Look, we all know that manual Know Your Customer (KYC) processes are severely hampering organisations, leaving them exposed to risk, spiralling costs and the potential loss of business.
One of the essential difficulties being looked in the legal sector is the time taken to locally available new customers utilizing manual procedures – anything from two hours up to days, or even weeks, isn’t remarkable, contingent upon intricacy – and this can have a huge effect no matter how you look at it.
As a result, managed services for KYC are more in demand than ever before and, as space becomes more competitive, both quality and speed of turnaround are vital to success and turnover.
Using technology, such as the Accura Scan platform, brings many advantages to both an organisation and its clients, solving this critical problem.
Legal Firms’ processes when it comes to how they deal with KYC and Anti-Money Laundering (AML) in the legal industry, are largely driven by client expectation and regulation.
In specific cases, most legal stakeholders at first reacted to the prerequisites put upon them by extending their consistency groups, both on and offshore, with an end goal to fulfil the expanded needs. Nonetheless, with the equivalent, frequently obsolete, forms utilized as they hoped to execute personal investigation and AML screening, the weight just developed.
It is for this reason that, in the past 12-18 months especially, we have seen a sharp rise in the number looking to technology for a solution to tackle these problems, with many now in the process of implementing improved automated KYC solution, including Accura Scan. It is hence that, in the previous 12-18 months, particularly, we have seen a sharp ascent in the number seeking innovation for an answer to handle these issues, with several of them now during the time spent actualizing improved robotized KYC arrangement, including Accura Scan.
With regards to onboarding, a well-overseen and executed procedure is an absolute necessity. From cost and time reserve funds to improving customer experience, it is imperative to proceed with connections and brand equity, just as making it simpler to ensure full compliance.
All things considered, a KYC procedure will contain four or five distinct information sources, running from corporate libraries and premium business data to AML screening and open-source media. Most of the firms we talk with access to these sources to explore corporate hierarchy and believe us, this process can be extremely cumbersome. Here is where Accura Scan, a pioneer in OCR & AI Based scanning technology is a perfect solution for the onboarding and KYC of the new customers. At Accura Technolabs, it is our mission to replace the manual KYC onboarding. The Accura Scan API extracts all the data sources into a single interface, connecting organisations to the most in-depth and relevant data they need to make decisions.
Our platform integrates data sources and conducts intelligent analytics to deliver easy to understand global information which also makes compliance easier to meet. Intelligent Process Automation (IPA) from Accura Scan enables firms to get the complete information and entities they are considering entering into a relationship with, unwrapping complex processes to get to the bottom of who is involved in a business and consequently understand risks, in a way that is widely beneficial. This improved effectiveness implies speedier ways to profit for the firm, just as managing examiners more opportunity to concentrate on hazard scoring increasingly complex cases, which conceivably sit crosswise over misty locales and require customer input. Reason? The power of automation is that the requirement for and reliance on individuals to lead the onboarding procedure is either completely expelled or fundamentally decreased. In today’s fast paced, modern, compelled conditions, the fast onboarding of new customers is vital as it enables to initiate the process instantly.
In the legal industry especially, as the years progressed, assembling customer information and profiles has been done physically be that as it may, when utilizing computerization, the expense of onboarding can be altogether decreased as difficult work is subjected to blunder with regards to ensuring forms are predictable and agreeable with guidelines. These contemplations can impact a legal business, from its capacity to draw in new customers, to its reputation and, eventually, gainfulness. KYC Automation and Onboarding solution like Accura Scan achieves the means of the onboarding procedure flawlessly and all the while, decreasing the weight on people and making for a smoother, increasingly powerful procedure for and hence, can be a boon for the entire legal industry. You can check out more information about us here https://accurascan.com/download