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11th June 2019
Refinitiv expands digital KYC to Retail Banking and Wealth Management
Refinitiv is set to expand its suite of financial crime solutions into the wealth industry as increased scrutiny from regulators and the demand for a more frictionless client experience from investors drive the need for more digital Know-Your-Customer (KYC) and on-boarding processes.
The push into the Wealth and Advisory segments is set to expand on Refinitiv’s World-Check Risk Intelligence and the company’s expertise in delivering trusted data into client workflows using the cloud and API technology.
Traditional wealth on-boarding is paper-centric and cumbersome; new technologies offer opportunities to streamline this process, while improving the customer experience and decreasing risk.
“Today’s investors have high expectations, demanding an increasingly digitally enabled personal relationship with instant access to accounts and information on the go, while expecting a frictionless on-boarding experience and speed of updates,” said Phil Cotter, Managing Director of the Risk business at Refinitiv.
”We are in unique position to help the industry meet these demands and at the same time comply with rapidly changing anti-money laundering KYC regulations.”
Refinitiv will help Wealth Managers to simplify their day-to-day risk management, on-boarding and monitoring decisions through the latest innovations in AI and cloud computing, combined with its market leading data and KYC solutions such as World-Check and Media Check.
“KYC is at the heart of protecting both the client and the wealth advisor,” said Joseph Mrak Global Head of Wealth for Refinitiv, “At Refinitiv we are excited to offer a quick and best-in-class process to our advisor desktop to address evolving KYC needs and regulation.”