For banks and financial institutions, maintaining up-to-date Know Your Customer (KYC) information is not just a regulatory mandate but a cornerstone of trust and security. However, the periodic re-KYC process often presents significant challenges, from fragmented client data across disparate systems to low customer compliance and high operational costs.

Thinqloud leverages the power of Salesforce to offer a comprehensive, automated, and customer-friendly reKYC solution that ensures compliance, enhances operational efficiency, and improves the overall customer experience.

Many financial institutions face:

• Scattered Client Data: Client information spread across multiple, siloed systems.
• Costly Data Consolidation: Traditional data warehousing projects for client data consolidation are often expensive and fail to deliver tangible results.
• Mandatory Re-verification: Regulatory requirements, such as RBI and SEBI mandates for re-KYC every two years, demand continuous compliance.
• Client Non-Compliance: Difficulty in engaging clients to complete the re-KYC process, leading to account deactivations and dissatisfied customers.

Our solution addresses these challenges by centralizing client data and automating the entire re-KYC lifecycle on the Salesforce platform.

1. Centralized Client Profile with Salesforce CDP & Customer 360:

We utilize Salesforce CDP and Customer 360 to consolidate client data from various internal and external systems into a unified client profile. This comprehensive view includes:

• Client Identification: ID/Code, Name, DOB, PAN#, Aadhaar#, Address (Registered, Permanent, Residence, Work), Contact Info (Mobile, Email), Gender, Profile Photo, KYC status and expiry dates.
• Account Data: Client ID, Account #, Account Name, Type (Bank, Demat, Trading), Holders, Status, and associated details like IFSC codes, DP providers, exchange client codes.
• Financials & Relationships: Assets, Liabilities, Income, Expenses, Net worth, Goals, Nominees, Related Party Accounts.
• Preferences & Engagement: Hobbies, Interests, Personalization, Rewards, Loyalty, Referrals, Subscription Plans, Application Access.

2. Seamless Data Ingestion & Integration:

Our solution ensures continuous data flow through robust integration capabilities:

• API-Driven Integration: Inbound REST APIs allow backend systems to push client data, while outbound APIs facilitate pushing updated profile information back to core systems.
• File-Based Imports/Exports: Support for JSON/CSV file imports for initial data loading and exports for updated data.
• AWS S3 Integration: Core banking systems push customer data (e.g., account details, KYC expiry) to AWS S3 buckets in JSON or CSV format, which Salesforce then retrieves, validates, and loads into custom objects.

3. Automated reKYC Workflow & Client Self-Service:

The solution streamlines the re-KYC process for both clients and internal teams:

• Due Date Tracking: Re-verification due dates are meticulously tracked, triggering automated workflows for eligible clients.
• Personalized Communication: Re-verification requests are sent as secure links via email, SMS, and WhatsApp.
• Client Self-Service Portal: Clients access a secure, white-labeled web or mobile application link to authenticate via OTP, verify details, and upload the latest ID and address proofs.
• Automated Document Validation (OCR): Submitted documents are processed using OCR (e.g., Amazon Textract) to extract data and match it with existing client information. This includes signature extraction and matching for self-attestation.
• Manual Verification Fallback: If OCR confidence scores are low or there's a mismatch, a case is automatically created and assigned to a cross-functional team for manual verification and closure, ensuring regulatory compliance.
• Case Management: Every reKYC request creates a Salesforce Case with relevant details (Account, Account Holder, Risk Level, KYC Expiry, Checklist Progress, Assigned Agent/Queue). Dynamic checklists guide the process, creating automated (customer-facing) and manual tasks (agent-assigned).

4. Multi-Channel Engagement with Salesforce Marketing Cloud:

We leverage Salesforce Marketing Cloud for robust customer communication:

• Targeted Campaigns: Personalized email, SMS, and WhatsApp campaigns send reKYC reminders and secure submission links.
• Push Notifications: Notifications sent via mobile banking apps for pending tasks.
• Automated Reminders: Campaigns automate reminders (e.g., T-30, T-15, T-5 days) based on KYC Expiry Date and risk-based segmentation for tailored communication.

5. Risk-Based Escalation & Tailored Workflows:

Customers are segmented into Low, Medium, or High Risk, enabling customized reKYC workflows:

• Low Risk: Simplified online submission and auto-verification.
• Medium Risk: May include optional Video KYC or manual document review.
• High Risk: Mandates in-person verification or detailed manual scrutiny.

Comprehensive KYC Document Checklist (India Specific):

Our solution is built to support the comprehensive documentation requirements mandated by RBI and SEBI, including:

• Savings Account: Proof of Identity (Aadhaar, Passport, Voter ID, Driving License, PAN, Govt. Photo IDs) and Proof of Address (Aadhaar, Passport, Utility Bills, Bank Statement, Ration Card, Rent Agreement) for single and joint holders.
• Current Account (Entity Types): Specific documents for Proprietorship Firms, Partnership Firms, Limited Liability Partnerships (LLPs), Private/Public Limited Companies, Hindu Undivided Families (HUF), Trusts, and Foundations, along with individual proofs for proprietors, partners, directors, authorized signatories, and Kartas.

Robust Reporting & Dashboards:

Gain real-time insights into the reKYC process through intuitive Salesforce dashboards:

• Executive Management Dashboard: High-level metrics like total cases, completion rates, SLA adherence, and regional/branch performance.
• Operations Team Dashboard: Monitor case aging, checklist completion rates, SLA performance by risk level, and document validation efficiency.
• KYC Verification Agents Dashboard: Help agents manage workloads with metrics on open/overdue tasks, case progress, and agent productivity.

Security & Compliance at Core:

Our solution adheres to the highest standards of security and regulatory compliance:

• Data Encryption: AES-256 encryption for data in transit and at rest.
• Access Control: Role-based access to sensitive data and tasks.
• Regulatory Adherence: Full compliance with RBI, SEBI, and Indian data protection laws.
• Audit Logs: Comprehensive logs of all case activities and task assignments for transparency and accountability.

Key Integrations:

Our solution integrates with essential external systems for seamless operations:

• AWS S3: For secure data ingestion and staging.
• OCR Services: Integration with Amazon Textract or similar tools for automated document processing.
• Government APIs: Direct integration with Aadhaar and PAN verification systems.
• Communication Tools: Seamless integration with Email, SMS, and WhatsApp Business APIs.

Thinqloud's reKYC solution empowers banks to transform a complex regulatory requirement into a streamlined, secure, and customer-centric process, ensuring compliance while enhancing customer satisfaction.