Development of an Automated Client Lifecycle Management and Regulatory Compliance Platform

Financial services

Banking

Regulatory Compliance

Identifying Challenges in Fragmented Client Onboarding and Compliance Processes

The client faces fragmented and non-systematic processes across Client Lifecycle Management functions, leading to inefficiencies, delays in customer onboarding, and compliance risks. Existing manual workflows hinder operational agility and straight-through processing (STP), impacting regulatory adherence and customer experience.

About the Client

A large retail banking institution seeking to streamline its client onboarding, KYC, AML, and compliance processes through automation and integrated systems.

Strategic Goals for Enhancing Client Compliance Operations

Increase operational efficiency by automating key CLM processes.
Accelerate customer onboarding timelines with streamlined workflows.
Ensure regulatory compliance through integrated risk rating, KYC, and AML checks.
Implement a centralized orchestration layer to unify disparate systems and reference data.
Facilitate seamless system integration and future scalability.

Core Functional System Requirements for Client Lifecycle Management Enhancement

Automated onboarding workflows with straight-through processing (STP)
Centralized client data and reference data management
Integrated KYC and AML check automation
Risk rating and compliance assessment modules
Document collection, verification, and management interface
System orchestration layer integrating multiple external compliance systems
Audit trails and reporting for compliance monitoring
Infrastructure to support scalability and high availability

Preferred Technologies and Architectural Approaches

Cloud-based infrastructure for scalability and flexibility

System orchestration and integration middleware

Modular design using microservices architecture

Secure API integrations with external compliance databases

Compliance-focused data security practices

Essential System Integrations for Compliance Workflow Automation

External KYC verification platforms
AML screening systems
Risk rating and regulatory compliance databases
Document management systems
Master data management modules

Critical Non-Functional System Requirements

System scalability to handle increasing client onboarding volume
High performance to ensure real-time processing and response
Robust security and data privacy measures for sensitive client data
High availability with minimal downtime
Compliance with relevant banking and data security regulations

Projected Business Impact and Expected Outcomes

The new CLM platform aims to significantly reduce onboarding time, improve regulatory compliance accuracy, and streamline workflows. Expected outcomes include increased operational efficiency, enhanced risk management capabilities, and a more agile compliance infrastructure, ultimately supporting faster customer onboarding and reduced compliance risk.