Need to get Customer Due Diligence under control?

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Do you have multiple checklists, techniques and systems used in the support of Customer Due Diligence? Does this lead to an increasing backlog of customer reviews?

Read about one large bank’s in the Netherlands approach to get Customer Due Diligence under control by using Oracle Intelligent Advisor by centralizing the required business logic which they then used in different processes.

By implementing Oracle Intelligent Advisor this bank was able to make the following business and operational changes providing them with a total solution for their Customer Due Diligence.

Establishment or improvement of compliance capabilities or traceability:

  • Replacing a manual paper-based review process with a dynamic rule-based web-interview checking risks more precise with a higher granularity.
  • Secondly by replacing the query-based monitoring with a rulebase for batch­‑wise risk and data checking.
  • Traceability is guaranteed by storing the rulebase version with each risk check/review and by traceability links in rules to the Customer Due Diligence standards.

Proven importance of getting Customer Due Diligence under control:

  • Implementing the Oracle Intelligent Advisor with an automated process in the CRM system eliminated the previously increasing backlog of customer reviews.
  • Customers cannot make purchases without a risk detection check. The use of Intelligent Advisor ensures fast and reliable risk classifications which can be incrementally automated increasing the set of customers that can be serviced without manual actions.

Enhanced consistency of business outcomes, decisions, or customer experience:

  • When the risk classifications were based on employee knowledge of the legislation there were regularly inconsistencies and subsequently slowdowns of the customer onboarding process. Oracle Intelligent Advisor eliminated those problems.
  • Instead of tedious forms employees are now guided through all the inquiries and only asked questions when needed.

Better data quality:

  • Customer data is monitored to check if it is WWFT (Money Laundering and Terrorist Financing Act) compliant. Employees are informed when actions are needed. Such as actions to register an Ultimate Beneficial Owner, legal representative or determine the risk category.
  • Although the purpose of the Oracle Intelligent Advisor for risk identification is not to solve data quality issues, it validates the incoming data to check whether a valid classification can be made based on that data. When this check fails, no interview can be conducted, and the employee needs to correct the customer data first. This process enforces data integrity constraints across the organization.

Improved customer service, customer retention, or quality improvements:

  • The customer onboarding process has sped up due to an automated consistent rule-based web-interview.
  • Quality has improved because risk detection is done consistently across all channels and employees of local banks.

To know more about how Oracle Intelligent advisor can help banks and insurance companies build agility in regulatory compliance, visit the webpage.