BCP’s automated customer onboarding process

"Continuing changes in the legal and regulatory framework applicable to the banking and financial sector have reinforced government-imposed KYC and due diligence requirements in the fight against money laundering and the financing of terrorism. It is in this context of increased “due diligence” and rapid legal and regulatory changes that our BPM project was created." - Florian Morel, Deputy Head of IT & Vice President at BCP

09 Jun 2016 - Mickey Farrance

Continuing changes in the legal and regulatory framework applicable to the banking and financial sector have reinforced government-imposed "know your customer" and due diligence requirements in the fight against money laundering and the financing of terrorism. These developments have compelled banks to have an even greater knowledge of their customers, along with the obligation to provide well-tailored advice and services to each customer. BCP selected the SmartWave solution based on Bonita BPM technology. See this customer story for more details on the benefits BCP has realized from implmenting its Customer Onboarding application.

"The openness and transparency of the Bonita BPM technology, reinforced by the community version of their offer, was immediately attractive to us. Our project is agile and the test phase preceding the deployment of this first “Client Onboarding” application was completed in less than two months. Today, as the form generation and PEP* verification process is fully automated, we plan to extend the system to the Compliance and Back Office teams to directly generate the data in our Core Banking system. We envision moving eventually to a fully paperless process, all the way to electronic customer signatures."

"After evaluating several solutions, including ERP extensions, BCP selected the SmartWave solution based on Bonita BPM technology, for its capabilities of robustness and openness, and agility and the quality of its graphic interface. With 100- 150 accounts opening annually, BCP wanted to invest in a solution that is both scalable and consistent with its current needs."

 

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