Case study

Delivering front-to-back CLM for a challenger bank

Lead partnerMatt Neill

A corporate challenger bank servicing the tech industry wanted to deliver “world-class” onboarding and CLM capabilities to compete with the very best financial services organisations. They required the capability to onboard 1 million retail customers per year through digital only channels, while delivering robust KYC and AML controls.

Industry segment
Challenger Bank
Function
Client Lifecycle Management
Core capabilities
Client Lifecycle Management, Workflow Design

Key outcomes delivered

100% digital onboarding and CLM process established
Next generation CLM, KYC & AML systems selected
Rapid onboarding times for new customers
High-levels of automation throughout process

Results

Revenue

£0 m+

revenue opportunity created through onboarding capacity

Efficiency

0 %

digital process delivered for onboarding and CLM

Savings

£0 m

license cost savings against common industry platforms

Performance

<0 mins

to onboard low / medium risk clients

Challenge

Deliver rapid onboarding for new customers while meeting KYC and AML checks

This digital start-up bank wanted to develop “world-class’” client onboarding and client lifecycle management, to deliver rapid onboarding for new customers while at the same time supporting robust KYC and AML controls.

Their plan was to design a CLM operating model that would leverage modern technologies to support an end-to-end digital onboarding experience and maximise automation to minimise operational and compliance touchpoints.

Their goal was to support onboarding of new clients (individuals) in less than 10 minutes and corporates in less than 48hrs, with the ability to onboard up to 1 million individuals per year.

Being a start-up, the client did not have any existing technology and required support from both an advisory and implementation perspective to deliver the required outcome.

Approach

A three phased approach to delivery

There were three main phases of our project to support the organisation’s ambitions:

Design the end-to-end digital onboarding and client lifecycle management process: Working across the business, operations, compliance and technology teams, we developed the cross-functional processes for individual and corporate onboarding.
Select the key customer facing, operational and compliance systems to manage the process: We conducted end-to-end vendor selections processes for key KYC / AML and onboarding / CLM systems, including CLM, digital ID&V, screening, and transaction monitoring systems.
Configure and implement the systems to deliver the process and maximise automation: in collaboration with the client, we defined the business requirements and worked with the vendor teams to configure the systems to the required specification, carrying out detailed testing on each component and holistically on the entire system.

Outcome

A next-generation CLM platform

We managed the end-to-end delivery of a next generation CLM platform supporting robust KYC & AML controls.

We designed a digital process and subsequently selected and implemented leading vendors to support CLM, Screening, Transaction Monitoring, and digital identification and verification, delivering high levels of automation through rules, workflow, Optical Character Recognition/Machine Learning, and scheduling.

The onboarding platform provided the digital start-up with the capacity to onboard up to 1 million customers per year, and onboard low and medium risk clients in less than 10 minutes.

“BeyondFS is a professional and very knowledgeable organisation that has helped us in many ways. They have brought structure, strategy and drive in helping us to develop our onboarding platform and our KYC / AML processes. It has been a pleasure to work with them and I look forward to future projects together.”

Chief Operating Officer