Top Three US Commercial Bank Automates Rescreenings
Top three US commercial bank wanted to increase the speed and volume of new business applicant processing and institute ongoing entity monitoring.
- 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.