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The Vantage Solution; The KYC Remediation Tool

Know Your Customer (KYC) and customer due diligence continues to be a challenge for most financial service organisations. These challenges are fuelled by the ongoing changes in the regulatory landscape, which are subject to laws such as FATCA and FICA, as well as changes like income, address and identity in the customer profile. The Vantage Solution is a workflow-based solution designed to accelerate KYC assessment and automate remediation efforts in a standardised auditable process. This solution is aimed at the African market where in-country regulatory requirements and statutory documents differ, in certain cases they even expire. With the inclusion of a multi-language feature, the Vantage Solution also helps to make information and checklists clear for both the organisation and their customers.

The Challenges Of KYC Responsibility

Clients who have a KYC responsibility typically face a number of challenges:

The Digiata Vantage Solution is an integrated offering. It combines several of our existing solutions including an on-boarding eco-system; a digital repository, electronic forms and workflow as well as auto alerts and notifications.


The Vantage Solution originates and builds upon the concept of a vantage to create a place where one can ‘see anything from anywhere’. This solution is applied in two different aspects of the KYC remediation challenge:

Fix the backlog – cleaning up the history or backlog, which typically requires significant manual effort to review the physical documentation and logging a customer’s KYC status.

Stop the bleed – whilst the history is being addressed, a customer’s information changes daily due to new on-boarding or cross-sell interactions.

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The Vantage Solution is designed to accelerate the manual effort and automate these processes on an entity-type single customer perspective. The specific components leveraged to leapfrog a client’s position are Auto Back Scan, KYC assessment, remediation automation and real-time reporting.

Auto Back Scan is a solution in which Vantage applies OCR technology in order to digitally recognise and index manual paper or electronic images. Documents are then stored in a digital library for KYC assessment. Besides auto-classification, the OCR capabilities also read and enrich personal data, such as ID numbers, ID expiry data and addresses from specific statutory documents required for assessment. These digital images are then either migrated to the client’s specific content management tool or maintained within the Vantage library on an ongoing basis.

KYC assessment and checklists are parameterised through the user friendly administration screens. These checklists are applied to the back-scanning effort, and ongoing in the-business-as-usual on-boarding and cross-sell effort processes. They are based on decision trees and setup within the following features:

Remediation automation (automatically contacting the customer) is one of the most costly exercises in the KYC programme is. Based on the checklists above, Vantage will workflow the outstanding information through the most cost effective/automated channels possible:

Real-time reporting is essential when various reports are required to monitor the KYC progress and assess the daily state of compliance across the organisation. Every activity and user process in Vantage is time-stamped, which enable a transparent audit trail to track and monitor progress. Based on these real-time reports and dashboards, one is available to view:

Additional benefits to the Vantage Solution include not only the data clean-up and single client view assistance but also the ability to drive a better on-boarding experience. This can be achieved through leveraging existing information (ask once give once principle), as well as better cross-sells due to accurate data.

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