INDICA KYC for a Large Financial Institution

SITUATION 

Know your customer (KYC) requires financial institutions to continuously assess the risks associated with their clients, and be proactive in associating existing and new clients to sanction lists and actual events.

A large financial institute in the Netherlands contacted INDICA to optimise the risk assessment process of their complex client’s, and especially be able to automate the matching of external sources to their clients.

Most of these clients are still monitored manually by a department of over 500 employees. Information is gathered form multiple internal and external sources and analysed case by case manually. 

SOLUTION

INDICA was asked to showcase the capability of modern technologies on this process in order to  gain better and faster insight and improved traceability of the steps taken.

INDICA used index technology in combination with powerful classification technology on the company’s internal data landscape. They combined this with relevant external sources to complete overall client profile. Solution delivered a single entry point to all the internal and external information sources as well as mapped the information to the exact client. Correlation and classification helped hugely in quick data assessments. Client profiles were completed mostly automatic even considering the possible typos in client name or surname, changes in marital status, changes in name or surname due to various reasons and etc. for 360º overview of the client. This significantly speeded up the process of information discovery.