Overview
Regulatory compliance and risk management are paramount in today's fast-evolving financial landscape. For our client, a leading European bank, driving Know Your Customer (KYC) transformation across the enterprise was not just about staying compliant but also optimizing operational efficiency, enhancing customer experience and strengthening the overall security
The Challenges
Overcoming KYC issues to enhance compliance and efficiency
The digitization of global institutions has brought a paradigm shift in how bank customers and employees operate regularly. In the face of evolving financial crimes and increasing complex regulatory environments, the challenges were multi-fold:
- Inefficiencies and regulatory risk due to outdated KYC systems.
- Lower customer satisfaction due to long onboarding process time.
The Objective
Streamlining the KYC process
In response to these challenges, our objective was to streamline the existing KYC process and enhance customer satisfaction with our suite of solutions and services
The Solution
Automated platforms to maximize accuracy
Our domain experts introduced automated workflows with an end-to-end approach to meet these objectives, improving operational efficiency and ensuring faster and more accurate customer information processing. The set of solutions included:
- Implementation of a next-generation KYC platform powered by AI/ML for automated workflows and global sanctions checks.
- Delivery of an entity resolution and adverse media integration for comprehensive due diligence.
The Impact
Numbers that speak volumes
Our implementation of the AI/ML-powered KYC workflows
- Enhanced compliance efficiency by 40% compliance efficiency
- 25% lower operational costs with increased customer satisfaction
