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Optimizing Turnaround Time for KYC
The challenge
- In a leading global oil and gas corporation, the KYC department faced a significant challenge in accurately tracking and reporting the turnaround time for onboarding new business entities and counterparties.
- This task was complicated by the involvement of numerous internal and external teams, with leadership eager to discern the efficiency of their department relative to others.
- Managing over 40 distinct request categories and diverse onboarding processes, the department required a solution adept at not only capturing pertinent information but also integrating various applications to streamline the data entry process.
- A critical obstacle was the precise calculation of time spent by each team, especially in scenarios involving frequent back-and-forth communication.
- The objective was to implement a dynamic system capable of continuously tracking each request's progress, contingent on the current responsible team.
Our Solution
In response, a sequence of focused group discussions was initiated to thoroughly understand stakeholder needs. The devised solution included two primary enhancements:
- Integration of New Entity Grid: A novel entity grid was integrated into the client's front-end systems, such as Microsoft Dynamics CRM and Salesforce. This grid was engineered to autonomously log analyst activities, including case assignments, closures, and team transfers. It adeptly recorded the duration of each activity, with most logs being autonomously generated upon status alterations, including reactivations or closures of cases.
- Power BI Reporting System Development:A comprehensive Power BI report was formulated, aggregating data from assorted applications. Utilizing a bespoke configuration template, the report adeptly assigned the time spent on each task to the relevant team category, ensuring meticulous tracking of time expenditure across various departments like sales, KYC, credit, and customer service. This reporting tool also provided in-depth insights into time distribution by region, request type, and analyst, significantly enhancing the refinement process of the KYC operations.
Outcome
The deployment of these solutions yielded transformative impacts for the KYC department:
- Elevated Operational Efficiency: The newly established system facilitated the identification and amelioration of vital improvement areas, significantly augmenting the efficiency of the onboarding process.
- Boost in Customer Satisfaction:The streamlined and transparent process resulted in a noticeable uplift in customer satisfaction levels.
- Strategic Process Insights:The valuable insights garnered from the reporting system enabled the company to strategically target key areas for continual enhancement of the KYC procedure, thereby fortifying their competitive stance in the oil and gas sector.