Bank customer identity and due diligence data management system
A bank employee collects customer identification and representation documents, performs checks and tracks updates. Changing the service channel does not require starting the same review again.
The client's identity, representation and document checks information do not match in different systems. The employee may use outdated or other person-owned data.
How the solution works
- The person or company is identified by separating the customer from its representative and the beneficiary involved.
- Collected documents and inspection responses receive purpose, time, and state of eligibility.
- Uncertainty is communicated to the mandated review with a specific remaining issue.
- The client's state of knowledge is accepted and the required update is saved to the same case.
- The verified data and the client's reception status are transmitted to the system of the respective service. The client is informed via a dedicated channel.
Key challenges
- Client Data Disaggregated in Different Systems
- Unmatched customer cognition data remains unresolved
- Client cognition preview ceases after changing channel
Solution capabilities
Identity and Communications
The customer, its representative and the beneficiary are recorded separately. They include the link and its expiration date.
Document eligibility
Submission, authentication and use for a specific purpose are separated; the previous document is only used after an assessment of relevance.
Customer cognition checks
The employee sees the cognitive checks required by the client, their results and the remaining issues. Indicates who makes the decision and when the information will need to be reviewed.
Right of representation
The employee checks that a specific representative has a valid mandate for the intended action. This confirmation is stored along with representation data.
Basis for use and access
Data is provided according to purpose and rights. Consent is managed where it is required and is not considered a universal basis for all processes of the bank.
Continuity of service
On the other channel, the customer service worker receives the data and unresolved issues already provided. The customer is shown the progress of his or her request and further action is required.
Business context
- Client Data Disaggregated in Different Systems
- The client's identity, representation and document checks information do not match in different systems. The employee may use outdated or other person-owned data.
- Unmatched customer cognition data remains unresolved
- In the event of a discrepancy between the customer's or beneficiary's data, it is unclear who has to resolve the discrepancy and what explanation is still missing. The previous client submission is not always visible to the reviewer. The client provides information repeatedly and waits longer for a decision to be made. Staff repeat adjustments instead of completing a specific remaining check.
- Client cognition preview ceases after changing channel
- Submission of remote-launched verification, remaining issue and accepted version of document do not reach the employee on another channel. The same verification is restarted, although some of the proper data has already been obtained.
- Client acceptance continues from work already done
- The client can start an online application and later communicate with the employee. It is important for him to understand what data is still needed and not to repeat the appropriate documents already submitted. A consistent review reduces administrative barriers to starting the service and allows the bank team to focus more on the specific needs of the client.
Core features
- Identity and Communications
- Document eligibility
- Customer cognition checks
- Right of representation
- Basis for use and access
- Continuity of service
Key integrations
- Identities and Register Sources
- Result of the check, time of performance, verified data and explanation of the non-conformity found.
- Risk check processes
- The status of the accepted assessment is allowed and further action is required.
- Document and Rights Management
- Version used, validity and person-specific authorization.
- Product and customer channels
- Client identity data and the results of relevant checks are allowed to provide a specific service.
Potential impact (%)
The ranges indicate an illustrative relative change in the metric under the stated assumptions. Results depend on the starting position and actual use of the solution. Percentages for different metrics must not be added together.
Re-request of suitable data
12–42%Decreasing
This illustrative scenario assumes that 30-60% of errors can be addressed through the data and rule checks described. That share is assumed to fall by 40-70%. Company data is needed to verify both the addressable share and the resulting change.
Counts avoidable repeat requests in the same type of revisions.
Customer Cognition Exception Matching Work
16–42%Decreasing
This illustrative scenario assumes that 40-70% of information searches and repeated cross-checks can be addressed. That share is assumed to fall by 40-60%. Company data is needed to verify both the addressable workload and the resulting change.
The active time of searching and debugging the data is measured, separating the reasonable waiting for a new proof.
Negative feedback on submission of documents to the bank part
4–15%Decreasing
Indicative assumption: 15-30% of negative reviews involve repeated requests for documents. The decision could reduce this share by 25-50%. This is a scenario of potential; the assumptions need to be verified by feedback collected by the company.
When a company starts collecting feedback, negative reviews about submitting documents to the bank are counted from all assessments received on this topic. The same method of evaluation is applied before and after installation and similar customer groups are compared. Without initial data, the actual change is not determined.
Conditional calculation scenarios. The assumptions have not been validated against client measurements.
When this solution is relevant
- In different service channels, customers are repeatedly asked for identity or representation documents that have already been accepted.
- When a representative's credentials change, his rights are not updated in time on all channels.
Project scope and implementation
The project can combine the tools used by the bank to collect and verify customer data or create a missing employee working environment. The main systems of the bank and the providers of checks are evaluated before new functions are anticipated. The bank sets out the rules, rights and decision responsibilities of the customers.
Further development options
- Reviewing Additional Customers and Representation Models Under Their Terms of Use
- Transfer of client data to additional channels according to employees' rights and service purpose