success story

Data factory CoE reduces time to market by 30% for leading Dutch bank's KYC rollouts

As digital advancements change the banking landscape, a formidable Know Your Customer (KYC) process is critical for banks to not only achieve due diligence but also mitigate risks, withstand fraud, and deliver lasting customer impact across touchpoints. 

Our client embarked on a KYC transformation program to improve compliance with the Dutch surpervisory body, De Nederlandsche Bank (DNB), and drive down operational costs. However, the bank’s existing KYC document processing involved siloed and non-standardized data processing approaches across 40+ countries that led to longer turnaround time, errors, effort duplication, and inefficiency.

The bank partnered with Virtusa to ramp up the customer onboarding process through a centralized KYC plaform. Virtusa set up a data Center of Excellence (CoE) to streamline the customer due diligence and onboarding process across 40+ countries. The solution helped the bank reduce time to market by 30% by optimizing KYC processes for millions of transactions.

The Challenge

Disparate data sources coupled with a siloed approach across geographically diverse teams made it difficult for the bank to standardize guidelines around data requirements and streamline the data ingestion process on the platform.

Inaccurate KYC rollout plans with insufficient insights into data availability or data quality issues further delayed approvals and led to constant replanning and renegotiations. 

The overall KYC process lacked transperancy on data quality and caused regulatory short comings and large volumes of false positives. The absence of common standards to assess data readiness and limited visibility to the senior management on the data readiness progress, the KYC rollouts got further delayed.

The Solution

Virtusa set up a data factory CoE for the bank for its business across 40+ countries to develop a centralized KYC platform with standard policies, processes, and rules.

KYC Solutions for Banks

Our data demand management process and framework included requirements elicitation from compliance and process leads, prioritization, and coordination with the chief data management office to streamline data definitions. 

We defined a holistic data quality framework that contained qualitative rules for each KYC data field along with a link to a KYC-related step and how each step impacts the KYC compliance and operations. Virtusa developed tooling that provided countries with the ability to profile their data and have an early warning on data quality issues, which can hamper solution rollouts. Our data integrity control framework helped set common standards that all countries can adhere to for data readiness. 

Virtusa developed a comprehensive playbook enumerating a standardized approach to KYC rollout across all countries. We also set up control room dashboards for senior management to have clarity on the progress of countries towards their data readiness milestones. A dedicated team of business analysts worked together with each country to support data mapping and data quality assessments. By leveraging our technical proficiency, Virtusa built critical data components to bolster the client’s KYC data analytics engine and enable an integrated, single customer view on the target KYC platform.

The Benefits
  • 30% reduction in time to market for KYC rollouts 
  • Single, integrated view of KYC data definitions across 40+ countries and a holistic view of the entire KYC data architecture 
  • Data quality related insights into 35 million customers and millions of associated transactions
  • Increased compliance through standardized data controls across all countries
  • 360-degree customer view and event-driven reviews 
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