Case Study

Global 500 bank addresses tougher anti money laundering and counter terrorism regulations

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Client: One of the top-five Australian banks

Industry: Financial services

Business need addressed: The bank needed to review its customer risk assessment model to comply with changes in anti money laundering and counter terrorism legislation while increasing productivity

Genpact solution:

  • Create a single view of customer transactions across multiple brands
  • Eliminate non-value-adding steps for monitoring and reporting
  • Integrate workflows for process efficiency
  • Automate many compliance-critical activities
  • Move high-volume, low-effort work to a lower-cost geography

Business impact - Provided client with a road map that would enable it to realize:

  • 45% decrease in the number of full-time staff needed to meet the new legal and regulatory requirements
  • US$1.5 million savings in budgeted personnel spend to make funds available for investment in new customer identity-theft protection services

Business challenge

Following the introduction of tougher laws governing money laundering and terrorism financing, a Fortune Global 500 Australian bank worked with Genpact to review its customer risk-assessment model. Analysis showed the model demanded a considerable increase in risk and compliance staff to address the new obligations.

Genpact solution

Transformation specialists reviewed the bank’s as-is risk and compliance model and designed a replacement that would improve efficiency and effectiveness while cutting costs. This “future state” model offered the bank a single view of customer transactions across the various consumer-banking brands. The team showed how activities could be realigned for seamless, end-to-end workflow integration. Genpact also detailed opportunities to automate rote yet labor-intensive work and identified non-value-adding compliance activities that the bank was not legally obligated to perform. Finally, the review team recommended that any low-effort work which is unsuitable for automation be moved to offshore.

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Business impact

Within a matter of weeks, Genpact had mapped a new operational path that made better use of people, process, and technology. Our proposed changes would allow for an increase in the productivity of the risk and compliance unit of almost one-and-a-half times as compared to its as-is model. The improved per-person output calculated would also translate into a US $1.5 million (AUS $2.2 million) reduction in projected personnel cost, savings that could be invested in new identity-theft protection efforts.

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