Updating and maintaining customer records

Posted 24th January 2017 by in Use Cases

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Challenge

  • Financial institutions are legally obligated by KYC & AML laws to hold accurate, up to date, valid personal data on all their account holders – not just their ‘front book’ or recently on-boarded customers
  • The vast majority of financial crime and fraud originates from pre-existing customers – due to the fact that ‘back book’ customers have been brought on board at a time when the relevant checks were less robust – it is these customers that hide the biggest problems and the worst data
  • There is increasing pressure from regulators for institutions to address this, which requires going back to rework and fix data to eliminate data-quality issues – a process with can be extremely complex, manual, costly and time consuming
  • In some cases, updated information (KYC documents, preferences, contact details) is provided by a customer to a business but this record is not replicated across siloed business lines / customer relatoinship management stores or customer record data stores – resulting in duplicated effort by the customer and poor customer service experience

 Solution

  • Trunomi provides technology to allow banks to know your customer better (KYCB) by connecting financial institutions to their customers over an all-digital open API data sharing platform
  • Capture and manage consent to share data across business lines or customer stores to eliminate frustrating customer experiences
  • With your customer’s consent, access more data to enrich customer reference data, reducing operational risk.
  • Remove friction and empower customers to create, manage and share their personal data and documents – driving compliance with control and transparency
  • Dormant customers will need to be re-engaged under GDPR, and Trunomi easily enables a business to receive all-digital communication
  • Reduce operating costs and remediation budget

Summary

Solve Data Remediation by allowing customer driven digital rights management over their personal information

Customer Experience

Innovative engagement tools build and strengthen customer relationship,

Cost Saving

Efficient digital customer channels reduces pressure on customer services team and lowers operational costs

Offer Personalized Services, enhancing customer experience, increase retention and access new revenue streams