OVERVIEW
What was the project about?
Commercial customers KYC / Onboarding turnaround time.
Company Name
Thrivent Bank
OVERVIEW
Banking / Financial Services
Location
Minneapolis, MN
CHALLENGE
What was the main issue(s) you and you team were trying to solve?
- Commercial Customer Onboarding for treasury accounts were very slow due to few big Batch processes resulting in larger turnaround time.
- Know Your Customer (KYC) was a tedious process for Commercial customers to get initiated due to manual redundancies as part of older workflows.
SOLUTION
What was the solution that was implemented for this? How did it fix or improve the company’s workflow?
As part of the modernization initiative enabled cloud migration with Batch process optimization & Automated KYC ingestion process using AWS services such as SQS , Batch, ECS, Kinesis, Step functions.
RESULTS
What was the end result? Did the company increase efficiency?
Upon implementation the onboarding time had reduced from 27 days to 5 days enhancing customer satisfaction and better engagement with the bank.
