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.

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