Case study | 3 mins read
The client partnered with eClerx to update its KYC and compliance processes for the contemporary regulatory environment. eClerx helped them optimize client lifecycle management, reducing effort spent on KYC data sourcing by 45%.
Headquartered in Spain, this global financial services institution provides retail and commercial banking, wealth management, and lending solutions to individuals and businesses across regions. As one of the 20 largest banking institutions in the world, their organization is consistently amongst the top 50 of Forbes Global 2000 list.
With its mission to become the best digital banking and customer-centric financial services platform for their users, their organization puts in significant effort to ensure the safety and consistency of their userbase.
The challenge
As global regulatory requirements continue to grow in scale and complexity, Know Your Customer (KYC) processes have become critical compliance functions.
The client was seeing inefficiencies in managing manual KYC processes across multiple jurisdictions. With over 500 public data sources to monitor for client verification and due diligence, their compliance teams struggled to manually gather, validate, and interpret relevant information in a timely and accurate manner.
In addition, the slower onboarding process began to frustrate clients, increased their organization’s exposure to potential risk, and resulted in duplicated efforts.
To prepare for the growing scale and complexity of the regulatory environment, the client sought an experienced KYC and technology partner that could assist in futureproofing their compliance processes.
Our strategy
To address the client’s challenges, eClerx introduced Compliance Manager, a proprietary Agentic AI-led KYC solution, to optimize the entire client lifecycle while improving consistency and reducing manual effort.
With Compliance Manager’s Agentic AI framework, the tool was capable of autonomously navigating and extracting relevant data from over 500 public sources. This significantly streamlined the collection and validation of client information, enabling faster and more accurate decision-making.
Alongside this, eClerx’s compliance services deployed a modular toolkit of AI-powered agents, each designed to address critical stages of the KYC process:
- Document classification and metadata extraction agent
Automatically categorized documents and extracted key data points, reducing manual review time and improving data accuracy
- Client profiling agent
Consolidated structured and unstructured data into comprehensive client profiles, ensuring consistent risk assessment and compliance checks
- Document translation agent
Enabled seamless processing of multilingual documents, supporting global operations and reducing dependency on manual translation
The results
eClerx’s Compliance Manager delivered a scalable, cost-efficient solution that enhanced compliance, improved operational efficiency, and ensured consistent outcomes across regions without increasing overheads.
The results included:
- 45% reduction in KYC data sourcing effort
- $12M annual footprint with product, change, data engineering, and operations
- 53% decrease in client onboarding times
- 96% data accuracy
The client continues to work with eClerx even today, and has deeply integrated Compliance Manager into its processes.
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