Iron Mountain KYC

Business challenge

Know Your Customer (KYC) authentication is critical for financial institutions to reduce financial crimes. But manually documenting and validating multiple customer identification papers is a considerable drain on resources, and can have a significant impact on your operations, banking relationships, and ability to protect sensitive data.

Impact

• Manual KYC is incredibly labor intensive, eating into budgets, extending time to revenue, and tying up workers with time-consuming, tedious tasks.
• Inefficient onboarding impacts customer experience, and many banks miss the opportunity to use the data for insights that can further improve customer experiences, lower costs, and boost revenue.
• KYC procedures are designed to help prevent identity theft, money laundering, fraud, terrorism financing, and other financial crimes. But manually managing paper and electronic records in separate workflows impedes transparency and auditability while complicating data security.

What if you could

Automating KYC helps you:

• Onboard customers faster while saving time and costs.
• Improve the customer experience for competitive advantage.
• Improve data privacy, security, and compliance.

Iron Mountain® KYC

With Iron Mountain KYC, our experts can help you:

• Onboard faster: Iron Mountain can provide an applicant interface to accelerate uploading documentation. Automated processes enter the information into the system and validate it quickly and accurately.
• Digitize paper documents: You can digitize existing paper documents, or Iron Mountain do it for you. Optical character recognition (OCR) extracts contents to make it easily searchable. Low-code/no-code capabilities help you further tailor automated workflows to your needs for faster, more accurate results.
• Connect data across platforms: Integration with existing systems connects data across platforms to break down information silos and eradicate blind spots. Once on our ECM platform, you gain better insights into client data and can re-examine and refresh validation processes instantly.
• Enable anytime, anywhere access: Finance professionals can easily search and access documents on our secure ECM services platform via a single web-based portal.
• Protect your business: Our content platform complies with industry standards and data-retention policies and provides capabilities that help you comply and respond to audits and discovery requests.
• Manage the entire lifecycle: Iron Mountain can dispose of physical records by securely storing or shredding them or returning them to you.

The results will have a significant impact on your bottom line, helping you:

• Save time and resources: Streamline processes to reduce the time it takes to process identity documents and onboard banking customers for faster time to revenue.
• Connect with customers: Onboard faster for a better customer experience and use customer data to create a single, 360-degree view that can help you attract and retain customers and build share of wallet.
• Improve security and compliance: Better protect sensitive financial data and streamline audit and discovery compliance. Automation reduces human error to help ensure proper identification and protect against cybercrime, fraud, money laundering, and other financial crimes.