Type
Customer Onboarding and KYC Compliance Tool
Objective
A leading bank aimed to streamline its customer onboarding and KYC (Know Your Customer) processes. The bank sought a digital solution to verify customers’ identities
faster, ensure compliance with regulations, and reduce manual processing efforts.
Technologies
AngularJS, AI, Blockchain, iOS, Android
Country
Austria
Project Attributes
Engagement Model
Dedicated Team Engagement
Duration
9 months
App Users
Bank staff and new customers
Challenges
- Lengthy Customer Onboarding Process: The traditional onboarding process
was time-consuming and involved extensive paperwork, which led to customer
dissatisfaction and delays in account activation. - Manual KYC Verification: The existing KYC process relied heavily on manual
verification, increasing the risk of errors and making it challenging to comply with
regulatory standards. - Fraud Prevention and Data Security: Identifying fraudulent activities was
difficult with limited verification protocols, posing risks to data security and
increasing compliance concerns. - Limited Accessibility for Remote Customers: The lack of a digital onboarding
option restricted access for remote customers, affecting overall customer
acquisition and retention rates.
Solutions
- Automated Identity Verification Using AI and Blockchain: The team
developed an AI-driven system to automate customer verification, minimizing
manual effort. Blockchain technology was implemented to securely store and
verify customer data, ensuring compliance and improving fraud prevention. - Digital Document Submission via Mobile App: The solution included a mobile
app for iOS and Android, allowing customers to submit required documents
digitally. This eliminated the need for paperwork and streamlined the onboarding
process. - Real-Time Compliance Monitoring: An AI-based compliance monitoring tool
was integrated to ensure that KYC requirements were met in real-time, reducing
the risk of regulatory violations. - Remote Customer Access with AngularJS: Built with AngularJS, the tool
provided an accessible interface for customers in remote locations, enabling
them to complete onboarding from anywhere.
Results:
- Faster Onboarding Process: The automated verification process significantly reduced onboarding time, resulting in improved customer satisfaction and quicker account activation.
- Enhanced Security and Compliance: With blockchain technology, customer data was securely stored, reducing fraud risks and ensuring compliance with regulatory standards.
- Improved Operational Efficiency: The AI-driven solution minimized manual tasks, allowing bank staff to focus on customer engagement and other strategic tasks.
- Increased Customer Reach: The mobile app’s digital document submission capability expanded access to remote customers, boosting customer acquisition and retention.
Conclusion:
The KYC compliance tool provided the client with an innovative and secure onboarding solution, aligning with regulatory requirements and improving the customer experience.