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- Refinitiv expands digital KYC solutions to Retail Banking and Wealth Management
June 06, 2019
Refinitiv expands digital KYC solutions to Retail Banking and Wealth Management
Increased regulatory scrutiny and demand for frictionless onboarding drive the need for digital KYC
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 onboarding 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 onboarding 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 onboarding 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, onboarding 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.”
The expansion into new market segments follows the company’s recent string of partnerships, which have enabled it to expand its KYC and due diligence solutions further into retail, wealth and private banking segments.
Refinitiv announced on June 4th that it is partnering with Trulioo to deploy advanced digital identity verification and biometric technology to help financial services firms reduce fraud and financial crime by verifying billions of customers online. Trulioo operates a Digital Identity Network that provides instant access to over 400 procured, vetted, and trusted data sources around the world.
Refinitiv has extensive experience supporting Wealth Management firms through its Wealth Management solutions which provide seamless integration across front, middle, and back office workflows.
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