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Case Study

Bank Reduces New Account Processing Time by 75% to meet KYC compliance standards

Home » Resources » Case Studies » Bank Reduces New Account Processing Time by 75% to meet KYC compliance standards

Industry

Function

Topic

,

Results

13Khrs

13,000 annual hours saved

75%

75% faster application review

Speed

Reduced 5-day SLA

Company Profile

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.

Challenge

KYC review backlog stalled new-account onboarding

This bank allows customers to apply for new accounts online. However, each application needed to be manually reviewed and documented across multiple systems to meet KYC requirements. Applications that were incomplete or declined required further manual processing. Their growing customer base resulted in a review backlog that could not be resolved with the company’s existing resources.

Leadership wanted a solution that could automatically review, accept, or decline new applications within compliance SLAs.

Solution

Automated KYC review across multiple systems

WonderBotz provided a Custom Automation Solution that consolidates notes from all KYC and fraud protection systems for each new account application. Once the information is consolidated, it 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. If a request is cancelled, the automation updates and closes out customer notes in their systems of record.

The custom automation reduced application review time by 75% and saved the bank 13,000 hours annually.

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