Top Three US Commercial Bank Automates Rescreenings
Overview
Top three US commercial bank wanted to increase the speed and volume of new business applicant processing and institute ongoing entity monitoring.
Challenges
- Internal investigators utilized a single data vendor that matched entities and returned full set of results for further internal processing 24 hours later.
- The de-duping process for one entity could last up to several hours and was not standardized.
- Approximately 200 entities investigated per day by an outsourced team of 10-15 professionals.
- Monitoring occurred haphazardly at 3 month, 6 month and/or 1 year intervals, depending on when internal scheduling and resource bandwidth permitted.