Hamburg Commercial Bank offers its customers digital solution for onboarding and KYC
- Innovative cloud application accelerates compliance process
As part of its comprehensive digitalisation initiative Hamburg Commercial Bank is, as of now, launching the first of its many focus projects: The Bank’s new and existing customers will benefit from a digital solution which accelerates the know-your-customer (KYC) process by up to 70%.
This has been made possible by a Cloud service through which interactions between customers and the Bank are prompt, paperless and fuss-free. Until now, data capture – the Money Laundering Act obliges banks to check the legitimation of their customers – was a protracted and repetitive process that had to be done by hand.
The application provides an additional benefit: It can be adapted to meet future requirements of the regulatory authorities regarding the fight against money laundering, white collar crime and terrorism. “We are offering our business partners a genuine added value. This innovative technology marks a major step on the path to our goal, which is to become a bank that acts with efficiency and with speed”, said Stefan Ermisch, CEO of Hamburg Commercial Bank.
Unlike existing solutions, Hamburg Commercial Bank’s innovative KYC process does not entail system-side requirements on the customer’s part. “We are enabling rapid, digital and, above all, uncomplicated onboarding for all customers“, said Jan Sojka, Head of the Digital Excellence Center (DEC). The Bank is thereby raising the bar and creating the basis for establishing a market standard for the KYC process.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
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