Client
Based in New York, USA, Client is the leading financial institution that was founded in 2006, helping thousands of individuals and businesses fulfill their monetary or financial requirements across the globe.
Hours delivered back to the business
SOX compliance in Settlement process automation
Success rate of bot case completion
For functional release of OBT, RTS and OGS
Business Needs
Implementing KYC procedures in banking requires strict compliance and costly manual tasks. Due to the limited availability of the operations team resulting in continuous backlogs. Processing huge volumes of applications and manual validation is very tedious and error-prone.
Thus client wanted to simplify the verification process for their customers by introducing a separate KYC mobile app that is fully compatible with KYC & Anti-money laundering (AML) policies to reduce the costs & time of data validation across the entire financial network and allow users to confirm their identity and register safely, automating-
- Customer data verification for the bank’s risk management.
- Customer identification procedures, transaction monitoring, and accurate due diligence.
Solution
BI developed an integrated smart KYC low-code application that-
- Actively detecting financial crimes involves monitoring sanctioned screenings, examining suspicious activity reports, alerts from detection engines for transactions/processing, and customer risk assessments- all from a single platform.
- Ability to bring in risk scoring from credit bureaus & automate workflow for the second-level review process.
- Provide real-time data analysis, data surveillance offers effective risk management.
- Automatically search customer profiles and detect were previously accepted, rejected, or in progress.
The Results
BI has successfully fostered digitalization across the entire financial document validation system with improved financial services processing with supreme data security & privacy, ensuring frictionless customer experiences.
- Better Time and Resource Management
- 60 % Gain in quality and efficiency of compliance departments
- 40% Reduction in data efforts and duplication
