Know Your Customer

With heavy fines imposed by regulators and an army of employees utilized by financial institutions globally, financial institutions have been struggling to achieve their Know Your Customer (KYC) objectives. Many FIs have witnessed almost doubling of their KYC analysts’ headcount over the last 3 years due to increased regulatory requirements. This has led to the need for – a) Higher Transparency through identifying controllers and ultimate beneficial owners of legal entity customers; b) More coverage by encompassing all parties to the financial transaction; and c) Greater Frequency: Risk-based approach has resulted in greater frequency for remediating / revalidating / renewal of KYC information.

How Wipro Helps

Wipro's approach integrates IT and operations using disruptive technologies architected by a dedicated team of technology, operations, and KYC experts. We deliver end-to-end KYC solutions across the financial services ecosystem spanning - corporate and investment banks, retail banks as well as wealth managers. We can transform your KYC process through:

  • High-end consulting services
  • Improved regulatory compliance
  • Diminished dependency on skilled resources
  • Reduction in costs by implementing the Wipro HOLMES E-KYC cognitive computing solution
  • Variabilized cost structure and transfer the load of operations
  • Migration and implementation services with minimum disruption to existing mission critical systems
  • Implementation of third party KYC / AML tools such as - Actimize, Mantas, SAS, Goldtier and and Detica
  • Enhancing Customer Experience

    Segments Covered
    • Reduction in number of customer touch points for document collection
    • Reduction in overall on-boarding time

    Enabling Effective Compliance

    Services Offered
    • Better enforcement of the bank's policy
    • Delivering a supervisory audit trail

    Improving Process Efficiency

    Solutions
    • Reduction in manual efforts by 40-60%
    • Savings of 30-50% in the total KYC cost