KYC More

How to help banks validate customers 80% faster?

Design and development:

01.2020 – now

Team size:

4-8

CHALLENGE

Banks need to verify the identity of clients to make sure they are genuine. This is called Know Your Customer (KYC) process - an essential pillar of today's dynamic financial ecosystem.

Some companies used to wait for a new bank account for more than 3 months due to a prolonged KYC process. CRIF saw a business opportunity to significantly cut down the onboarding time.

The trouble was the company didn’t have the right resources to build and maintain the solution. Waiting to hire and onboard a new in-house team would slow CRIF down against the competition. On the other hand, shifting one of the existing teams to a new endeavour would hurt existing projects.

  • Codya quickly completed a team and kicked off the project.
  • Our goal was to prepare a prototype for an offering demo CRIF could then present to banks and compete with other bidders.
  • We used Scrum to plan, test and release new features in line with CRIF expectations.
  • As CRIF was satisfied with the results we delivered, Codya started an ongoing development service to enhance the application with further functionalities.

On the technical end, addressing CRIF’s challenges was a sophisticated dance between data and human insight, driven by cutting-edge technology and the age-old instinct for risk management.

How did we address the challenge?

SOLUTION

Tight collaboration and a thought-through process gave the project a kick.

To help our client succeed, we decided to come up with the demo version as fast as possible and then develop it in iterations - launching new versions without interruptions.

How did the process look?

1

Based on the initial documentation and requirements, we laid down the backbone of the application.

2

Regular workshops with analysts, KYC specialists and sales representatives, security experts, and customer success specialists on behalf of CRIF gave us the fuel to design solutions and figure out how particular features should behave.

5

Iterative work kept us flexible when the vision of the project changed and when different alterations were needed.

4

Daily meetings between Codya and CRIF synced our work and helped set priorities.

3

Iterative implementation - we used a 2-week-sprint Scrum structure with frequent releases.

6

We continue to develop the application using Scrum to release new features, improve the existing ones, and add fixes on a regular basis.

7

Going live and beyond with Scrum. We continue developing new features, improving existing ones and maintaining the application.

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1

Based on the initial documentation and requirements, we laid down the backbone of the application.

2

Regular workshops with analysts, KYC specialists and sales representatives, security experts, and customer success specialists on behalf of CRIF gave us the fuel to design solutions and figure out how particular features should behave.

3

Iterative implementation - we used a 2-week-sprint Scrum structure with frequent releases.

4

Daily meetings between Codya and CRIF synced our work and helped set priorities.

5

Iterative work kept us flexible when the vision of the project changed and when different alterations were needed.

6

We continue to develop the application using Scrum to release new features, improve the existing ones, and add fixes on a regular basis.

7

Going live and beyond with Scrum. We continue developing new features, improving existing ones and maintaining the application.

KYC More allows to receive business data (e.g. company structure, beneficial owners, and more) from distributed sources in the form of a KYC Report.

The application displays the case progress, statuses and timestamps which makes it easy to follow the process.

If the data is incomplete (which happens in complex cases), KYC More sends a request to an internal investigation center that uses a dedicated KYC module.

RESULTS

Streamlined the process of onboarding corporate customers in compliance with the Anti-Money Laundry Act.

Up to 80%

faster KYC process

5

months to prepare the demo

50+

months of ongoing development

Up to 70%

cost reduction

Up to 80%

faster KYC process

5

months to prepare the demo

50+

months of ongoing development

Up to 70%

cost reduction

Technology stack

No items found.

We built the product from the ground up and took part in the customer’s onboarding. Seeing how the app works in such a regulated and demanding market as financial operations, was very rewarding.

Hubert Szczęch

Software Developer at Codya

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