Self Service KYC and OCDD Qorus-Infosys Finacle Banking Innovation Awards 2025

To comply with AML/CTF regulations, Australian Military Bank regularly collects and verifies specific Know Your Customer (KYC) information along with electronically verifying identify documents. This process is based on customer risk ratings and AML transaction monitoring.

The regulatory enhancement for the mobile banking app enables customers to perform self-service KYC (Know Your Customer) and OCDD (Ongoing Customer Due Diligence) upon logging into the mobile banking app.

The bank can upload a list of customers identified for inclusion in the campaign. When these customers log in to the mobile app, they are presented with the self-service KYC process. Customers can complete the process immediately or postpone it up to three times before it becomes mandatory to complete.

The process involves collecting and verifying (if necessary) the following information from customers: • Driver's license or passport for validation against Document Verification Service (DVS) records, an Australian Government service that verifies the authenticity of identity documents. • Residential address • Source of income or funds (if required) • Source of wealth (if required) • Industry of work or profession (if required) Benefits • Customer Experience: This solution is available 24x7 to members and they can update information at a time and place convenient to them. • Customer Experience: Customers are not required to visit a branch, take copies of their IDs or leave home to get documents certified. • Privacy, data and record retention risks: Australian Military Bank is not required to receive and store documents (hardcopy or electronic) and manage them to meet privacy protection and document retention requirements. • Operational Costs: Australian Military Bank is not required to incur cost of dedicated FTEs over several years to execute this project manually. • Sustainable solution: Investing effort in a technology based, member self-service solution will help Australian Military Bank to continuously demonstrate compliance with AML/CTF regulations. Future changes in member demographic, transaction risks and regulatory requirements can be accommodated in a self-service solution.

The overall solution was developed utilizing existing Finacle channels. Challenges emerged if customer interactions that began on these channels required support from a branch visit or a customer service call. Accordingly, we enhanced Finacle CRM to enable our bank staff to assist customers in completing their processes efficiently.