Streamlining customer registration and anti-money laundering compliance with superlative software solutions

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Geo location

SEA

Platform

Web

Engagement

5 Years

Industry

Banking and Financial Services

Service

Software Development

Challenges

Based in Singapore, this know-your-customer (KYC) and risk-rating provider delivers technology to retail, private, commercial, and corporate banks, and financial institutions. It offers fully digital client lifecycle management platforms and KYC and anti-money laundering (AML) solutions.

The company’s industry-first software solutions help banks and financial institutions remain fully compliant wherever they operate and create simple, seamless journeys for their customers and employees.

Time-taking

Complicated process

Regulation compliance

Streamlining activities

Enrolling end-clients across multiple geographical locations was a constant roadblock
They had to furnish different sets of information for each branch
Following local regulatory and AML compliance was another hurdle
Streamlining all activities was a time-consuming process for the banks and their customers

Our Solution

The first phase of software product development involved building a minimum-functionality platform and delivering it to several multinational banks for a pilot test. After gathering feedback from the pilot test, ValueLabs and the risk rating provider introduced multi-tenancy and multi-lingual support. The platform automation solution now enables easy onboarding for banks of all sizes, with cloud-agnostic deployment options, an easy-to-use web application, and a flexible licensing model. 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.

Reduce customer onboarding times across all branches.
Create a fully configurable KYC and risk rating platform.
Enable deployment across cloud, on-premises, and hybrid infrastructures.
Automate customer checklist generation and document capture.
Ensure compliance with AML regulations.

Solution Impact

Plug-and-play

Microservices and a micro front-end delivery model

Effortless risk

Rating evaluation

Flexible deployment

Options across cloud, on-premises, and hybrid

Services Involved

Software Development

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Software Development

SaaS-based configurable KYC & Risk Engine platform to reduce the customer onboarding time

The company wanted to build a configurable platform that could be re-developed for some banks. It needed to be easily customizable and deployable in a software-as-a-service model. The team at ValueLabs had a clear vision, with an existing prototype on hand to use as a starting point.

Using our elevated user experience services, the client is now helping banks create a more straightforward journey for their customers. With an OCR-enabled document management system and superlative platform automation, it’s easy to 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. Our most significant achievement is that the platform is easily configurable to individual bank branches, enabling banks to change the design, features, and branding without code changes

Know more about ValueLabs’ Software Development capabilities

Business Impact

With our KYC platform, banks have brought down the customer enrolment process from three weeks to just one day and a single button click. It’s easier for banks to remain transparent and compliant with a complete audit trail that uses version-controlled and time-stamped checklists.