Design and Delivery of Fully Automated Customer Onboarding for Major Global Bank
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May 12, 2022
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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.
Related Insights
Published
May 12, 2022
Key Contacts
Senior Managing Director, Head of UK Financial Crime Compliance
Managing Director