Meet anti-money laundering and KYC compliance requirements and safeguard your customers.
Find out more Remediating financial crime checks at a UK bank
Overview: Remediating financial crime checks at a large UK retail bank
Data Consultancy, Aptitude, used Experian data to help a large UK retail bank with KYC remediation
Know Your Customer (KYC) remediation programmes have become UK banks’ largest operational burden – in time, money, and effort. Data Consultancy, Aptitude, used Experian data to help a large UK retail bank tackle their growing remediation backlog, demonstrating a potential cost saving of over 50%.
Read our paper to find out exactly how they did it, and how other UK banks can replicate this process.
Challenge overview
Aptitude data consultancy was tasked with helping a tier 1 bank tackle their growing KYC remediation backlog. Aptitude wanted to find a way to automate the banks existing approach, rather than manually reaching out to every single customer. To do this, they needed quick and accurate third-party data.
Challenges
- Help the bank tackle their growing KYC remediation backlog
- Reduce manual KYC checks
- Quickly and accurate verify that the information provided by the customer is correct
View Aptitude Profile
Company Bio:
Aptitude Global was established in 2014 as a niche consulting firm with a high entrepreneurial spirit. They have a history in Business Consulting, Data Engineering and Investments. In 2020 they set up Aptitude.AI, a subsidiary in Spain specialising in IT Consulting. The business focuses on helping organisations with transformation through an innovation-led approach, curated by DataLab.
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| Established: | 2014 |
| Industry: | Financial Services |
We can make KYC checks for commercial customers radically quicker, cheaper and easier - and at the heart of that is the third-party data which is provided by Experian.
Solution overview
Using Experian’s third-party data, we can help banks and financial institutions to automate their KYC checks – proactively monitoring their portfolio and only notifying and requiring manual intervention when there has been a change in the data which may impact a customer’s risk assessment.
Experian's KYC reviews helped a large UK retail bank tackle their growing remediation backlog, with a potential cost saving of over 50%.
Discover a new approach to fighting financial crime
Results
- ~70% reduction in manual checks for consumer customers
- ~40% reduction in manual checks for commercial customers
- Demonstrating the potential to save hundreds of millions of pounds in operational costs
Learn how Aptitude and Experian cut KYC remediation costs for a UK retail bank
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