This is our story of transforming the KYC function for a leading bank by leveraging the strong domain knowledge and data capabilities of WNS’ FinCrime Center of Excellence. We re-engineered, re-designed and automated processes, all within the framework of our client’s existing technological infrastructure.
Despite technological infusion, many banks still rely on manual interventions to navigate the complex terrain of Know Your Customer (KYC) reviews. Such methods prove inadequate, given the sensitive nature of customer data and the increasing complexity of regulatory mandates. Patchy digitalization also directly impacts operational costs, customer experience and go-to-market timelines.
To remain compliant while being competitive and outperforming customer expectations, banks must embrace new technologies and / or upgrade existing solutions to fully automate the KYC process.
Meeting its KYC-related commitments. Despite best-in-class systems and applications, the bank’s KYC processes lacked the rigor to close reviews quickly and efficiently. The result was a protracted cycle of 120 days or more to complete the process, further exacerbating operational inefficiencies, customer churn and increased costs.
Major pain points included:
Leverage its expertise in banking and financial operations, financial crime and compliance, and automation to identify the factors causing process delays.
A comprehensive review of the client’s systems revealed the lack of optimal utilization of its best-in-class technologies, resulting in a continued dependency on manual methods.
Overview of the Bank’s KYC Review Process,
Highlighting Key Challenges and Automation Potential
A pragmatic approach that circumvented the immediate need for investing in new technologies. Instead, the thrust was on augmenting the capabilities of the existing platform to efficiently address the bank’s KYC goals.
To facilitate the transformational journey, we seamlessly integrated our client’s operational model with a state-of-the-art financial crime Center of Excellence (CoE). A meticulously devised five-step transformation roadmap was charted, encompassing:
Overview of the New, Automated KYC Review Process Resulting from the Five-step Transformation
The client achieving a staggering 100 percent improvement in its KYC timelines, reducing process duration from 120 days to 60 days. The other notable benefits were faster time-to-market, zero cost on new technologies and fewer transformation requirements. Tangible outcomes included:
increase in operational efficiencies due to the transformation
reduction in operating costs owing to the FinCrime CoE
reduction in the manual effort required in adverse news screening
improvement in the STP rate
KYC regulatory compliance
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Banking & Financial Services
20 December 2023
Hi-Tech & Professional Services; Banking & Financial Services
06 September 2023
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