Design and Delivery of Fully Automated Customer Onboarding for Major Global Bank

Situation

This major global bank had a highly manual, paper-based customer onboarding process that was disjointed across underlying business lines. This led to significant operational inefficiencies, differing levels of regularly compliance and a poor customer experience.

Our Role

Our team were engaged to redesign the customer onboarding process for the customer’s wholesale and corporate banking. We created a vision for the customer onboarding journey that joined together best-in-breed financial crime technology covering ID&V, data aggregation and pre-fill, screening, automated customer risk scoring and product fulfilment.

Our impact

Our delivery has enabled an end-to-end simplification of the KYC data requirements and removed duplication from the onboarding documentation. The overall customer onboarding time was significantly reduced from an average of 25 days to 2 days. The client was satisfied with the provided support in gaining regulator’s approval of the automated approach in 15+ countries.