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.
Corporate, Wholesale and Investment Banking
CLM Process Efficiency
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.
Our client had identified a tranche of several thousand corporate and retail customers for which they wished to remediate the Know Your Customer (KYC) data held and to re-assess whether the interactions with the retail customers were compatible with Responsible Gambling requirements.
Seamless KYC & AML Systems Integration for a Leading Specialist Bank
A major global bank needing a data clean-up post banking system implementation
