A Look at the Benefits of Connecting To The eKYC Portal

 

Connecting to the eKYC portal, especially for the people in the financial sector, has a lot of benefits. There are a wide range of benefits that banks and financial institutions can realize by accessing an e-KYC utility. The following are some of them.

First of all, engaging with a local eKYC utility can lead to greater regulatory compliance and control.  If you are the Chief Commercial Officer (CCO) in a company or organization, you can rest assured that a KYC record is completed to a group policy standard. By harnessing all client data, documentation and compliance outcomes via a single client view, it is estimated that financial institutions can expect to re-use three-quarters (75%) of their centralized client and counterparty data across all regulatory frameworks, such as tax (FATCA, CRS, 871M), AML/KYC, and OTC Derivative rules (such as EMIR, Dodd-Frank, MiFID II and so on).Therefore, data is more up-to-date and accurate.

Another benefit of connecting to the eKYC portal is faster client onboarding as well as improved client experience. When financial institutions have access to the right, up-to-date information, it can help reduce the amount of times they need to ask a client for data or documents. They can enjoy faster client onboarding as well as quicker time to revenues by leveraging existing document and data assets more effectively, both internally and externally.

Financial institutions can drive quality at source and provide a more consistent experience to clients and get them ready to transact, save or trade faster, while offering more value-added services. It is estimated that data collection cost reductions could be as much as halved (50 percent) using KYC utilities.

For more information on the benefits of connecting to the eKYC portal, visit our website at https://loginid.io/

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