Custom AI Solution for Enhancing KYC at a Global Bank
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December 17, 2024
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Our client, a multinational bank, sought to enhance its Know Your Client (“KYC”) program to improve compliance and efficiency while combating fraud and money laundering. FTI Consulting developed and piloted an AI-enabled platform to automate the KYC refresh process, reducing costs and improving the overall customer experience.
Our Impact
- Compliance, Quality & Risk Effectiveness: Our team of experts optimized processes and strengthened risk management, achieving a 61% reduction in cases escalated by the Second Line of Defense (“2LOD”) back to the First Line of Defense (“1LOD”).
- Transformed Customer Experience: FTI Consulting reduced case turnaround time by approximately 60%, significantly accelerating onboarding timelines.
- Reduced Cost & Increased Efficiency: By cutting the average case completion time by 48%, our team boosted operational capacity by 30 to 35%, driving down costs and enhancing productivity.
Our Role
- Policy & Procedure Integration: FTI Consulting’s experts developed a decision tree within an integrated workflow tool, translating policy and procedure requirements into actionable steps based on client entity type and services. Our team defined critical data elements to streamline workflow mapping and establish an AI model baseline.
- Development of KYC Execution Platform: Our team standardized onboarding and lifecycle management across services with integrated processes, policies and data. They deployed accelerators, digitization and automation to meet compliance requirements and support customized reporting.
- AI/ML-Driven Analytics Accelerators: Our FTI Consulting experts developed custom AI models to minimize human intervention in KYC and regulatory onboarding, utilizing data transformation tools such as Pandas, Apache Spark and Python. They created an AI agent to manage a two-way flow of information, automating tests, solving issues and executing actions with golden sources.
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Published
December 17, 2024
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