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Business Loan Singapore | SME Loan Singapore
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The third edition of the BoardMatters Quarterly explores how big data and analytics emerge as game-changers for business. This edition also explores how we can tackle corruption, boosting internal control mechanisms.
Business Loan Singapore | SME Loan Singapore
A comprehensive guide to business financing for Singapore SME owners. Get an overview of SME financing landscape, business loan criteria and working capital management tips to improve cash flow. More resources on SME financing can be found at https://smeloan.sg
Small Business Banking Segment StrategyCalvin Turner
Most banks believe they are committed to servicing Small Business customers. They develop products and services for this segment; they invest considerable amounts of time and money trying to improve their Small Business Bankers’ business development (i.e., sales) skills; and some may even create a line of business within the bank entitled “Business Banking” or “Small Business Banking.” But most of these efforts fail to produce the desired growth objectives because banks don’t really understand the needs of the small business customer
The new ‘A and B’ of the Finance Function: Analytics and Big Data - -Evolutio...Balaji Venkat Chellam Iyer
Published in 2013, this White Paper discusses how the finance function would evolve with the combined forces of Big Data and Analytics and the levers that could help catalyze the change and has drawn upon the Global Trend Study conducted by Tata Consultancy Services (TCS) on how companies were investing in Big Data and deriving returns from it.
The future of fin tech and financial servicesVarun Mittal
In this roundtable, held as part of the investment summit — “ Deal Day” powered by EY in November — we hosted 22 senior financial services executives investors and FinTech founders to talk about the evolving trends around FinTech innovations and investment in the next 12 months.
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often closely interwoven.
Innovation has to be expanded beyond a single product group or business line, and even more importantly, innovation has to be more than brainstorming new ideas inside the bank. Today an increasing number of bankers have “innovation”somewhere in their job description, and they get to spend time at cool events put on by the likes of Finovate, Innotribe, Bank Innovation, and NextBank, trying to find the next big idea.
Technological change creates new categories of customer utility, which in turn fuel further technological investment. Similarly, regulatory changes prompt both service and structural innovations, which together change the
nature of the activities or entities that need regulating. And all the while,shifting attitudes and expectations are redefining the reality and perceptionsof the industry’s role and purpose in society
Pacific Microfinance Week, is an event hosted by Microfinance Pacifika Network (MFPN) and the Foundation for Development Corporation (FDC) and provides a platform for stakeholders to discuss and share achievements, visions and priorities in fostering the growth of microfinance and financial inclusion throughout the Pacific. Manoj Sharma, Director, MicroSave actively participated in the program where he moderated a session on Global and Asia Region Trends and Initiatives. In this presentation he draws upon the global best practices and focuses on business model alternatives, and builds a case for making a thought through selection of the business model including the front end technology while always keeping the clients’ need at the centre of the business.
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Impact of Digital Banks on Incumbents in SingaporeVarun Mittal
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their lifestyle goals along with simple and superior user experience.
The new age customers expect transparency and frictionless
experience from their banks.
The incumbent banks should leverage the trust and relationship
built with their customers over the years. They should re-evaluate
their strategy, invest in understanding customers’ needs and enable a digital experience that is at par with leading technology players in the market. Incumbents should take timely action by choosing a viable option to position their business ahead of competition and disruption!
How to Manage Increasing Data Compliance Issues in Community BanksColleen Beck-Domanico
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Supervisory Review Readiness post CCAR March 2015 Results- Somanshu JendSomanshu Jend
Supervisory Review Readiness post CCAR March 2015 Results.
A preliminary inspection of the CCAR Stress Test Results released by Federal Reserve Board on March 2015.
Raises some questions that the BHCs management should be asking while reviewing CCAR results.
Katina Stefanova is a Strategic leadership|strategic leader[1] in asset management and financial services, thought leader on disruption in asset management, frequent keynote speaker[2], and contributor to Forbes. She is the founder and CEO of Marto Capital – a multi-strategy macro-economic investment firm focused on fundamental models..
Opening an Account for Innovation in Banking IndustryInnomantra
Banks today are facing rapid and irreversible changes across technology,customer behaviour and regulation. The net effect is that the industry’s current shape and operating models are no longer sustainable into the future. The combined power of these drivers of industry change – technology, customers and regulation – is increased by the fact that they are
often closely interwoven.
Innovation has to be expanded beyond a single product group or business line, and even more importantly, innovation has to be more than brainstorming new ideas inside the bank. Today an increasing number of bankers have “innovation”somewhere in their job description, and they get to spend time at cool events put on by the likes of Finovate, Innotribe, Bank Innovation, and NextBank, trying to find the next big idea.
Technological change creates new categories of customer utility, which in turn fuel further technological investment. Similarly, regulatory changes prompt both service and structural innovations, which together change the
nature of the activities or entities that need regulating. And all the while,shifting attitudes and expectations are redefining the reality and perceptionsof the industry’s role and purpose in society
Pacific Microfinance Week, is an event hosted by Microfinance Pacifika Network (MFPN) and the Foundation for Development Corporation (FDC) and provides a platform for stakeholders to discuss and share achievements, visions and priorities in fostering the growth of microfinance and financial inclusion throughout the Pacific. Manoj Sharma, Director, MicroSave actively participated in the program where he moderated a session on Global and Asia Region Trends and Initiatives. In this presentation he draws upon the global best practices and focuses on business model alternatives, and builds a case for making a thought through selection of the business model including the front end technology while always keeping the clients’ need at the centre of the business.
Top-10 Technology Trends in Retail Banking: 2018Capgemini
The proliferation of technology and entry of new players such as FinTechs continues to disrupt the retail banking industry. Augmenting customer experience has been the need of the hour as customers increasingly adopt digital products and services. In pursuit of more nimble processes and innovative approaches, traditional retail banks are enthusiastically investing in digital transformation and FinTech collaboration. With banks under pressure to boost revenues and reduce costs, while delivering better customer experience, they have been investing in emerging technologies such as blockchain, Artificial Intelligence, and Digital IDs. Moreover, banks are automating their processes and increasingly migrating their infrastructure and applications to the cloud to create a seamless customer journey. Many regulations and open-banking initiatives are emerging across the globe aimed at fostering innovation. To stay competitive, banks must remain cognizant of numerous implications from within and from outside the financial services industry. This report explores and analyzes the most high-impact tech trends expected to drive future retail banking ecosystem dynamics.
Future of artificial intelligence in the banking sectorusmsystems
The banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Impact of Digital Banks on Incumbents in SingaporeVarun Mittal
Incumbents have to act now in order to be prepared for the digital bank launch in Singapore by 2021. The New Digital Banks (NDBs) aim to launch customer-centric, differentiated products to meet
their lifestyle goals along with simple and superior user experience.
The new age customers expect transparency and frictionless
experience from their banks.
The incumbent banks should leverage the trust and relationship
built with their customers over the years. They should re-evaluate
their strategy, invest in understanding customers’ needs and enable a digital experience that is at par with leading technology players in the market. Incumbents should take timely action by choosing a viable option to position their business ahead of competition and disruption!
How to Manage Increasing Data Compliance Issues in Community BanksColleen Beck-Domanico
During one of RMA’s Credit Risk Management Audio Conferences, H. Walter Young, chief liquidity risk officer, M&T Bank and chief data officer, CCAR, shared strategies and best practices for community banks facing increased data compliance and integrity issues, once deemed as “big bank issues."
Supervisory Review Readiness post CCAR March 2015 Results- Somanshu JendSomanshu Jend
Supervisory Review Readiness post CCAR March 2015 Results.
A preliminary inspection of the CCAR Stress Test Results released by Federal Reserve Board on March 2015.
Raises some questions that the BHCs management should be asking while reviewing CCAR results.
Katina Stefanova is a Strategic leadership|strategic leader[1] in asset management and financial services, thought leader on disruption in asset management, frequent keynote speaker[2], and contributor to Forbes. She is the founder and CEO of Marto Capital – a multi-strategy macro-economic investment firm focused on fundamental models..
Current State of E-channel Fraud Trends: Online Banking, Mobile Banking, and ...NAFCU Services Corporation
Javelin was retained by SAS to understand the current state of e‐channel fraud among U.S. financial
institutions (FIs). Javelin Strategy conducted in‐depth interviews with risk and fraud executives from
small, mid‐size and large financial institutions to meet the research objectives. In this whitepaper,
Javelin also presents relevant elements from its proprietary consumer data to bring in additional
insights from the consumer perspective. For more info: www.nafcu.org/sas
Lecture part of the IAB Digital MasterClass 2015 held under the guidence of New Bulgarian University and IAB Bulgaria. The lecture covers the digital in banking and more specifically in electronic channels in banking. The lecture concerns case study of Alpha Bank Bulgaria and the e-channels used by the bank.
The When, Why and How of Mobile Fraud Prevention TransUnion
Mobile payment volumes are set to increase by 1000 percent in 2015, according to Deloitte, with 5 percent of the world’s smartphones being used to make at least one monthly payment. “Mobile first” is no longer for a specific industry or company. In line with this shift, iovation has seen overall mobile traffic double from 16 to 32 percent over the past 2 years with seasonal spikes up to 40 percent during the holiday season.
In this on-demand webinar, we will discuss:
The latest trends iovation is seeing in mobile transactions
Which industries are transitioning faster than others
How to strengthen your defense and bottom line
Solving Financial Constraints with Innovative Funding SolutionGilbert Tam 譚耀宗
After the credit crunch in 2008, SMEs though they are amounted to the 80-90% of business activites but their access to funding has been greatly impacted by the traditional lenders, banks, that after the 2008 credit cruch are reluctant to maintain such business if no "bricks and mortar" are provided by sellers.
Organisations spend heavily on technology, people skills and consulting to understand billions of bits of data, but they still lack clear visibility and insight.....
Making Analytics Actionable for Financial Institutions (Part I of III)Cognizant
To maximize ROI from their analytics platforms, financial institutions must build solutions that explicitly, visibly and sustainably enable real-time translation of data into meaningful and continuous improvements in their products, services, operating models and supporting infrastructures.
The convergence of non-traditional rivals and heightened global regulation are creating new digital opportunities for banks. To seize the high ground, banks need to think like disruptors and apply modern digital tools, techniques and partnership strategies.
Conversation with Matthew Lynes, Aberdeen Asset Management. Buy-Side System Requirements - Whitepaper by Quantifi and OTC Partners. The Cost of Collateral - Webinar Survey.
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Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
If the “Approve” button is clicked, a Jira/Zendesk ticket is created for the marketing design team
But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
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And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
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Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
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As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
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💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
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👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
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We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
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Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
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Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
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Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
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LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
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Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Generating a custom Ruby SDK for your web service or Rails API using Smithy
KYC Compliance a Strategic Approach for banks
1.
2. Preface
Hearty greetings from the Infosys Banking Capital
Markets team. On behalf of Infosys, I am delighted
to present the first issue of our journal “FINsights”, a
compendiumof articles,whichbringyouinsightsintothe
technology powering the financial services business The
aim of the journal is to bring you the latest in technology,
applied to your business scenarios, which will enable you
to win in today’s flattening business world.
The first issue of FINsights focuses on the wealth
management industry; an industry which is grappling
with multiple challenges. An increasingly demanding
and informed customer base, a challenging compliance
environment and the jostling for a customer centric
“trust” based role amongst trust banks, brokerages,
insurance companies and family offices make for a very
challenging business environment. This journal has
a set of articles which look at these and other unique
characteristics of the wealth management industry and I
hope that they will not only make for enjoyable reading,
but also help you in addressing some of your vexing
business challenges.
I would like to thank all the contributors from Infosys
Banking Capital Markets group and also Alois
Pirker from Aite group and Matthew Bienfang from
TowerGroup for their insightful articles. I hope you will
enjoy reading these articles as much as we have enjoyed
putting them together. Please do not hesitate to get in
touch with me in case you have any queries or comments.
I look forward to your feedback and suggestions in
making FINsights a relevant and topical journal.
Happy Reading!
AshokVemuri
SeniorVice President and Head - Banking Capital Markets Group
Infosys Technologies Limited
3. Contents
Preface
From the Editors Desk
04 Business Challenges and Technology Priorities
for Wealth Management
Ashok Vemuri
10 Integrated Advisor Workstation – A Roadmap
Merlyn Mitra | Anand Bhushan
19 Case Study: NextGen Client Data Aggregation
and Reporting
Ashwin Roongta
23 The Role of Open Architecture
Emmanuel Chesnais
27 Managed Products -
A Strategic Transformation Framework
Mak Datar | Sanjay Taneja | Rajeev Nayar
34 Holistic Wealth Management
and the Unified Household
Alois Pirker
39 Achieving Client Centricity via
Customer Data Integration
Sai Kishan Alapati | Ashwin Roongta
45 Product Repository: The Foundation for
Successful Open Product Architecture
Sai Kishan Alapati | Anita Stephen
49 Removing Glitches in On-Boarding the Wealthy
Muthukumar Krishnan | Sujata Banerjee | Bharat Rao
55 KYC Compliance - A Strategic Approach
Rajesh Menon
59 Analyst Perspectives - QA with TowerGroup
Matthew Bienfang
4. From The Editors Desk
The wealth management industry is changing rapidly to
meet the evolving needs of its participants. This is one
area where true financial services convergence seems to
be happening as trust private banks, brokerages and
retirement planning focused companies are all trying to
get a bigger slice of the action.
Opportunities in new geographies and asset classes are
driving a lot of the change in the industry today. These
will lead to increased investments in the core processing
platforms, as well as the need to tie the various platforms
together. The need to bring systems together is very
important to financial services firms from a financial
planning advice, customer data, client service and a
Business Intelligence (BI) reporting perspective.Open
architecture is another very important consideration
that is driving changes to the way the banks service
clients. Further, the need to offer clients a wide bouquet
of products is driving consolidation of information
across the different products and asset classes. Changes
in banker and advisor team structures as well as client
segmentation for servicing will lead to better cost
structures.
All of the above have technology implications for banks.
Technology will need to be aligned with business to
meet the needs of an agile organization that can respond
rapidly to changing business circumstances. Technology
itself is evolving rapidly and can sometimes drive changes
in the organization through the ability to deliver more
than what was hitherto considered possible. Information
Technology (IT) organizations that are able to plan and
react early, and then execute well on these changes are
the ones that will succeed in meeting the needs of their
business.
We are happy that this book addresses some of the
biggest business challenges and technology implications
addressing wealth management firms today. The debate
on some of these topics is very timely. We hope that the
journal will inform you and enable you to formulate a
response to the many challenges facing our industry. We
look forward to your feedback.
Happy Reading!
Balaji Yellavalli Manish Jha
Editors
FINsights Editorial Board
Balaji Yellavalli
Associate Vice President
Banking Capital Markets Group
Bhuvaneswari Sundaram
Associate Vice President
Banking Capital Markets Group
Jonathan Stauber
Vice President
Banking Capital Markets Group
Lars Skari
Practice Leader
Banking Capital Markets
Infosys Consulting
Manish Jha
Engagement Manager
Banking Capital Markets Group
Mohit Joshi
Chief Executive Officer
Infosys Technologies S. De RL De CV
5. 55
As an immediate response to the Patriot Act requirements, most organizations adopted a tactical
approach to their Know Your Customer (KYC) programs. Organizations are now looking to adopt
a more strategic approach to their KYC systems. Creation of single customer views enabling high
reusability of customer information, adoption of standardized client risk scoring models, techniques
aimed at moving towards straight through processing ensure a more efficient KYC process and a
reduction in the overall account opening timelines. This is yet another example of how an efficient
compliance program while meeting regulatory requirements can also serve as a competitive
differentiator.
Rajesh Menon
Senior Principal
Infosys Technologies Limited
KYC Compliance - A Strategic Approach
6. 56
World over, Anti Money Laundering (AML) regulation
has been intensifying and the risks of non-compliance
have become increasingly severe, including regulatory
crackdowns, impact on market capitalization and
customer perception, and potential financial instability.
In the United States, money laundering legislation has
gone through several transformations, culminating
in the USA Patriot Act, which requires all financial
institutions to establish AML programs, with Customer
Identification programs for both new and existing
customer relationships and transactions monitoring of
accounts for suspicious activity.
Key challenges in AML KYC compliance
As an immediate response to the Patriot Act
requirements, most organizations adopted a tactical
approach to their KYC programs. While this has
helped meet the regulatory deadlines, the efficiency of
the current systems and processes are not in line with
organizational objectives.
Some of the key challenges faced include:
Establishing a single view of the customer across
different LOB’s
Manualprocessesinthecurrentflowwhichintroduce
risk and reduce efficiency
Difference in the KYC procedures adopted across
the organization( especially relevant to organizations
with multiple LOB’s and a global footprint)
Inability to share KYC related information across
the organization
Ability to achieve Risk based surveillance.
Many organizations are now looking to take a more
strategic approach to their AML compliance programs
and wherever possible leverage synergies with other
compliance initiatives within the firm.
Strategic Approach to KYC Compliance:
The key organizational capabilities that financial
institutions need to build into their AML programs in
order to successfully meet the current challenges are:
Reusability of data and systems
Being able to reuse data and systems across different
parts of the organization and for different processes.
Creation of a Single Customer view
The capability to take a holistic view is critical, since
the most efficient way to uncover a money laundering
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scheme, is being able to access and correlate a range
of data about the client, the client’s associates and
transactions
Having a single view of the customer provides
benefits from both a client relationship management
perspectiveandaclientriskmanagementperspective,
given that a client and associates can hold numerous
accounts in different combinations across different
parts of a financial institution’s business, e.g.
mortgage, savings account, trading account, credit
card account, etc
While organizations can establish new procedures to
capture this information going forward, the greater
challenge relates to how the existing client data can
be leveraged to the extent possible.
Creation of global KYC hubs
Given the global footprint of today’s organizations,
firms are increasingly considering the creation of
global KYC hubs with data elements that cater to
the needs of the various local regulations in addition
to the US Patriot act requirements.
Increased scalability and flexibility
Having reusable data and system components
enables better scalability and the flexibility to use
those components relevant to a particular business
line, geographical location, reporting jurisdiction or
compliance report
Beyond AML: Overlapping regulations mean that
the data, reports and processes implemented for
AML can also be used to meet other regulatory
requirements, and vice versa. Therefore, reusable
data and system components can help to reduce the
overall cost for the organization.
Fig 1: Key drivers to strategic KYC compliance
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Centralized Risk Management View
Establish a centralized risk management view, across
various divisions, systems and processes for effective
surveillance, internal information sharing and controls
and external reporting. Key drivers are:
Centralization of key surveillance functions such as
name matching against watch lists, high risk country
checks enables improved customer and transaction
risk assessment and analytics. Use of centralized
reference lists eliminates risks associated with
different regions/LOB”s using different versions of
the watchlist data
Consistency and coherence in the client risk
classification and KYC processes adopted across
the organization and improved information sharing
across business lines and geographical locations
Easy access to history of investigations on existing
customers, 314(a) queries. Apart from providing
valuable inputs to the alert resolution process or
responding to regulatory queries, this also ensures
that account opening systems across the firm
have access to the same quality of surveillance
information
Improved correlation capabilities, analytics:
Centralized surveillance also enables improved risk
analytics, better correlation across activities that
span various businesses or types of accounts .
Fig 2: Client risk scoring engine
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Automation of processes, Move towards STP
This is aimed at addressing the primary pain point in the
current KYC processes at most organizations. Precise
definition of documentation requirements, integration
with document management systems assists in making
the KYC flows ‘straight through’ with only exceptions
being flagged for manual reviews.
Automated processes improve efficiency, enabling rapid
turnaround and ease of portability, while simultaneously
reducingoperationalrisk,bothaccidentalandintentional
associated with manual processes. Other Drivers
include:
Better connectivity: Automated processes reduce
‘silo’ization of the organization and reliance on email,
fax, and courier for collection and transmission of
customer data, especially at the customer acceptance
stage
Avoid potential gaps in data gathering: Automated
processes can reduce gaps in data gathering,
ensuring that all relevant data is captured at each
step and reducing the risk of failng to comply due to
incomplete or incorrect data
Better information dissemination: Automated
processes also enable efficient transmission of
tasks and workflows across organizational areas or
locations.
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Fig 3: Best practices in KYC implementation
Conclusion:
While the emphasis over the past couple of years has
been to establish a basic surveillance program across the
organization, the current emphasis clearly is to increase
the efficiency and effectiveness of the current processes.
New regulations like section 312 have ensured that
the KYC area continues to stay in regulatory focus.
With regulators increasingly emphasizing on enterprise
wide programs which adopt a risk based approach to
surveillance,the process of replace tactical solutions with
more long term approaches has been further hastened.
Rajesh is a Senior Principal Practice Lead with Infosys’ Banking Capital Markets practice for compliance solution
offerings. He has over 14 years of experience in the Financial Services industry and has been involved in advising several
Wall Street firms in various aspects relating to their AML program implementation.
Rajesh Menon
Senior Principal
Infosys Technologies Limited