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Case Study

Client Lifecycle Management (CLM) Implementation for banks


Case Study

Client Lifecycle Management (CLM) Implementation for banks

Our Client

Our client is a European bank, one of the TOP 100 banks in the world, serving 200,000 corporate and retail clients, faced a number of difficulties in managing Client Lifecycle Management (CLM).

Challenges
The Bank faced a number of difficulties associated with insufficient Client Lifecycle automation process.

  • Long-term and inefficient customer onboarding process

  • Lack of a Customer Due Diligence (CDD) in all business segments, whether corporate, retail or investment banking

  • Data Lifecycle Management challenges. Customer data was not reused throughout its bank lifecycle, which led to repeated requests

  • A large amount of manual paperwork and inefficient organization of business processes led to a loss of customer loyalty and fines for non-compliance with all legal requirements

  • Outdated CLM system and difficulties with the implementation of new business functionality.

  • User-unfriendly interface

The Client decided to implement a fundamentally new system and chose the Pega platform and its Client Lifecycle Management (CLM) framework to implement the tasks

Objectives

  • Implementation of the core CLM functions

    • Client onboarding
    • Customer Verification for Legal and Accounting
    • Timely Offboarding

  • WorldCheck Customer Verification Process

    WorldCheck is a Global Database of Politically Exposed Persons (PEP), as well as individuals and organizations at increased risk. The database is used worldwide to identify and manage financial, regulatory and reputational risks.

  • Bureau van Dijk Integration

    Bureau van Dijk specializes in private company data, corporate structure and ownership including beneficial owners, M&A data and financial metrics.

  • Blacklisting

    Implementation of a customer verification system based on the company’s own blacklist. The old system did not support this functionality.

  • Model Risk Management

    Setting up model risks (OR model risk management (MRM) framework) so that they cooperate with data from both external and internal systems, and also take into account client's country of origin.

Project Timeline
May 2020

Our team began implementing the project in May 2020, starting with studying the Client's business requirements and piloting the Pega Client Lifecycle Management (CLM) solution.

As a result, our experts formed requirements for product refinement in order to fully comply with the customer's business processes.
June 2020

In June 2020, the development of the targeted solution began. The work on the project was carried out according to the Scrum methodology.

The system was regularly tested by business users for timely changes to the functionality.
January 2021
The system was put into commercial operation in January 2021.

Results

New system is a comprehensive automated customer (individuals and legal entities) onboarding solution, which allows the Client to quickly and efficiently perform the necessary checks in accordance with the regulators and the regulations.
  • 20+
    Risk indicators
  • 2 minutes
    Average onboarding time
1

Reduces customer onboarding time by systematizing the process of working with questionnaires and submitted documents. The onboarding time was reduced to 2 minutes.

2

Allows the Client to quickly and efficiently collect the necessary customer information from various sources and provides a report to the bank employee.

3

Analyzes the risks of cooperation with each client thanks to the built-in Model Risk. Risk scoring includes more than 20 indicators and allows the Client to select a list of customers who require more frequent verification.

4

Monitors the regularity of customer inspections in accordance with the norms of legislation and internal banking processes.

5

Enables seamless automated offboarding in case of termination of cooperation.

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