What is remediation in financial services?
Financial services firms are required to collect and act on the basis of huge quantities of customer information. Know Your Customer remediation is the process of collecting, validating, reconciling, and updating data on customers to comply with the latest regulations. Firms can then offer products and services based on up-to-date information and risk profiling.
The process of remediation is often a time-sensitive undertaking driven by regulation and involves using data from various complex documents and data sources. Instabase can help financial services organizations achieve compliance without sacrificing the customer experience by minimizing the manual, time-intensive effort required in the CDD process.