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.

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.
Alan Brown, CTO, Aptitude

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
Solutions
Remediating financial crime checks at a large UK retail bank

Learn how Aptitude and Experian cut KYC remediation costs for a UK retail bank

Download full case study

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