ClearDil AML fintech Study: 8 in 10 say their compliance processes slow down onboarding. ClearDil is an elegant and trusted start-up provider of in-life and screening technology for monitoring and onboarding via our API for Document Verification. The research also revealed that almost two-thirds if not all compliance professionals at financial institutions depend on manual processes for carrying out necessary KYC checks. While 70% of respondents agreed with the fact that the digital revolution in the fintech industry has been accelerated by the pandemic, over half of respondents felt that the false positives generated by existing solutions were too high. AML Survey, which was targeted at the banking industry, revealed that 65% percent of compliance personnel still rely on Google for manual adverse news media searches. In order to onboard new customers, banks and other regulated entities like insurance companies and banks, they must do adverse media screening. ClearDil CEO Nassim Azouini stated that manual processes are hindering financial institutions’ ability to create revenue and exposing them to too much risk. API for KYC verification is a must.

“Manual processes not just waste valuable employee’s time but also cause friction in customer experiences. They can also severely impact a bank’s ability to generate new and existing revenue. From a financial crime standpoint, they can expose banks unnecessarily to human error and risk regulatory fines as well as huge reputational damage.”

It was interesting to see that, despite the majority of respondents admitting that they rely on manual processes for their due diligence checks, the top concern of respondents in relation to AML compliance failures was the risk of severe legal consequences and penalties. Despite rapid adoption of regtech solutions like the ClearDil KYC API throughout the pandemic period, Mr Azouini says that banks are still having difficulties onboarding customers and screening them efficiently while being compliant.

“While the digital revolution has been accelerated by the pandemic, financial institutions still struggle with too long onboarding time and dealing with risk monitoring with existing customers. Using a KYC Mobile SDK is today’s best solution for onboarding efficiently new customers. If the banking industry is going to be able to improve their processes and get faster revenue, then it must invest in the technology and tools that will enable compliance professionals to do their job more effectively.”