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FINANCIAL SERVICES

A leading consumer bank in the Nordics required a state-of-the-art KYC solution

GBG Instinct delivered significant benefits to enable Express Bank to meet and exceed its KYC risk assessment requirements.

Express Bank

Tags

  • Financial services
  • 1000+ Employees
  • Protect

Express Bank was seeking a KYC risk assessment solution to provide real-time regulatory checks for new customer applications.

GBG Instinct draws on 18 different matching algorithms intelligently to compare information provided during registration against rich layers of identity reference data.

A straight through process rate for applications of over 99% through Express Bank’s KYC process, with full compliance with regulatory KYC and AML requirements across the Nordics.

The customer

Express Bank is a Nordic bank and a part of BNP Paribas Personal Finance, 100% subsidiary of BNP Paribas Group, the second largest European bank.

The challenge

Express Bank, part of the BNP Paribas Personal Finance, was seeking a Know Your Customer (“KYC”) risk assessment solution to provide real-time regulatory checks for new customer applications. The company selected GBG Instinct to provide a user-friendly, automated and comprehensive solution.

 

We are delighted with GBG Instinct, as a leading Nordic bank seeking to deliver excellence in our customer journeys.

Express Bank

The solution

GBG provided GBG Instinct, an automated KYC risk assessment solution, with user-configurable business rules, automation, scorecard and alert parameters.

The award-winning solution draws on 18 different matching algorithms intelligently to compare information provided during registration against rich layers of identity reference data. This means no delays for good customers, fully compliant KYC checks and significantly reduced “false positive” alerts.

GBG was already providing the parent company BNP Paribas Personal Finance with GBG Instinct. Express Bank selected GBG Instinct as part of the company’s commitment to roll out GBG Instinct platform globally.

The outcome

GBG Instinct delivered significant benefits to enable Express Bank to meet and exceed its KYC risk assessment requirements, including:

  • A straight through process rate for applications of over 99% through Express Bank’s KYC process, with approximately 48,000 applications processed for Denmark, Norway and Sweden a month.
  • The ability to configure KYC rules, scorecards and alerts individually, depending on the bank’s risk assessment criteria and any changing or dynamic regulatory requirements.
  • Interactive case management screens enable investigators quickly to approve or decline applications referred automatically by GBG Instinct for further investigation.
  • Full compliance with regulatory KYC and Anti-Money Laundering (“AML”) regulatory requirements across the Nordics.
  • A seamless customer experience in a highly competitive, online marketplace.