Business Snapshot
40%
reduction in operations costs
upto 90%
lower change management costs
50-60%
reduced client outreach effort
Overview
Over the past two years, this KYC and risk rating provider has been working closely with ValueLabs to create an innovative banking platform that simplifies enrollment for customers, and helps banks to comply easily with anti-money laundering regulations. The two companies now have a strategic partnership which continues to grow as more banks join the service.
Based in Singapore, this “know-your-customer” and risk rating provider delivers technology to retail, private, commercial, and corporate banks and financial institutions. It offers fully digital client lifecycle management platforms, as well as KYC and Anti-Money Laundering (AML) solutions.
The company’s industry-first solutions help banks and financial institutions to remain fully compliant, wherever in the world they operate—and to create simple, seamless journeys for their customers and employees.
The foundations of a strategic relationship
Multi-national banks all share a common challenge: enrolling new customers across different locations. If a customer wants to create an account with a bank that operates across multiple countries, they need to provide a different set of information for each branch.
Currently, the process can take up to four weeks for each branch, creating a frustrating experience for both the customer, and the bank. And tightened regulatory pressures around AML compliance only make the challenge greater.
The KYC and risk rating provider wanted to create a KYC solution that would solve this critical banking problem, remain compliant to AML regulations, and provide a central data repository for all customer information across a bank’s locations. As a result, banks could offer customers a single enrollment point, where they would only need to enter one set of information.
“The company wanted to build a configurable platform that didn’t need to be re-developed for every bank,” says Ramesh Atta, Solution Architect at ValueLabs. “It needed to be easily customizable, and deployable in a software-as-a-service model.” The company had a clear vision in mind too, with an existing prototype on-hand to use as a starting point.
We knew what we wanted to achieve with our platform—but we needed a technology partner with the industry knowledge to understand our objectives, and the technical expertise to build the solution.”
Services Involved
Development
Business Impact
Product development: easily configurable and flexible deployment
ValueLabs and the risk rating provider were ready to develop the final platform—complete with multi-tenancy and multi-lingual support.After going through an RFP process, the company partnered with ValueLabs to build its easily deployable KYC platform.
“We had a lengthy set of requirements for the platform, and ValueLabs proved they could meet all of them and more,” says the Director. “Through a series of workshops, the ValueLabs team really got to know our ambitions for the project, and were able to design a solution tailored to our business.”
In addition, the company wanted the platform to be deployable across cloud, on-premises, and hybrid environments to support the different branch sizes across its client base.
The first phase of development involved building a minimum-functionality platform and delivering it to multiple multi-national banks for a pilot test.
“We needed to make sure the platform worked in a plug-and-play format,” says Atta. “Each bank was able to choose which modules they needed and customize the user interface to their requirements.”
After gathering feedback from the pilot test, ValueLabs and the risk rating provider were ready to develop the final platform—complete with multi-tenancy and multi-lingual support.
User experience: Streamlining payments for millions of customers
It’s the first solution of its kind, and it solves a lot of critical problems banks and financial institutions have been facing for years
Plug-and-play
microservices and a micro front-end delivery model
Flexible deployment
options across cloud, on-premises, and hybrid
A truly collaborative
relationship
The company’s platform enables easy onboarding for banks of all sizes, with cloud agnostic deployment options, an easy to use web application, and a flexible licensing model. And with a multi-tenancy enabled platform, banks can easily customize the user interface, color schemes, branding, error messages, and much more, all without any code changes.
The platform is helping banks create a simpler experience for their customers too. With an OCR-enabled document management system, it’s easy to automatically extract data from the documents a new customer submits, and share it with different branches within the same organization—all while complying with AML regulations.
“We believe our platform will make a real difference in the banking industry,” says the Director. “It’s the first solution of its kind, and it solves a lot of critical problems banks and financial institutions have been facing for years.”
Automation: Easy document processing for faster enrolment
Help banks reduce up to 90% of their operations costs, with self-serve operating models and fewer requirements for staff training.
Automated information
and documents capturing
Effortless risk
rating evaluation
Simple information and
document checklist requirements
The company’s KYC platform automates multiple tasks in banks’ customer enrolment processes to simplify the experience for customers. With automated information and documentation checklist requirement generations, banks no longer need to spend time determining what information a customer needs to provide based on the branch they’re enrolling at.
Following automated checklist generation, the KYC platform also automates precise document capturing and name screening, enabling customers to submit their information for processing without any human agent support. Once the customer information is submitted, the platform automatically evaluates their risk rating, and offers bank the chance to accept or reject the customer—reducing the average risk turnaround time by 75%.
Using the company’s KYC platform, banks can reduce the customer enrolment process from three weeks to just one day and a single button click. It will help banks reduce up to 90% of their operations costs, with self-serve operating models and fewer requirements for staff training. Plus, with a full audit trail that uses version controlled and time-stamped checklists, it’s easier for banks to remain transparent and compliant throughout the entire process.
A technology partnership for the future
After a smooth launch and development process of the KYC platform, the company is now looking to collaborate with ValueLabs on future projects.
We’ve gone from being the software company’s service provider to a true technology partner. We’re even helping the company during the sales process of the new KYC platform—we can see the potential it has in the industry. ValueLabs understands our business, and knows what we want to achieve. We’re confident they’ll be able to support us as we continue to grow and innovate in the financial industry.
Business Problems? Technology Challenges?
We’d love to help!
