Edmund Tribue, NA Risk & Regulatory Practice Leader Know your customer (KYC) and anti-money laundering (AML) practices have turned indispensable for banking and financial institutions in the wake of an increase in pecuniary crimes, beneficial ownership requirements and the number of politically exposed persons (PEPs). However, financial institutions have adopted a fragmented approach to addressing KYC and AML related issues by deploying additional manpower and using platforms that are inflexible toward the new sources of data available today. Manual operations create information silos pertaining to KYC and AML, preventing KYC rechecks on customers with suspicious transactions.
With a policy-, advanced analytics- and workflow-based view of KYC and AML, NTT DATA Services sets a new benchmark with its end-to-end solutions to combat financial crimes. The company’s product-agnostic approach essentially reconfigures a client’s existing workflow by automating KYC processes to improve operational efficiency and reduce costs. “We work with almost every third-party vendor application available for KYC execution and AML monitoring,” mentions Edmund Tribue, Sr. Director and NA leader of the risk and regulatory practice at NTT DATA. The company’s state-of-the-art facilities in the U.S., APAC, and EU regions simplify the risk of outsourcing customer data offshore for KYC and AML operations.
Robotics-powered automation forms the crux of NTT DATA’s KYC and AML initiatives. The company begins by performing a proof-of-concept to demonstrate certain tangible benefits such as a significant reduction in customer onboarding time or lowering of relationship managers’ bandwidth, allowing them to focus more on building relationships rather than KYC documentation. “We have automated even the smallest of functions such as identity and verification, thereby eliminating manual operations to a large extent,” says Niraj Singhal, VP and head of international banking practice at NTT DATA. The company deploys bots to perform activities such as verifying information from the register and rerouting that to due diligence or even “Googling” for PEPs, thereby hastening the process significantly.
The starting point of NTT DATA’s services for KYC process automation is its proprietary KYC maturity model (KMM) that categorizes an institution’s maturity with respect to KYC operations into three stages. A financial organization is in the Provisional stage when KYC processes are non-standard and redundant due to low technology adoption.
Niraj Singhal, VP & Head of International Banking Practice“The Proactive stage is when the first phase of automation is introduced to streamline operations based on workflows, besides providing well-defined processes with measurable outcomes,” adds Singhal. Finally, the Proficient stage is when an integrated workflow model is defined through automation and robotics along with business metrics that reveal business performance. Parameters such as governance model, the skill level of staff, data analytics, and automation help in assessing an institution’s maturity, based on which an optimum solution is designed to transition clients from a reactive stage to the proficient stage.
We have automated even the smallest of functions such as identity and verification, thereby eliminating manual operations to a large extent
Among the organizations leveraging NTT DATA’s services is a European bank where back books had not been remediated for three years and the deadline was around the corner. An internal analysis revealed a requirement for a 1,200-member team working in three shifts, which was unfeasible. When brought onboard, NTT DATA viewed the issue from a workflow perspective and deployed a KYC platform that brought down the time taken to onboard corporate and retail customers from seven days to six hours by leveraging automation. The cost of performing KYC was significantly reduced and customer satisfaction reached an all-time high.
Moving forward, NTT DATA is developing an app to accelerate the onboarding process and help relationship managers scan books of accounts, proxy signatories and nested hierarchies. The company is also gearing up to facilitate information sharing between financial institutions and law enforcement agencies to combat finance-related crimes. Tribue and Singhal are prepping NTT DATA for the next phase of KYC, which will enable banks to look beyond customers and include third parties in their KYC and AML practices.
NTT DATA said in a statement that under the partnership, the firm will provide an innovative data platform, bolstering EVe’s mission to deploy a nationwide network of electric vehicle charging points (EVCP) in Singapore and upgrade the supporting electrical infrastructure.
According to the statement, this collaboration aims to facilitate seamless EV charging experiences and create actionable insights for the rapidly evolving EV landscape.
It said NTT DATA emerged as the ideal partner, winning the tender through a compelling proposal and a track record of success in the EV domain globally.
“We are delighted to collaborate with EV-Electric Charging Pte. Ltd. (EVe) to deploy a nation-wide EV charging network fueled by our industry-leading E-Mobility Data Platform,
“As a partner in enabling the transformation of the rapidly evolving EV landscape in Singapore and globally, NTT DATA Group’s Next Mobility Business Suite provides advanced data aggregation and analytics capabilities to decrease operational inefficiencies, improve user experiences with revenue-focused insights and ultimately contribute to our Unified Sustainability Mission,” said Noriyuki Kaya, Chief Digital Assets Officer at NTT DATA, Inc.
It is noted that EVe will be deploying EV chargers across nearly 2,000 Housing and Development Board (HDB) car parks in Singapore by 2025.
In recognition of the importance of data-driven insights for optimizing electric vehicle charging networks, EVe has chosen NTT DATA’s E-Mobility Data Platform, a key module of the NTT DATA Next Mobility Business Suite (NXT2).
This platform will aggregate information from EV Charging Operators (EVCO), analyze the data, and generate revenue-focused insights.
“This engagement is important for NTT DATA Group because it is a tangible example of how we can combine NTT DATA capabilities including deep industry capabilities and experience from Europe, regional domain & delivery expertise for EV-Electric Charging Pte. Ltd,
“This will be accelerated in the coming months, to elevate innovation & digitalization in APAC”, said Sai Sekar, Head of Global Industry at NTT DATA Corporation.
According to the statement, the partnership allows EVe to leverage this innovative solution to enhance operational efficiency, improve user experiences, and contribute to sustainability efforts.
“We are delighted to have NTT DATA on board for this cornerstone project. EVe aims to empower the journeys of all EV motorists, especially HDB residents,
“This project will allow EVe to harness real-time data insights across 2,000 HDB car parks, enabling us to enhance the user’s experience and make EV charging accessible everywhere, and available every day, every time,” said Derek Tan, Chief Executive Officer of EVe.
According to the statement, some of the key objectives of the E-Mobility Data Platform will include data aggregation, user experience enhancement, sustainability insights and scalability.
The platform will collect real-time EV charging utilization data, including usage patterns, station availability, and power consumption, enabling effective network monitoring and management.
It will offers intuitive and seamless UX/UI design for effortless navigation and enhanced user satisfaction.
By providing data on energy consumption and emissions reductions, the platform also quantifies and communicates EVe’s environmental impact, aligning with sustainability goals.
The platform is also designed to seamlessly accommodate EVe’s expanding network, the platform remains effective as the company scales up its charging infrastructure.
As part of the collaboration, NTT DATA’s NXT E-Mobility Data Platform (NXT-EDP) will enhance business intelligence, data analytics, and data warehousing capabilities.
This strategic move is in line with NTT DATA’s commitment to studying emerging technologies and collaborating with clients on joint research and development projects.
“NTT DATA Singapore is immensely proud of this milestone win, and our extensive experience in managing complex EV projects worldwide has resonated with EVe’s requirements,” said Krishnappan Ramanathan, Managing Director, NTT DATA Singapore.
“Our expertise in data analytics enables us to craft tailored solutions that not only provide immediate value, but also offer scalability and future-proofing capabilities,
“This aligns seamlessly with EVe’s vision of creating a dynamic and sustainable EV ecosystem and we look forward to our collaboration and partnership in shaping the nationwide EV adoption journey in Singapore,” he added.
NTT DATA, is a global innovator of information technology (IT) and business services headquartered in Tokyo.
The organization helps clients transform through consulting, industry solutions, business process services, IT modernization, and managed services. It is serving in over fifty countries.
As a EV ecosystem, EVe orchestrates the roll-out of Singapore’s EV charging infrastructure.
The firm works with Charging Point Operators (CPOs) and the authorities to roll-out Singapore’s most expansive public EV charging network.