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.
CLM for a challenger bank
- 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
revenue opportunity created through onboarding capacity
digital process delivered for onboarding and CLM
license cost savings against common industry platforms
to onboard low / medium risk clients
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.
Beyond 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.
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.
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.