CONTEXT
KYC Efficiencies initiative - RBC Wealth Management
The ask was to simplify the Know Your Client (KYC) process for key users: Advisors, associates, and clients. New regulatory changes meant that Advisors now had to review each managed investment account every year, rather than every three years, or whenever client information changed. This significantly increased the administrative workload for Advisor teams.
OUTCOMES
76%
reduction in KYC reviews required annually
70%
decrease in review and approval time for Advisors and Associates
CHALLENGES
Empower Advisors and clients with a more immediate and holistic view of KYC data.
Elevate the client experience with improved services
Provide a more consistent and efficient approach to data collection
GOAL
The goal was to Improve annual KYC efficiencies by reducing the number of KYC’s from 500,000 annually to ~150,000. To do this, we ensured the KYC process was streamlined and optimized from initiation through to approval.
We conduct in-depth interviews to uncovers deeper needs, motivations, and pain points, from our users’ perspective using mixed methods (one-on-one interviews and group sessions), and targeted both internal subject matter experts and external users to gain a deeper understanding about the problem space.
The user research surfaced 8 key pain points across the journey phases and several opportunity areas for efficiencies in the KYC
Review Process:
Prioritized pain points:
We prioritized these three because we felt they would address the most burdensome challenges to Advisors, and could be addressed
with shorter-term, digital solutions.
We brainstormed a variety of ideas to address the pain points and opportunities uncovered in user research.
During the workshop, each team took a vote on the ideas they felt were most promising.
Themes:
After synthesizing ideas from the workshop, six clusters of ideas emerged, which included 12 ideas of varying degrees of technical and operational complexity:
1- Simplified KYC review
2- Streamline approval process to reduce rejections
3 - Integrated access to data
4 Advisor & client friendly portfolio view
5- Simplify and digitize data input
6 - Highlight critical information; automated alerts
As a team, we created emerging opportunity statements and defined the project's success criteria. I then began mapping the current journey to align on a shared vision for the future experience.
Streamlined Client Profile Submission: Simplifies the KYC submission process directly from the client profile, enhancing user experience and efficiency.
Intuitive Data Review & Approval: Enables quick and easy review of KYC data, supported by a dedicated approval dashboard for efficient management of pending approvals.
Efficient Client-Level Review: Facilitates a single, comprehensive client-level review, eliminating redundant checks and highlighting all relevant changes for advisors, ensuring consistency and accuracy.
Comprehensive Account-Level Insights: Provides advisors with a detailed account-level view, prominently highlighting all changes for informed decision-making.
Both on desktop and via the AVA mobile app for on-the-go access.
Enhanced Relationship Visualization: Offers clear visualization of client relationships, allowing for easy verification against updated information and changes.
Proactive Compliance Notifications: Implements a notification system to inform users of client compliance status, proactively preventing rejections and ensuring regulatory adherence.
After the initial designs, we conducted nine 45-minute semi-structured interviews to validate the KYC journey and uncover key opportunity areas for improvement. We then iterated based on feedback and successfully launched the new KYC journey
Impact
COB
You can explore different parts of the COB experience by clicking the links below.
01
Streamlined onboarding and maintenance Journey
02
Private Corporate Journey
03 KYC Efficiencies initiative
04 Investment Policy Statements
05 E-sign journey