Calibehr Increased the KYC Process Efficiency of a Leading Bank & Credit Card Company

Published : 26 August 2024

Here’s a case study where Calibehr transformed the KYC process of a leading bank and credit card company by leveraging its technology, experience and domain expertise in the field. 

KNOWING THE CLIENT

The client is a banking major and a leading credit card organization, offering a wide spectrum of financial services to corporate and retail customer base of more than 5 million. With the exponential growth of the organization and a burgeoning database of customers, offering the best customer experience became a top priority.

CHALLENGES

The bank manager of the leading organization and his team of analysts were expertly handling the operations. However, things took a drastic turn when the KYC process touched 5000 customers per day to be precise, a staggering number indeed. The manager discussed with his team and jotted down the challenges:

• Need for efficiency
• Increasing operational cost 
• Poor customer experience and resulting customer churn
• Complexities involved in the manual process 
• Meeting regulatory obligations

Soon, the manager realized that managing KYC is turning out to be a mountainous task for his team and required urgent solutions. A few calls with people in his network and a bit of research led him to Calibehr. 

SOLUTIONS 

Calibehr’s contact center experts, with envious experience in handling domestic and international clients, stepped into the shoes of the bank manager and his team to understand the problem. A comprehensive review of the current KYC process was carried out to identify the pain points and hurdles impeding KYC process efficiency. 

After strategic discussion internally, Calibehr’s contact center team knew exactly what was needed; technology solutions that increase accuracy, consistency and speed, which in turn would streamline customer onboarding and boost customer experience.  

·         In-house IVR & SMS System was used to initiate pattern reports examination and practical work utilization inclusion to adequately manage all differences and keep up an impeccable TAT 

·         Developed an Early Warning System that alerts possible TAT slippages, ensuring smooth handling of huge KYC volumes

·         Implemented Online Reporting Dashboard giving customers a 360-degree perspective of the activity

 RESULT

ü  Efficiency Increased by 20% year-on-year by reducing FTEs and utilizing technology route to accelerate work 

ü  End-to-end enhanced TAT: With TAT decreased to 85% of SLA TAT

ü  The conveyed Accuracy Level of 99.5% against a defined Accuracy Level of 99%

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