SME Onboarding Small Medium Enterprise Onboarding for Banking www.aurachain.ch Customer supplies sporadic, incomplete information. The sheer amount of paperwork involved in the process means customers will often not send fully complete information to the bank. KYC operatives are then forced into a back-and-forth correspondence with the customer, which is both time consuming and painful for both parties. Departments within the bank are not sharing data. When the various departments inside a bank operate in silos and KYC information is not shared, it slows down the onboarding process and causes increased friction. On average, each customer goes through around 8 different interactions during the onboarding process. The customer experience suffers due to the lack of

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