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Accenture and Quantexa have partnered to provide an automated, data-driven contextual approach to client risk assessment. Accenture’s knowledge of the ever-changing regulatory environment, combined with Quantexa’s contextual decision intelligence platform, gives you an ever-evolving view of your customer in an approach we call Continuous KYC (cKYC). It improves risk identification, lowers cost and helps deliver impeccable client experiences. Visit our offering page to learn more: https://accntu.re/2ZP4Chc
customeris one thing.
them is everything.
Continuous KYC from
Accenture + Quantexa.
Introducing a new, dynamic risk
assessment model. An approach
that combines solid knowledge
of the regulatory environment with
cutting-edge tools to give you an
expanded view of your clients.
First established in rapid response
to new regulation, it’s hardly surprising
that the Know Your Customer (KYC)
function is seen as time-intensive, laborious
and frustrating. Customer experience was
never part of the equation; the goal was
to demonstrate compliance at all costs.
But now we’re familiar with the
fundamentals, we can make KYC so
much more. The next step is bigger
than mastering efficiencies. It’s time
to integrate it with broader client
management strategies so that we can
greatly improve the KYC experience.
into a customer
2Copyright © 2020 Accenture. All rights reserved.
3Copyright © 2020 Accenture. All rights reserved.
Due to KYC and Customer Due
Diligence (CDD), compliance
spending is on the rise. 72%
of financial services firms are
targeting Compliance cost
reductions of 10% or greater
over the next 3 years.*
Ownership structures are
increasingly complex and
hide criminality, politically
exposed persons (PEPs)
and sanctions connections.
The current model of
periodic reviews is resource
intensive and rarely results
in a change of risk rating.
KYC checks can be
repetitive and often cause
clients to switch banks.
Onboarding and review is
highly-manual, and with
limited automation and
customers are contacted
multiple times throughout.
The result: they vote with
The complexity of KYC has resulted in
skyrocketing costs, with little improvement
in effectiveness and client satisfaction.
*Source: Data from the Accenture 2019 Compliance Risk Study
What needs to change?
The current situation
4Copyright © 2020 Accenture. All rights reserved.
Retail / Domestic Small and medium-sized
enterprises (SME) / Corporates
2–7 hours 7–18 hours 25–45 hours
▪ Highly manual workload
▪ No automated research
▪ High manual collection process
▪ Multiple hand-offs between
Ops / Relationship Managers / Client
▪ High amount of false positives
▪ Poorly integrated screening tools
▪ High manual investigation efforts
▪ Fragmented workflow
▪ Frequent changes to CDD standards
▪ Difficult to identify client ownership and
5Copyright © 2020 Accenture. All rights reserved.
The below diagram provides a high level overview of the current end to end
KYC process and highlights some of the key challenges faced by clients:
Current KYC reviews are manual and
based on a static periodic review cycle
Largely Manual Process
& name list
Up to 20 iterations
search 30+ min.
Acceptance / first
time pass rate < 50 %
6Copyright © 2020 Accenture. All rights reserved.
Introducing a new model
Accenture has partnered with
Quantexa to develop a dynamic
client risk assessment model for banks.
Accenture’s knowledge of the ever-
changing regulatory environment,
combined with Quantexa’s contextual
decision intelligence platform, gives
you an ever-evolving view of your
customer in an approach we call
Continuous KYC (cKYC).
7Copyright © 2020 Accenture. All rights reserved.
A shift from periodic
monitoring. Low risk
changes are flagged
removing the need
for manual checks.
A renewed focus
on the behavioral
context of clients.
risk scoring that
takes a data-driven
all KYC and CDD
Link all related
entities into a
single dynamic KYC
automated use of
Monitor the entire
flag any potential
hidden risk. Perform
What does an evolving
view of your client look like?
Continuous KYC positively
impacts all elements of
the KYC process
cKYC elevates your business’ KYC function above
the current industry standard through improvements
in Case Generation, Data Sourcing, Screening,
Case Review and Enhanced Due Diligence.
cKYC future state
Data Sourcing and Management
Manual data collation Automated data collation
Enhanced Due Diligence (EDD)
High number of
Most cases require EDD Few cases require EDD
required in all cases
No client contact required
Most cases require
Few cases require
Customer Network Build and Screening
Screen at review
Customer / connected parties
generate their own alerts
Screened mostly periodically
Screened mostly through
Time based cycle
Mostly event based,
8Copyright © 2020 Accenture. All rights reserved.
9Copyright © 2020 Accenture. All rights reserved.
*Source: Data from Thomson Reuters 2016 Know Your Customer Survey,
While financial firms’ average costs to meet
their obligations are $60 million according
to one survey, some are spending up to
$500 million on compliance with KYC and CDD.*
The costs and complexity of KYC are rising
and negatively impacting businesses.
cKYC lowers costs…
cKYC allows banks to
improve inefficiencies in
their KYC process through
automation, leading to a
significant reduction in
the cost of KYC.
10Copyright © 2020 Accenture. All rights reserved.
and AI come
together, so too
does a more
of your clients.
experience is a
happy one when
and forth processes
can build better
clients when they
are able to draw the
from your data.
Getting a precise
picture of your
clients is easy
in your data sets
And brings big benefits…
11Copyright © 2020 Accenture. All rights reserved.
Accenture + Quantexa
Co-creation of financial
Accenture’s Financial Crime and
Digital group is able to bring a
wealth of experience in undertaking
large scale transformations in KYC,
and is at the forefront of industry
transformation at a number of clients.
Building on our experiences
of process, data and technology
transformations, we are able to
bring the right skills, experience and
industry insight to drive significant
business outcomes for clients,
leading to an increase in operational
efficiency, reduced volumes and
increased risk management.
12Copyright © 2020 Accenture. All rights reserved.
Quantexa’s Contextual Decision
Intelligence (CDI) platform connects billions
of data points across internal and external
data sources, to provide a single contextual
view enriched with vital intelligence about
the network of relationships between
people, organizations and places.
Our Financial Crime and Risk monitoring
solutions provide the context needed to
uncover hidden risk more efficiently and
with greater accuracy than traditional
systems, reducing false positives by over
90% and empowering teams to focus on real
risk and make better operational decisions.
13Copyright © 2020 Accenture. All rights reserved.
14Copyright © 2020 Accenture. All rights reserved.
Data & Customer
BUILD AND SCREENING
15Copyright © 2020 Accenture. All rights reserved.
Build a single 360 degree
view of the customer.
external and internal data
sources to identify all
about the customer.
Resolve the entity on
external sources, identify
any hidden relationships
and generate improved
portals to collect
analytics to inform
risk scoring and
changes to known
to accurately trigger
volumes and only
focused on relevant
cases where customer
risk has changed.
processes. The data
collated before a case
is triggered is presented,
and reviews no longer
require extensive data
gathering and multiple back
and forth with the client.
We use risk scores
and network graphs to
simplify enhanced due
diligence and identify
financial crime risks,
16Copyright © 2020 Accenture. All rights reserved.
Every journey to cKYC is
unique, so we don’t roll
out a standard “off the shelf”
framework. We design our
solution around your policy,
preferred data sources
and overall strategy.
New tech shouldn’t clash
with the old. Our open
architecture tools can be
easily integrated with your
Our approach covers the
entire compliance process,
including your people. We
provide upskilling in data
and analytics, change
management and risk
How we work with you
The journey to cKYC
Tailored Solution Design
Client specific solution designed
to gather required KYC information
from preferred data sources.
Entity resolution across
client’s preferred internal
and external data sources.
Deploy tailored Continuous KYC
solution to a pilot population.
Measure and quantify benefit of
deployment to pilot population.
Test and Improve
Gather Management Information
(MI) and identify areas for improvement.
Introduce further data sources to allow
for iterative improvement in accuracy
of risk events, better assessment of
materiality, and enhanced investigation.
Deploy to entire KYC population
Connect to further data sources and use other
techniques like inference to gather required
KYC information for other customer segments
Deploy tailored continuous KYC
solution design to wider population.
Continual Risk Management
Investigations driven by a range
MI automates most decisions with
specialized human input for key risks only.
Improved customer experience,
reduced workload and better risk control.
Current State Assessment
Understand client end-to-end
KYC process today.
Make sure client is able to support
capabilities required to implement
Copyright © 2020 Accenture. All rights reserved. 17
18Copyright © 2020 Accenture. All rights reserved.
Ready to begin? Get in touch.
Europe, the Middle East
and Africa, Quantexa
Solution Lead, Quantexa
Risk Resilience Lead,
United Kingdom & Ireland
United Kingdom & Ireland
United Kingdom & Ireland
19Copyright © 2020 Accenture. All rights reserved.
Continuous KYC by Accenture + Quantexa
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informational purposes only and does not
take into account the reader’s specific
circumstances, and may not reflect the
most current developments. Accenture
disclaims, to the fullest extent permitted
by applicable law, any and all liability for
the accuracy and completeness of the
information in this presentation and for
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