The state of the art in KYC Qorus-Infosys Finacle Banking Innovation Awards 2024- Nominated

The Problem Like any bank, Česká spořitelna must meet regulatory requirements in the area of AML/KYC. Securing KYC was very costly and problematic. o Strict Regulatory Requirements: AML/KYC inspections are a legal necessity with stringent quality standards. We must conduct KYC not only before establishing a contractual relationship but also continuously throughout it. o Scale and Complexity: We serve 190,000 corporate clients, ranging from small entrepreneurs to large multinational corporations and banks. The complexity of AML/KYC controls for these clients varies significantly, from straightforward to highly demanding. o Resource Intensive: In 2023, 100,000 AML/KYC checks were performed. If these checks were done by bankers at branches, it would require 119 bankers dedicated solely to AML/KYC checks year-round. This results in substantial costs, repetitive work prone to human error, and a negative impact on customer experience.

Benefits o Cost Savings: Our innovative data-driven approach and extensive digitization of the entire process save the bank significant costs in meeting this legal obligation. o Improved Quality and Reduced Risks: This solution enhances the quality of AML/KYC checks and reduces the risk of legal sanctions and reputational damage. o Easy and Quick Completion: Clients can fulfill their legal AML/KYC requirements quickly and easily from anywhere, at any time, using their mobile device or computer.