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.
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?
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.
Based on the initial documentation and requirements, we laid down the backbone of the application.
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.
Iterative work kept us flexible when the vision of the project changed and when different alterations were needed.
Daily meetings between Codya and CRIF synced our work and helped set priorities.
Iterative implementation - we used a 2-week-sprint Scrum structure with frequent releases.
We continue to develop the application using Scrum to release new features, improve the existing ones, and add fixes on a regular basis.
Going live and beyond with Scrum. We continue developing new features, improving existing ones and maintaining the application.
Based on the initial documentation and requirements, we laid down the backbone of the application.
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.
Iterative implementation - we used a 2-week-sprint Scrum structure with frequent releases.
Daily meetings between Codya and CRIF synced our work and helped set priorities.
Iterative work kept us flexible when the vision of the project changed and when different alterations were needed.
We continue to develop the application using Scrum to release new features, improve the existing ones, and add fixes on a regular basis.
Going live and beyond with Scrum. We continue developing new features, improving existing ones and maintaining the application.
Streamlined the process of onboarding corporate customers in compliance with the Anti-Money Laundry Act.
faster KYC process
months to prepare the demo
months of ongoing development
cost reduction
faster KYC process
months to prepare the demo
months of ongoing development
cost reduction
Technology stack
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.
Other case studies
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