Solution overview

Recognizing the challenges and opportunities for banks in battling financial crime, the EY-Microsoft alliance has collaborated to create a scalable and secure platform to modernize financial crime operations. The EY Know Your Customer (KYC) solution helps automate processes across the entire customer onboarding cycle and is also available as a service for banks lacking the internal resources to effectively manage KYC operations.

Solution:

EY teams deploy the EY Financial Crime platform on the Microsoft Cloud for Financial Services to:

Securely receive and load sensitive client data

Automatically enrich data with third-party data sources, such as UK Companies House and other trusted sources
Use intelligent search and sentiment analysis to automate preparation of Negative News Reports
Implement a standard rules-based model for risk rating and case structuring
Leverage analytics and visualization to automate the preparation of company ownership structures to confirm ultimate beneficial ownership
EY teams provide a cloud-hosted solution locally to comply with data sovereignty requirements

Solution benefits

Reduces manual workload and inefficiencies by automating 40%-90% of KYC processes
Improves the customer experience by reducing onboarding cycles
Provides access to consistent risk management systems for improved decision making
Supports on-demand scaling up by leveraging the Microsoft Azure cloud platform
Identifies legitimate customers and reduces the cost of onboarding a client
Simplifies customer requests and document submissions and improves digital outreach

EY Financial Crime Solutions - Know Your Customer

by EY Global