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A leading Nordic bank sought help in creating an advanced KYC platform for corporate clients, building on their private customer solution. They aimed for greater automation, improved IT infrastructure, and enhanced fraud detection.
Client
Leading Nordic Bank
Date
September 25, 2024
Services
Business analytics, Software development and IT/Changemanagement
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Transforming KYCs: From manual hassles to automated simplicity
A leading Nordic bank needed help with establishing an automatic platform to handle KYC requirements for its corporate customers. The bank had already deployed a similar platform to handle KYC requirements for its private customers. Based on the learnings from the solution for private customers, the corporate solution had to be significantly better in comparison. The customer wanted to build on its existing IT infrastructure and increase automation. Moreover, the internal interfaces to handle customer information after collection had to be developed and subsequently automated as much as possible.
ArticulateIT helped develop the KYC platform, which corporate customers interacted with, and automated multiple large manual processes. The platform is integrated seamlessly with the bank’s existing IT infrastructure to decrease roadblocks, costs, and improve change management. An internal back-office solution was simultaneously developed for employees to easily access relevant information, perform KYC tasks, and improve detections rates of fraudulent activities. The back-office solution was continuously optimized and automated to reduce case-handling times, remove manual processes, and decrease risks of errors.
Throughout the project, ArticulateIT has coorporated with stakeholders across all levels of the organization to ensure alignment, adoption, and to perform quality control.
The project has significantly improved IT automation in the bank, reducing manual processes, and related
errors. The customer-facing solution interacted with more than 30,000 customers globally, complying with Danish KYC regulation. Furthermore, the internal back-office solution has improved case-handling processes while decreasing the case-handling time. Finally, the project has significantly improved organizational cohesion –especially between IT and business departments, where the business is now proactively interested in and provide suggestion to the possibilities of utilizing the full potential of IT.
