Having a core onboarding system is not a requirement for small and medium-sized financial institutions. This will certainly pose challenges to them because they need to create a screen inhouse, and they are not able to connect to AML solutions via web service.
On the other hand, if they contract with other vendors to implement a screen with only the must-have fields and functions on, this is not the best solution for long-term use. Colleagues in the branches can only monitor the result of customer due diligence and customer screening, for example: if the customer is a PEP or a high-risk one. This rushed solution is not sustainable, and it has several missing basic functions that would accelerate the onboarding process.
Find out more about KYC Onboarding from the solution brochure.