Know Your Customer

In Banking and capital markets

Our Know Your Customer (KYC) solutions help firms achieve automated operating efficiencies and a high quality customer experience. Our skilled professionals, global service delivery hubs and advanced technologies help enable execution of the KYC lifecycle at a noticeably lower cost while improving compliance.

What EY can do for you

A changing regulatory environment, increasingly sophisticated financial crime tactics, and high customer expectations are prompting financial institutions to rethink and transform their KYC processes. However, satisfying ever-increasing compliance and due diligence requirements without compromising the client experience is challenging. Doing so efficiently and cost-effectively is further complicated by legacy systems, disparate data silos, and differing global regulatory requirements.

Financial institutions can adopt digital technology to reduce costs, improve quality and transform KYC operations and client lifecycle management capabilities. But doing it alone can be risky and disruptive, given the need to select, deploy and manage technology, engage the necessary talent and manage relationships with regulators.

Our KYC services help firms address these challenges and enable them to reallocate technology investments to their growth strategies and to access an experienced workforce that can handle fluctuating volumes. This reduces the need to incur one-time costs, make temporary investments, and spend time managing non-core processes. These services encompass due diligence processes for client onboarding and renewals across multiple jurisdictions as well as case management, advanced analytics for next generation customer risk rating, complex entity management, and secure digital exchange of customer information.

Our KYC services include:

New customer onboarding: We offer end-to-end management of KYC processes for new customers and products. This includes document gathering and validation based on policy requirements and the sourcing and interpretation of structured and unstructured data from both internal and trusted external sources. Aggregating this information to a single client view accelerates risk assessment and verification.

Due diligence: Our rules-based identification, aggregation and automation of customer information across business lines, legal entities, and jurisdictions streamlines the process and is designed to accurately address the data requirements for ultimate beneficial owners (UBOs).

Customer information refresh and remediation: Our end-to-end management of KYC processes for existing customers is based on renewal cycles and customer trigger events.

The KYC process is enabled by workflow management covering tasks, automatic communications, integration of screening, Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) and risk rating, and alignment with a quality control framework.

Why EY

We are a worldwide leader in the fight to disrupt financial crime. EY teams made up of 3,800+ industry and domain professionals from across the globe bring a wealth of knowledge and strong relationships with regulators.

We have led financial crime transformation and remediation programs at 7 of the 10 largest financial services organizations.

We have invested US$100m in a proprietary financial crime compliance platform, which is the foundation for monitoring and investigation services. Based on industry standards and controls, the platform facilitates the use of AI and machine learning so banks can incorporate larger and more complex data sets into their monitoring programs and analyze them more precisely. Its flexible and scalable design allows banks to evolve their monitoring capabilities as their needs change.

Delivered through a network of global service centers, our managed services offering supports the entire KYC lifecycle from initial case prioritization and scheduling through file completion, including data enrichment, due diligence, outreach support, screening and risk rating as well as underlying quality assurance and reporting.

Other EY services to help banks fight financial crime include:

Protecting the enterprise

We help protect your enterprise from a large and expanding set of risks, including cyber, fraud, financial crime, and data privacy and protection.


Explore our latest thinking on protecting the enterprise in financial services.

Find out more

Case Study
The better the question The better the answer The better the world works
Case Study

Case study: How one of India’s largest public sector banks merged and transformed itself

EY merged three large banks with smooth Day-1 integration, minimal disruption and new operating model.

Case Study
The better the question The better the answer The better the world works
Case Study

How would the bank transform its operating model amidst a merger?

Successful Day-1 integration with best-in-class operating model design led to a holistic transformation.

One of India’s leading public sector banks merged with two other banks and the combined entity resulted in one of the country’s largest banking entities. It was the largest merger in the Indian banking industry at the time.

At the time of the merger, the bank’s primary objective was to achieve seamless Day-1 integration with minimal customer disruption and smooth structural, cultural, operational, and functional integration. The bank sought support to manage the scale and complexity of this integration. It also wanted to ensure that the combined entity realized all synergistic opportunities for future growth.

EY worked with the bank to deploy a destination operating model for providing a competitive advantage across the value chain. The new operating model set a foundation for scalable growth and higher efficiencies across sales, credit, collections, and internal operations.

Business transformation road map
Case Study
The better the question The better the answer The better the world works
Case Study

EY led Day-1 integration and destination model roll-out to transform the bank

The transformation involved building an operating model with a revamped organizational structure, efficient operations and a culturally aligned workforce.

EY conducted a detailed diagnostic and comprehensive Day-1 readiness assessment across the business, support and control functions of the bank. The key focus areas were:

  • Harmonization of products, processes and policies
  • Ensuring minimal customer disruption
  • Enhancing geographical reach with an optimum product mix
  • Alignment and integration of unified digital platforms for customers

Subsequent to the successful Day-1 merger, EY created a destination operating model with an 18-month long transformation roadmap targeting:

  • A four-tiered credit operating model with specific focus on large corporates, mid and small corporates, micro, small and medium enterprises
  • A revamped organization structure to create specialized verticals including fintech and collections and recovery
  • A comprehensive assessment of potential cost and revenues synergy arising from the amalgamation and developing a 3-year roadmap for the bank for realizing the same
  • Seamless customer experience with inter-operability across branches and other digital and physical channels 
Operating model transformation
Case Study
The better the question The better the answer The better the world works
Case Study

The bank saw successful business transformation with an efficient operating model

The bank is set to continue its momentum and grow rapidly to achieve its future targets.

As the merger stabilized and concluded, the bank saw substantial improvement in its overall business and operational performance, leading to a sustainable change in the bank’s financial metrics with a significant value delivered by EY.

20%

Improvement in cost-to-income ratio

13%

Cost synergies

3.5%

Revenue synergies

The engagement was led by the EY team and senior bank leaders including the MD and CXOs. The EY team included a cross-functional mix of partners, directors, senior managers and over 40+ consultants who came together to devise the merger and integration strategy for the bank.

EY became a trusted partner for the bank by enhancing its geographical footprint, strong future roadmap and optimized target operating model. These milestones were achieved by establishing strong relationships with the senior executive management and division stakeholders.

Transformation Realized

Transforming businesses through the power of people, technology and innovation.
Business operating model

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