Virtual workforce by Intetics optimizes the ‘Know Your Customer’ process to save 20% of time efforts

Virtual workforce by Intetics optimizes the ‘Know Your Customer’ process to save 20% of time efforts

Objective

Make Know Your Customer (KYC) process more convenient and effective.

Challenge

Intetics client is a consulting company headquartered in London. The market growth and service expansion entailed the issue of time shortage for ‘Know Your Customer” activities in the company. Thus, the descending level of process efficiency triggered the idea of processes transformation via robotic process automation (RPA) and cognitive services. The company chose Intetics for the expertise and hands-on experience in process automation.

Solution

The Intetics team started the project with the analysis phase. The team assessed the current process, its characteristics and environment. The result revealed the plenty of manual activities, high volume of routine and repetitive tasks, high probability of human errors and rule-based decision-making approach. Based on this and business requirements, the team developed Process Design Document (PDD). Based on PDD, the team developed the Solution Design Document, Operational Impact Document, and Process Design Instruction. These artifacts became the starting point for the actual process development and automation.

Firstly, the Intetics team concentrated on the transformation of the business-critical processes. They included:

  • Compilation of the customer information. The implemented RPA process advanced the search for customer data and provided the company with the all-inclusive information.
  • Customer information gathering and Customer screening. The integral part of the KYC process involves customer screening against the government, internal, and external watch lists. This provides the info about any politically exposed personnel, notorious data, etc. Both new and existing Client customers go through this check. Intetics automated the process via RPA approach allowing to rapidly verify the customer information across the important databases.
  • Risk assessment. Customer risk assessment included the search of the adverse information/news/data from public domain/external sources, regulatory bodies (FCA, SEC), government websites. Daily the client analysts’ team spent hours for accessing websites and internal databases to collect the information. To quicken the process, the Intetics team developed and deployed robots that would collect the information and connect it to the core KYC system. This ensured the rapid response to the requested adverse news/information search and helped to establish a well-maintained audit procedures complaint with the key due diligence requirements of KYC.

All the RPA process went thorough testing before the actual implementation.

Results

In the result of the partnership with Intetics, the Client efficiently implemented the virtual workforce into the company environment. Intetics team held 3 workshops to help the client team achieve the productive synergy of human and machine co-working. The implemented RPA approach optimized the process of information acquisition timely, which positively affected the decision making.

Quick Facts

  • 20% of FTE time saved
  • 85% of data accuracy and quality achieved
  • 55% of employee workflow optimization
  • 100% refined audit trail
  • By 50% accelerated the speed of decision making

Quick Facts

  • 20% of FTE time saved
  • 85% of data accuracy and quality achieved
  • 55% of employee workflow optimization
  • 100% refined audit trail
  • By 50% accelerated the speed of decision making

Case Study

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