A UK-based online bank that provided multicurrency accounts for cross-border European transactions. The client wanted to enhance their customer on-boarding experiences and improve their CLM process.
A UK-based online bank that provided multicurrency accounts for cross-border European transactions.
The client was looking to enhance their customer on-boarding experience and to improve the firm’s end-to-end Client Lifecycle Management (CLM) process.
Lysis successfully compiled road maps and designed effective, bespoke processes in three main areas (1) improving the customer on-boarding experience, (2) enhancing on-going transaction monitoring and (3) streamlining the off-boarding process. The on-boarding experience included creating/uplifting the following elements: a pre-on-boarding assessment, a KYC questionnaire, an Ultimate Beneficial Owner check, screening, defining a Quality Assurance process, and finally, creating an escalation process. All these elements were linked with a robust AML/CTF framework. The on-going transaction monitoring process was refined by reviewing rules that drive the amount of hits, as well as the process for KYC refresh. Finally, the off-boarding process was streamlined which reduced touch points and resulted in a more efficient and standardised process.
A significant reduction in on-boarding time with less friction points, improved overall customer on-boarding experience, and an efficient and standardised end-to-end CLM process.
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