We started off the relationship by defining the specific use
case that the bank was after – “increasing efficiencies in liaising with
corporate clients when it comes to maintaining corporate relationships”. We
further split this generic requirement into different segments which later
became the measures of success of our product, namely:
-
KPI 1 - reduce the amount of manual effort required
in reviewing corporate structures
-
KPI 2 - reduce the dependence on email to
communicate with clients and collect data
-
KPI 3 - allow corporate clients to view the
status of their applications
-
KPI 4 - allow corporate clients to update
data in their applications
-
KPI 5 - ability to be notified when deadlines
on such review processes are not met
All of the above are off the shelf features within KYCP
however, since it is fully dynamic, the project always starts with a set of workshops
between our compliance team and the head of compliance within the bank’s
operation. These workshops start off by defining the processes that the client
is expecting. In this case the respective programme in KYCP was defined for
corporate clients. This saw the definition of data being requested, the risk
associated to the data being collected, the required forms (such as source of
wealth, shareholder KYC forms, etc.), the required documents and most
importantly the setting of statuses and workflows based on how the team within
the bank already operates.
For this particular use-case, the agents within the compliance
team of the bank are using KYCP as a customer outreach tool for review
processes only. So the agents are creating the structure of the existing corporate
clients within KYCP with all the data that they already have within their core
banking system (and ancillary files). Once the structure is populated that are
giving access to their corporate client via a secure and authenticated mechanism
for them to have direct access to their structure. This interface (called the
Customer Outreach Tool) within KYCP allows the corporate client to be able to view
all the data that the bank set and also tweak, update or add as necessary. All
this is based on the configuration of the bank so all the data is being
dynamically loaded based on the requirements that the bank defined. The data
consists of the form/fields, documents as well as questionnaires. This module,
together with KYC Portal within the bank catered for the KPIs defined in the
following manner.
KPI 1 - reduce the amount of manual effort required
in reviewing corporate structures
Resolution:
This target was addressed through the automation offered through KYCP based on
the configuration within the system. The risk-based approach has been fully
automated based on data being input in real-time. Which risk is linked to the
review policy which is set at entity and application level. KYCP notifies the compliance
team when a review is due based on the updated risk. Also KYCP notifies the
compliance team when a document is about to expire so that they can start
working on getting a new updated version. KYCP has also been hooked up to a
third-party screening service provider for checks of PEPs, Sanctions and
Adverse Media on all of their subjects automating the alert when something
needs reviewing on all subjects in the system. Also the embedded questionnaire
builder with integrated risk (fully customised by the client) removes the need
to have personnel checking all the forms being sent in as the system instantly
calculates the risk being perceived in real-time. These modules have helped the
bank in reducing the workload on their agents allowing them to focus on the
on-boarding aspect of KYC as well as spending more time on the higher-risk
subjects which need more effort in processing.
KPI 2 - reduce the dependence on email to
communicate with clients and collect data
Resolution:
Within KYCP, the Customer Outreach Tool offers a proprietary embedded communication
module that allows the bank representative to communicate with the customer
through the same audited and secure channel. The agent within the bank can
initiate a live chat with the client throughout the application process. This
chat is instantly audited in a tamper-proof historical record against the
application itself. Also, throughout this chat module the agent can conduct a
fully recorded audio call with the client, which call is instantly recorded
(with ability for playback) against the application. Last but not least is the
face-to-face module which allows the agent to conduct a video call recording
the call within the audit with playback facility. The call records both the
agent window as well as the customer window and is further enhanced with biometric
facial recognition throughout the actual video call to add to the validity
process of the verification process. This module is being used by the bank and
has completely eliminated the use of email within the review process.
KPI 3 - allow corporate clients to view the
status of their applications
Resolution:
Through the use of the Customer Outreach Tool, the bank decided to expose the
status of the customer’s application to the customer themselves so that they have
an idea of what is happening within the bank. This status is giving more
visibility to the client as to how the bank is handling their applications in
real-time.
KPI 4 - allow corporate clients to update
data in their applications
Resolution:
Another feature that the bank is making use of is within the Customer Outreach
Tool whereby a customer can request (on previously submitted application) the
ability to change the details. This is an initiative that the bank is taking into
giving their corporate customers the ability to be pro-active and inform the
bank when there has been any change within their structure or company details. This
will notify the agent in the bank of the request to be able to start working on
it.
KPI 5 - ability to be notified when deadlines
on such review processes are not met
Resolution:
KYCP allows the agent within the bank to set deadlines on requests sent to the
client. When an agent is expecting the client to fill in the missing details by
a specific date range, such date can be set within the system at application
level. KYCP will then notify the agent when the customer has submitted the
requested data or information or else should the expiry date happen before the
customer filling in the data the agent will be notified with a separate alert. KCYP
also allows the agent to have a full view of all the applications which are in
the customers’ hands and their overall status from a completion perspective.
KYC Portal is now being successfully used by
this bank to be able to automate the review processes for corporate clients and
getting them to communicate through a secure and fully audited fashion.