Background

A leading Tier 1 Spanish bank with over 20 million customers and vast branch and ATM networks aimed to enhance its financial crime management solutions to achieve sustainable compliance. The bank sought to develop standardized processes and integrate advanced technology across its compliance teams.

Objectives

• Optimize compliance operating models while adding business value.
• Enhance efficiency and effectiveness in financial crime management.
• Align capabilities and consolidate compliance processes.
• Stay ahead of regulatory changes and anticipate new threats.
• Safeguard customer interests.

Solution: SymphonyAI NetReveal

• Technology Upgrade: The bank adopted SymphonyAI’s NetReveal Transaction Monitoring and Name Screening solutions.
• Efficiency Gains: The user-friendly features of NetReveal, particularly its robust parameterization and segmentation capabilities, significantly improved the efficiency of scenario implementation and adaptation.
• Modular & Flexible: The modular nature of SymphonyAI allowed the bank to incrementally enhance functionalities over time, ensuring the solution grew with their needs.
• Holistic View: The integrated platform provided a unified view of customer profiles by leveraging existing data, thus unifying internal policies and procedures.

Implementation

• Selection Process: SymphonyAI was chosen for its innovative solutions, market recognition, and willingness to customize deployments to the bank’s needs.
• Deployment Timeline: The solution was deployed within eight months, including testing and implementation.
• Outcomes: Centralized upgrades led to increased IT efficiency, reduced operational costs, and a richer understanding of customer profiles.

Results

• Optimized Resources: Streamlined processes and increased investigator efficiency led to optimized resource use.
• Enhanced Collaboration: Promoted collaboration and standardization across compliance teams.
• Reduced Complexities: Simplified compliance processes, making them more accessible and efficient.
• Customer Experience: The enhanced compliance function improved overall customer experience by reducing friction.

Future Plans

• Expansion: The bank plans to extend SymphonyAI compliance capabilities to other legal entities within the group to further consolidate practices.
• Innovative Technologies: Focus on testing new AI-based technologies to further enhance compliance practices and financial crime detection.