Coforge empowers UK bank subsidiary in the battle against Financial Crime.

Challenges

Due to exponential increase in financial crimes, financial organizations become vulnerable to serious threats that can impact brand trust and ruin reputations. In this case, implementing such a large-scale transformation program was no easy feat. The bank faced several critical challenges that needed to be addressed.  

Key business challenges: 

• Data Overload: Dealing with the massive volumes of data related to financial transactions, customer information, and risk assessments required a robust and scalable data ecosystem that could handle the load. 
• System Integration Hurdles: Integrating multiple systems like NetReveal for customer screening, transaction monitoring, risk assessment, and SafeWatch for payment screening posed significant integration challenges. 
• Inefficient Processes: Streamlining the existing workflows for case management and reporting suspicious activities was crucial to enhance process efficiency. 
• Regulatory Maze: Adhering to the intricate and stringent regulations related to financial crimes, anti-money laundering (AML), and know-your-customer (KYC) norms was a complex compliance task. 
• Technology Expertise Gap: Implementing advanced data analytics and monitoring tools like Tableau and Appian required specialized expertise in data analytics and business process management. 

Solution.

Coforge devised a comprehensive solution that leveraged cutting-edge technologies and domain expertise. 

• Collaborative Team: Coforge assembled a cross-functional team with expertise in data, APIs, business process management (BPM), testing, and domain knowledge to ensure seamless collaboration. 
• Scalable Data Ecosystem: A new data ecosystem built on Hadoop, MongoDB, and Vault platforms was implemented, separating data from applications and futureproofing the system. APIs, queues, and files were utilized for efficient data access. 
• Financial Crime Tools: NetReveal and SafeWatch solutions were deployed for customer screening, transaction monitoring, customer risk assessment, and payment screening. In-house interfaces were developed for analysts to raise suspicious activity reports. 
• Streamlined Case Management: The Appian platform was implemented to streamline the case management process, enhancing efficiency for analysts. 
• Insightful Reporting: MIS reporting and comprehensive dashboards using Tableau were introduced to provide real-time insights into financial crime activities. 

The Impact.