8 Million Reasons for Adopting AI-Powered KYC Remediation
Our client is a multinational insurance, investment management, and financial services company.
Industry: Banking, Financial Services & Insurance
Mass Remediation
through adaptable workflow
KYC Analysis
both automatic and manual
Challenge
Our client, a leading provider of insurance, health, and savings services, faced the daunting task of updating data and documents for eight million customers—both individuals and legal entities—across two countries within a three-year timeframe to comply with regulatory requirements. The goal was to achieve a high rate of customer remediation while optimizing costs, ensuring a positive customer experience, and maintaining internal stakeholder confidence.
Integrating AI into financial crimes and compliance systems presents a landscape rich with potential but riddled with complexity. Recognizing the need for a strategic and thoughtful approach in this rapidly evolving sector, the client turned to Concentrix.
Solution
Concentrix implemented our know your customer (KYC) platform to deliver a comprehensive remediation process. Utilizing AI, the platform identifies and sorts collected documents while incorporating fraud detection capabilities. An optical character recognition (OCR) process extracts data from the documents and automatically verifies consistency between the documents and external sources.
The KYC platform supports multi-channel contact methods (email, SMS, postal mail, calls, and voice message conversations) and offers a customized, user-friendly customer journey to collect missing data or documents. It also escalates files to be processed by a specific team when necessary. Our solution adheres to complex regulatory requirements as well as internal compliance guidelines, with reporting tools enabling stakeholders to monitor remediation progress and key performance indicators (KPIs). Each segment of the workflow blends advanced technology with human oversight to enhance productivity and quality.
The solution is bolstered by the expertise of Concentrix’s financial crime and compliance professionals, helping to maximize results and ensure our client meets its commitments to the regulatory authorities.
“AI promises a revolution for FC&C because it will simplify KYC and KYB activity, anti-money laundering, and fraud management, allowing the processes to be quicker while reducing risks. Eventually financial institutions will be able to spend less time and money to be compliant with the regulations.”
–Vincent Bertrand, Project Director and Knowledge Manager, Financial Crime & Compliance
Outcomes
Through our AI compliance partnership, Concentrix enabled the client to realize:
- A reliable, adaptable workflow for mass remediation
- Both automatic and manual KYC analysis
- Multi-channel contact strategies
- Custom-tailored collection processes
Related Services and Solutions
Let’s Connect
Click here if you’re looking for a Concentrix career opportunity.