US-based operations management and analytics firm EXL, in partnership with HSBC, has launched its digital Know Your Customer (KYC) solution.

Now launched across the globe, the HSBC KYC solution is said to offer quick turnaround times. Also, it brings more accurate due diligence besides considerably slashing the operational cost.

HSBC selected EXL to develop the solution to enhance the efficiency of KYC processes, reduce the cost of compliance and eventually improve end customer satisfaction.

Featuring robotic process automation, artificial intelligence (AI) and other advanced analytics techniques such as natural language processing, the HSBC KYC solution enables banks and financial organisations to spot, sort and verify large amounts of data to meet KYC research requirements.

HSBC KYC: improved onboarding

Now, both the partners are collaborating to market the product across the industry. This is set to improve the bank’s onboarding and security.

EXL president and COO Pavan Bagai said: “The combination of banking and regulatory expertise coupled with our strengths in advanced analytics gives us the context needed to solve today’s business problems.

“We are then able to orchestrate our teams and emerging technologies like robotics and AI together to deliver significant business outcomes.”

Available separately or as part of a KYC-as-a-Service, the solution can fulfil KYC requirements in 20 countries across five continents.

The new tool will cut the time taken to carry out checks on new customers by up to 70%.

The solution, according to the technology vendor, instils automation and analytics across KYC processes. This includes screening new account set-ups, monitoring active accounts for financial crime and economic or reputational risks. In addition, it records exits when an account closes.

It abolishes manual tasks associated with research and due diligence. This gives analysts more time to concentrate on in-depth investigations and risk assessments.