Large Regional U.S. Bank Enhances Customer Profiling to Combat Financial Crimes
Customer Company Size
Large Corporate
Region
- America
Country
- United States
Product
- Precisely Spectrum Entity Resolution
Tech Stack
- Self-generated
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Predictive Replenishment
Services
- System Integration
About The Customer
The customer is a large regional U.S. bank with a history of over 100 years, serving consumers and businesses across more than a dozen states. Known for its acquisitive growth strategy, the bank has built a reputation for top-tier customer service. It operates in a highly regulated environment, requiring compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations. The bank's operations span various lines of business, necessitating a robust system for managing customer data and transaction monitoring to prevent financial crimes.
The Challenge
A large regional U.S. bank faced regulatory scrutiny due to insufficient management of KYC requirements and failure to report suspicious activities. The bank's account-centric approach to transaction risk assessment led to an overly alarmist transaction monitoring system. This approach failed to provide a consolidated view of individual customer risk across multiple accounts, resulting in investigators being overwhelmed by false alerts while real threats went undetected.
The Solution
The bank implemented Precisely Spectrum Entity Resolution to consolidate customer data across all accounts associated with an individual. This solution integrates with the bank's existing systems, providing a holistic view of each customer by consolidating data from CRM systems and other databases. The system identifies relationships across accounts, including beneficial ownership and associations with shell companies. This comprehensive customer view is fed into the bank's screening and transaction monitoring systems, enabling better risk profiling and customer segmentation.
Operational Impact
Quantitative Benefit
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