Bad Data Leads to Slower Onboarding and Higher Compliance Risks! Cost of Non-Compliance is growing.

Companies have learned the answer the hard way.

• 65% of compliance officers work with bad data
• Onboarding business have > 30days delays to activate a customer
• Multiple data sources leads to duplication, which adds more expense.
• Lack of Data Governance to tackle human fallibility.

Every company knows how much it costs to onboard a new client. What they can’t know is how much it will cost in regulatory penalties. if they rely on bad data to do so. A growing number of countries are adapting anti-money laundering (AML) laws to crack down on fraudulent activities. Fintech companies must now ensure their Know-Your-Customer. (KYC) procedures comply with multiple forms of regulation, and they can pay costly fines if the data they use in that process fails them. Bad data is the most common reason for a poor onboarding experience and the greatest reason companies find themselves non-compliant. Fintech firms must trust the data they use to open new customer accounts. This is where Intellekt’s IntelliBoard transforms the onboarding process for fintech companies.