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For every financial institution, Customer Identification Program (CIP) and Customer Due Diligence (CDD) is just something you do, and the two go hand in hand.  After-all how can you perform effective due diligence if you don’t know who you are dealing with in the first place?

Here are 3 tips to help streamline how you collect your data:

Tip 1:    Be meticulous about the data you collect

Data collected at the account opening stage forms the foundation for building the customer’s account profile and record, so ensuring you get the right information at the start of the relationship is key. You can achieve this by:

Clients are able to complete their applications at any place and at any time – making it a lot more convenient and secure.

Tip 2:    Provide customers with instant feedback on data capture mistakes

One the biggest frustrations for both your BSA team and customers is back and forth communication due to wrong or incomplete information. If poorly managed these delays can result in customer drop-off. To avoid this from happening:

Tip 3:    Make it easy for your customers to sign their application forms

Enable digital signing to allow customers to sign the form from anywhere at any time. This is particularly useful when there is more than one party needing to sign.

Implementing these simple tips will help to streamline your account opening and CIP  process, allow you to collect quality data upfront and improve your customer’s experience.

There are a number of form filler and digital signing tools which are easy to use and implement. Some solutions to consider are:

It is important to remember that when choosing the best tool to take the vendor through a vendor due diligence process. Ensure the data stored by the vendor is safe and secure and that the vendor has appropriate controls in place, as evidenced by a SOC Certificate or equivalent.