RegTech provider KYCP has released version 2.1.6 of its Customer Outreach Tool (COT), a wide-ranging update designed to tackle one of the most persistent pain points in financial services: onboarding journeys that confuse users and stall applications.
The stakes are clear. Abandoned or error-ridden applications cost firms time, revenue and, in some cases, the client altogether. KYCP’s answer is a redesign that aims for right-first-time submissions rather than repeated back-and-forth between compliance teams and clients.
Central to the release is a new stepped approach to building complex company structures. Rather than relying solely on the traditional list format, users can now work with visual structure charts, defining entire hierarchies in minutes. KYCP said the tool guides users on which related parties can be attached to which parent entity, based on rules configured through its no-code interface, cutting errors and clicks alike.
Flexibility has also been extended to application creation. Administrators can now assign custom display names to applications and link several of them to a single underlying programme, while a configurable creation message, with HTML support, lets firms surface prerequisites before a user begins. For simpler cases, COT automatically detects single-entity applications and routes users straight to the data entry screen, hiding irrelevant structure options entirely.
New alternate status names allow an internal label such as Incomplete to appear to end users as Mandatory Fields Missing, without altering the underlying KYCP workflow status, so integrations remain untouched.
The application interface itself has been rebuilt. Long field lists are replaced by defined sections carrying their own completion indicators, flagged as Not Started, Completed, or showing the number of missing mandatory fields. The same visibility extends to documents and questionnaires. Lengthy sections can now be broken into smaller steps, configured in KYCP via a Divider Step field type with no development work required.
Data collection gets a visual refresh too. Lookup and remote lookup fields can be rendered as dropdowns, radio buttons, checklists or card views, each supporting descriptions that give users context, whether explaining share classes, risk categories or document types, at the moment a decision is made.
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