Case Study: French Multinational Bank - KYC

Background challenge

Our client was facing major challenges with their KYC processes, including limited resources, inefficient workflows, and difficulty gathering data from various sources.

This resulted in long onboarding times and ongoing issues with KYC compliance. These challenges not only affected their customer experience but also limited their time for important risk management tasks. In response, the client urgently needed a solution to streamline their KYC checks, provide a secure audit trail, and seamlessly integrate into their existing processes. Their main requirements included a platform with a perpetual ownership model and no penalties for document storage.

Approach & Solution

We delivered an integrated platform that consolidates all KYC data and insights. Through trusted sources like Orbis and Swift, we enhanced the data with inputs from other reputable sources such as business registries. Our Extended Research and Information Center (ERIC) service allowed BankCheck users to easily raise queries and request assistance with complex organisational structures and document gaps. We seamlessly integrated our platform with the client's workflow tool and provided a secure document storage facility and offered downloadable reports, containing detailed information on the search, date/time, and data source, all owned by the client without any financial implications.‍

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Value & Outcomes

Improved Customer Experience  

By minimising the number of requests made to clients, we significantly reduced the time required to complete KYC checks, enhancing overall customer satisfaction.

Improved Team Efficiency              

By integrating necessary data and insights into the KYC platform and utilising our ERIC service for document outreach, our solution has freed up valuable resources. This allowed the team to focus on integral data research and risk management tasks, boosting overall efficiency.

Reduced Risk                                        

Our comprehensive platform utilises data from multiple verified sources, generating custom reports with a complete audit trail. This reduces risk and enables better risk assessment and compliance.