The leading multinational banking and financial services corporation ING set out to digitise its CLM and KYC processes, and BlackSwan has been a key strategic technology partner in its programme
In a headline interview in Digital Innovation about the transformation at ING, the company’s COO, Daily Banking & Group Treasury, Ivar Lammers explained how BlackSwan Technologies played a big part in its programme.
BlackSwan provided some additional context about the project in the snippet below in Digital Innovation’s magazine:
ING, the leading multinational banking and financial services corporation, sought to future-proof its KYC operations after committing to regulators that it would meet KYC remediation deadlines between 2021-2023. The organization initiated a KYC remediation programme using BlackSwan Technologies’ ELEMENT of Compliance™ application suite, that would ensure improved data completeness, reliability and quality, reduced processing time and a reduction in overall costs.
The programme involved collecting, enriching and aggregating KYC data for banking customers for multiple business units and multiple jurisdictions using a Data Fabric approach. BlackSwan also provided the functionality to retrieve related parties from intermediate parents of the focal entity with a single click. BlackSwan made informed regulation-directed
decisions readily available to ING’s analysts to verify, and then swiftly propagated the analysed results in both human and machine readable formats for ingestion into the bank’s internal systems using Robotic Process Automation.
ING has been able to significantly reduce the manual effort required by analysts, keep track of all backlogged cases, and dramatically improve data quality and decision accuracy, while reducing operational costs and meeting its deadlines.
BlackSwan has a history of providing AI-based Compliance to leading financial services firms. Read more in this article prepared in association with Accenture.
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