Frequent changes in regulations have increased the need to collect new data or documents in terms of ownership, identification and verification process. Banks face opportunity losses due to longer on-boarding time (around 3 months), high onboarding costs (around USD 4,000-5,000 per entity), customer dissatisfaction due to multiple requests, and breach rate beyond permissible limits (10-15% against target of 3-5%).
Wipro provides a holistic, out of the box, Client Lifecycle Management (CLM) solution along with industry leading CLM platform, Fenergo powered by Wipro’s proprietary tool, eKYC Holmes. Wipro has deep domain and operational capability with more than 2,100 professionals and the experience of working on over 20 critical projects in the last 10 years. We have helped reduce onboarding cycle time by around 40%, reduced around 60% in handling time, helped improve right first time scores upto 75%, and enhanced customer satisfaction with digital connect platform. This has led to tactical and strategic fixes (around 30% efficiency gains), enhanced data quality and ensured compliance to help maintain service level accuracy and reduce cost (upto 40%).
