Celonis and Bright Cape Launch Smart KYC Control Tower to Optimize Financial Compliance

Celonis, a leader in Process Mining, today announced the launch of the Celonis Smart KYC Control Tower – powered by Bright Cape, a cutting-edge solution designed to enhance Know Your Customer (KYC) processes for financial institutions. Developed in collaboration with Bright Cape, this innovative app optimizes KYC workflows, reduces compliance costs, and enhances customer satisfaction. 

“Financial institutions today face mounting pressure to improve compliance while reducing costs,” said Chris Johnston, SVP, Head of Global Banking at Celonis.

“The Smart KYC Control Tower app enables compliance teams to eliminate inefficiencies, improve risk management, and deliver a superior customer experience – all with the power of Process Intelligence and AI.”

Addressing the Challenges of KYC Compliance

KYC compliance is a critical function for financial institutions, requiring rigorous screening for anti-money laundering (AML), anti-terrorist financing, and financial crime prevention. However, traditional KYC processes are often manual, time-consuming, and costly—accounting for up to 33% of compliance budgets in major financial markets. 

The Smart KYC Control Tower app streamlines these processes by providing a centralized and real-time view of KYC workflows, allowing financial institutions to enhance efficiency, ensure compliance, and scale operations seamlessly.

Key Features and Benefits

Built on Celonis’ Process Intelligence Platform and informed by Bright Cape’s extensive experience in KYC operations, the Smart KYC Control Tower app offers:

• End-to-End Process Monitoring and Improvement: A centralized cockpit for mapping, analyzing, and optimizing KYC processes, including customer onboarding and event-driven reviews.
• Regulatory Compliance Assurance: Real-time insights to detect compliance risks, prevent SLA breaches, and ensure adherence to global financial regulations. 
• Cost and Productivity Optimization: Identification of inefficiencies, automation of manual tasks, and optimized resource allocation, leading to reduced operational costs.
• Enhanced Customer Experience: Faster and more seamless onboarding processes that drive customer satisfaction and loyalty.

Driving Real-Time, Data-Driven Decision Making

The Smart KYC Control Tower app leverages the Celonis Process Intelligence Graph to provide financial institutions with a dynamic and holistic view of their KYC operations. By seamlessly integrating with existing systems, it enables real-time process monitoring and intelligent automation, ensuring financial institutions can proactively manage compliance and operational risks while enhancing the customer experience.

Unlike traditional KYC solutions that require extensive customization, the Smart KYC Control Tower is a ready-to-deploy application that delivers immediate impact. Financial institutions can start realizing benefits quickly, with the ability to continuously monitor and refine KYC strategies based on real-time data insights.

The Smart KYC Control Tower app is part of the Celonis Platform Apps Program, which empowers businesses to achieve unmatched value with industry-specific applications built on the Celonis Process Intelligence Platform.