Aqubix’s KYC Portal has been chosen by an unnamed international bank to ease the ongoing relationship processes with corporate structures.
One of the key challenges facing banks is their daily review of corporate clients and ensuring their data is always up-to-date.
When starting off the relationship with its latest client, KYC Portal focused on defining the specific need which was identified as “increasing efficiencies in liaising with corporate clients when it comes to maintaining corporate relationships.” After coming to this definition, the company looked to break it down further into five key segments.
- 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
Aqubix case study: 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.
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