Situation
A financial services company struggled with long throughput times and a low first-time-right rate due to misalignment within the Customer Due Diligence (CDD) chain. As a result, employees experienced too much work pressure to complete the remediation program.
Approach
We set up a chain team representing all parts of the chain. We then carried out a chain problem solve to identify bottlenecks and opportunities for improvement throughout the chain. The team was then able to implement solutions to optimize the process.
Results
Our client’s throughput times reduced from over a hundred days to around 40 days, and within months after the implementation of the chain optimization the first-time-right rate increased by 10%. Due to enhanced cooperation, employee engagement improved considerably as well. Finally, the KYC client outreach process smoothened substantially, reducing our client’s employees’ workload.
