Financial institutions have spent years enhancing compliance and customer experience through KYC (Know Your Customer) improvements, using technology and automation to achieve straight-through processing (STP) for individual client onboarding.
According to Muinmos, the adoption of digital workflows has significantly reduced manual steps, helping firms onboard customers faster while remaining compliant.
However, the onboarding and lifecycle management of corporate clients, known as KYB (Know Your Business), has largely remained slow and manual. Many firms have assumed that corporate onboarding processes are too complex to automate, given the need to determine company structures, shareholders, ultimate beneficial owners (UBOs), directors, risk levels, sanctions data, adverse media checks and financial data collection, along with verification and screening of stakeholders.
As a result, corporate onboarding cycles often extend into days or weeks, with teams tied up in manual data collection and fragmented verification processes. The manual nature of these processes has also kept operational costs high while increasing the risk of human error and compliance gaps.
Recently, however, the industry has seen a shift. Financial institutions are increasingly automating KYB processes, driven by rising sanctions on corporate entities, mass adoption of AI tools across compliance workflows, and customers’ expectations for fast, seamless experiences similar to KYC journeys. This industry-wide pivot towards KYB automation is transforming how corporates are onboarded and managed.
Clients of Muinmos, a RegTech provider, have reported up to 96% time savings and over 30% cost reductions through KYB automation. The Muinmos platform achieves this by directly integrating into corporate data sources and offering smart customer journeys that adapt to different risk levels and due diligence requirements. Its AI-powered Client Risk Assessment (CRA) engine supports accurate, automated risk scoring while reducing manual workload.
These capabilities enable true STP onboarding for corporates, shifting KYB from a slow, manual process to an efficient, automated workflow. As FinTech firms and financial institutions adopt KYB automation, they are not only improving compliance but also enhancing the client experience, demonstrating that streamlined corporate onboarding is achievable with the right technology.
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