Super-regional financial services company serving individuals, small businesses, commercial, and wealth management clients, operating in Midwest and western United States as subsidiary of global mega-bank.
- Online account opening
- Bottomline banking system
- MS SharePoint
- Maxmind fraud protection system
Customers are able to open an account online. However, each application needed to be manually reviewed and documented in multiple systems to meet KYC requirements. Incomplete or declined applications required additional processing. This resulted in a growing backlog that could not be resolved with the company’s limited resources. Leadership wanted a solution that could review, accept, or decline newly submitted applications within compliance SLAs.
Automation consolidates notes from all KYC and fraud protection systems for each requested new account. It then creates notes in SharePoint and Bottomline for use by the account review team. For incomplete applications, the automation alerts customers to provide missing documentation and will cancel applications that do not meet the requirements. For canceled requests, the automation updates and closes out customer notes in SharePoint and Bottomline.