Celonis and Bright Cape launch solution to optimize financial compliance
An app developed for financial institutions will enable them to optimize Know Your Customer (KYC) workflows, reduce compliance costs and enhance customer satisfaction.
The app has been developed by Celonis, a leader in Process Mining, in conjunction with Dutch business consulting and services firm Bright Cape.
The app – named the Celonis Smart KYC Control Tower – addresses the challenges of KYC compliance – a critical function for financial institutions, requiring rigorous screening for anti-money laundering, anti-terrorist financing, and financial crime prevention.
However, traditional KYC processes are often manual, time-consuming, and costly accounting for up to 33% of compliance budgets in major financial markets.
The Smart KYC Control Tower app streamlines these processes by providing a centralized and real-time view of KYC workflows, enabling financial institutions to enhance efficiency, ensure compliance, and scale operations seamlessly.
“Financial institutions face mounting pressure to improve compliance while reducing costs,” said Chris Johnston, SVP, Head of Global Banking at Celonis. “The Smart KYC Control Tower app enables compliance teams to eliminate inefficiencies, improve risk management, and deliver a superior customer experience – all with the power of Process Intelligence and AI.”
Key Features and Benefits
Built on Celonis’ Process Intelligence Platform and informed by Bright Cape’s extensive experience in KYC operations, the Smart KYC Control Tower app offers:
- End-to-End Process Monitoring and Improvement: A centralized cockpit for mapping, analyzing, and optimizing KYC processes, including customer onboarding and event-driven reviews.
- Regulatory Compliance Assurance: Real-time insights to detect compliance risks, prevent SLA breaches, and ensure adherence to global financial regulations.
- Cost and Productivity Optimization: Identification of inefficiencies, automation of manual tasks, and optimized resource allocation, leading to reduced operational costs.
- Enhanced Customer Experience: Faster and more seamless onboarding processes that drive customer satisfaction and loyalty.
Driving Real-Time, Data-Driven Decision Making
The Smart KYC Control Tower app leverages the Celonis Process Intelligence Graph to provide financial institutions with a dynamic and holistic view of their KYC operations. By seamlessly integrating with existing systems, it enables real-time process monitoring and intelligent automation, ensuring financial institutions can proactively manage compliance and operational risks while enhancing the customer experience.
Unlike traditional KYC solutions that require extensive customization, the Smart KYC Control Tower is a ready-to-deploy application that delivers immediate impact.
Financial institutions can start realizing benefits quickly, with the ability to continuously monitor and refine KYC strategies based on real-time data insights.
The Smart KYC Control Tower app is part of the extensive Celonis Platform Apps Program, which empowers businesses to achieve unmatched value with industry-specific applications built on the Celonis Process Intelligence Platform.
