Read this article about Cognizant Technology Solutions India, Finalist in the Best Achievement in Operational Excellence to deliver Digital Transformation, selected by the independent judging panel, for the 2021 Digital Transformation & Operational Excellence Industry Awards program.
Background Screening in KYC process reimagined with Digital Transformation
Background screening (also known as Client List Screening) is one of the critical controls of the customer due diligence process in client life cycle management. With regulatory oversight and compliance requirements, banks & financial institutions need to perform these checks not only at the time of onboarding but also periodically, depending upon the risk profile of their customers. A typical screening process involves running a search of the connected parties (both individual and entities) of the client organization in a risk database.
Operationally, the background screening process takes upward of 50% of client due diligence efforts. A key challenge that drives this effort is the high number of false positives i.e., about 90% of hits which are adjudicated turn out to be false hits. The net result is that banks must deploy many resources to manually go through a multitude of irrelevant hits.
The value proposition offered by our solution is to make the Background Screening efficient by applying automation, Natural Language Processing, AI and Machine Learning customized to the banks’ lexicon library, scoring criteria and approved data sources. The focus is to reduce the number of false positives, enable the team to work on the real risks and provide the required insights for future reference.
The solution has already delivered a business value of over $1 MM in 2021 for the client, with an overall market opportunity of $75-80 Million annually which can be further expanded to other industry verticals.
The Digital Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding achievements through the application of Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs. Click here to view the Press Release.
The winners will be announced at the Awards Ceremony at The Digital Transformation & Operational Excellence World Awards (DTOES) on Wednesday, December 15th, 2021, from 6:30 PM at Renaissance Orlando at SeaWorld®.
The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs to deliver outstanding business results.
The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2021 on December 15, 2021, at the Renaissance Orlando at SeaWorld®. Click to access the agenda, view the current speakers, and watch the highlights video from last year.
BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.
With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.
There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.
The agenda is designed to encourage active meaningful conversations through all day enhanced networking and interaction opportunities, including
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