London – 17 January 2018 - Lysis, a leader in business change management services and a provider of innovative CLM and KYC consultancy and operational processing services, has a White Paper that addresses operational and technological strategies to help firms streamline CLM and KYC processes and generate efficiencies.
The Paper examines the CLM space in relation to new technology and innovations which have been developed in recent years and focuses specifically on the over-arching CLM processes and the detailed Know Your Customer (KYC) processes which form part of that. Other areas of Client On-boarding (COB) and CLM such as credit, legal documentation and account opening are also referenced.
Effectively managing the life cycle of a client relationship improves customer experience and reduces the overall costs of maintaining relationships, the efficiencies of initial on-boarding addressed in the Paper might well be the difference between winning a deal or not, as well as maintaining a positive client experience, making effective CLM management a key requirement for all financial service firms.
It is acknowledged too that regulatory KYC checks (including Sanctions, Enhanced Due Diligence, Screening, etc.) are a costly but necessary process that all financial institutions and other regulated firms, such as Estate Agents and Law firms, need to deal with, and therefore streamlining processes and generating efficiencies in this area are also important considerations for firms. In the last 10-15 years the financial services industry has tried a number of initiatives such as off-shoring and KYC utilities and yet the KYC and CLM process is still generally inefficient and costly. More recently a number of interesting technology plays have started to emerge, including Blockchain/digitial ledger technology and Artificial Intelligence and are getting a lot of attention – all of which have a role within streamlining KYC and CLM. The Paper looks at these and examines their potential.
In order to design and implement a successful KYC & CLM Target Operating Model there are a whole range of inter-linked considerations firms need to take into account, which the Paper addresses and explores in detail.
Tom Griffiths, Associate Director of the Lysis group of companies, said: “this paper is the culmination of over 5 years of research and practical experienced gained by working closely with our clients, as well as the industry as a whole, to identify and drive operational efficiencies relating to KYC and Client lifecycle Management. We have independently assessed the CLM process holistically in order to identify and illustrate methods firms can take to maximise efficiencies and reduce cost.”
Drawing on Lysis's in-depth CLM and KYC expertise, the paper considers this paper considers Operational Models, Resourcing, Technology and Governance, Policy and Processes, among other factors.