BANKING FINANCIAL SERVICES & INSURANCE
How a top bank in Australia
built customer engagement engine
built customer engagement engine
How a top bank in Australia
built customer engagement engine
built customer engagement engine
The financial industry is heavily regulated, and banks are required to implement Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) policies and data controls to prevent financial crimes such as money laundering, terrorism financing, and fraud
To enhance compliance and mitigate risks, a leading bank in Australia has implemented a Customer Risk Assessment capability powered by Pega's decisioning technology. This framework enables the bank to apply AML/CTF policies and data controls across all its operations, ensuring that all customers are properly assessed for potential risks. Additionally, the framework enhances the bank's reporting capabilities, enabling comprehensive reporting to regulatory bodies. With this new capability, the bank can better identify and manage potential risks, strengthen compliance, and ultimately protect its customers and reputation.
To enhance compliance and mitigate risks, a leading bank in Australia has implemented a Customer Risk Assessment capability powered by Pega's decisioning technology. This framework enables the bank to apply AML/CTF policies and data controls across all its operations, ensuring that all customers are properly assessed for potential risks. Additionally, the framework enhances the bank's reporting capabilities, enabling comprehensive reporting to regulatory bodies. With this new capability, the bank can better identify and manage potential risks, strengthen compliance, and ultimately protect its customers and reputation.
What we delivered
- Decision strategy changes for CRA framework.
- Kafka integration for risk outcome sharing.
- Decisioning best practice implementation resulting 96% guardrail score and reduced execution time from 5+ hrs to under 4hrs.
- Managing product and technical challenges to ensure on-time delivery
- Led Development, System Testing, Systems-Integration-Testing, Staging and supervised Production Go-live.
Business Outcomes
- Reduced fraud risk and financial losses
- Increased customer satisfaction with faster decision making and turnaround time.
- Enhanced Customer Due Diligence (CDD) and Suspicious Matter Reporting (SMR) to AUSTRAC (regulatory body).
- AML/CTF risk is continuously monitored with automated risk rating process.
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