they are not a politically exposed person. You can also add case-specific items to this. They sign off on the declaration with our digital two-factor verification signature, and that is it! The process is complete. You will get notified that all the data is transferred to a shared folder on Contractbook which is accessible to both you and your client. Full transparency is often the clients’ wish but rarely obtained. Your clients are guided through the entire process, so it seems transparent, reliable and professional. You, on the other hand, will only have to send them a link.

Our KYC-automation tool is not just a way to polish your image with a more professional-looking solution. It is also a way to reduce the onboarding time significantly for everyone involved. The client has to spend less time, while you get a quicker account opening, reduce your onboarding costs and free up capacity so you can focus on what matters: solving their issues. It is a win-win and a clear upgrade from the current email model that most firms apply.

The data is transferred and stored encrypted, so you comply with the strictest data privacy standards. You even protect yourself against breaches by ensuring that no data is stored in email threads. Once the data is uploaded to Contractbook, both you and your clients will get a complete and transparent overview of the data in a shared folder. In that way, you ensure that you will not miss anything, and it is easy to manage when your collaboration ends.

The solution can be modified to specific anti-money laundering regulation as you wish, or it can be out-of-the-box. We set up the solution for you in just a few days. We do not believe in IT projects that run for years. So, contact us if you want to automate your KYC-process to make it more professional, efficient and secure.

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