Missed our 'Everyday automation – how to make it a core capability of your change team' webinar? Watch the replay here

Implementing a new financial crime platform

Challenge:

One of the UK’s leading banks was undergoing the implementation of a new, automated financial crime platform to improve the digital capture, analysis and processing of customer data to help the bank in the escalating war against financial crime. The bank had been dependent on aging legacy financial crime systems, that were dependent on a high degree of manual processes, were driving up costs and were making the bank susceptible to regulatory infringements.

Solution:

P2 bought in a team that combined platform delivery experience and financial crime subject matter expertise. One of the first priorities was to ensure the system requirements were understood and met the business objectives of what the bank was trying to achieve.

P2 implemented a new financial crime platform with the appropriate controls and quality that was integrated into the onboarding process, to ensure it was KYC (Know Your Customer) adherent. The platform ensured that critical steps were undertaken, data was validated and high quality customer information was loaded onto the customer database for future reference.

Benefits:

• Automation of repetitive manual processes meant that costs associated with financial crime processes were reduced and accuracy around the processes was greatly increased.
• With new controls in place, the financial crime platform was able to assure compliance with anti money laundering regulation, helping the bank avoid infringements and the subsequent fines and reputational fall out.
• Ultimately, the new platform helped the bank become much more effective in its battle against financial crime.


Featured Insights

Success Stories

Analytics

Data analytics transforms compliance audit company’s service for clients

Challenge: Our client – a compliance audit provider – was having problems due…
Automation

Automation centre of excellence for world famous retailer

Challenge: Our client, a well known luxury retailer, was running a number of…
Agility

Building a digital masterplan for a high end UK retailer

Challenge: Like many UK retailers, this premium department store business was engaged in…
Agility

Improving the speed and quality of agile in digital transformation

Challenge: This national regulator was undergoing a major digital transformation programme in order…
Agility

Digital quality improvement for national media company

Challenge: This blue chip media organisation was engaged in large digital transformation programme,…
Analytics

Using analytical insight to define the product for a major bank

Challenge: Like many large financial institutions, this bank was actively developing its digital…
Agility

Development of an agile strategy for national insurance business

Challenge: This market leading insurance business was engaged in a digital transformation programme.…

Send us an enquiry

Our deep experience in analytics can transform your approach to data. To speak to someone about how we can help, please contact P2 Digital Transformation

Get in touch

Click Here