Bandalier’s culture of kaizen emphasizes continuous improvement. For our outsourced KYC analysts and compliance teams, finding ways to improve their workflows means helping our clients face less risk.
When you have customers flooding in and strict compliance protocol to follow, identifying opportunities to increase operational efficiency is essential. Top-down changes help compliance teams adopt new practices and processes. However, they tend to happen slowly.
Individual efficiency improvements make the most significant impacts on your organization’s overall operations. Encourage every member of your compliance teams to experiment with small changes to their workflows. Simple shifts like learning new hotkeys or changing the way they navigate specific systems can help team members make significant improvements.
Clearing the Queue
When we launch outsourced KYC teams, clearing the queue of customer data reviews is often our team’s top priority. No one likes seeing a long queue of tasks at the start of their workday, and keeping customer information updated is especially important for compliance teams.
Promptly reviewing user information, whether for onboarding new customers or completing due diligence research on existing customers, is essential. As customer data ages, it becomes less accurate. Estimates state that 25% of data will become inaccurate over the course of a year. For compliance teams that are operating at max capacity, regularly reviewing and updating data can be a time-consuming process. KYC outsourcing is a simple way to add capacity fast. As Bandalier’s team members grow into their KYC roles, they identify the best strategies for rapidly clearing the queue.
Better Customer Experiences
As your KYC analysts constantly improve their processes, they improve your customer experiences. Rapid responses and accelerated onboarding will build on customer’s existing interest. Positive onboarding experiences have ripple effects, correlating with higher customer lifetime values and improved customer acquisition.
To learn more about how Bandalier’s outsourced compliance teams help our clients scale, contact us today.