Jyske Bank is one of Denmark’s largest banks, expanding through mergers and organic growth to serve more than 600,000 customers.
Anti-money laundering regulations and fraud prevention practices have added new pressure on banking processes, and the employees who work to ensure compliance with international regulations. Regulated environments require efficient processes that can enable employees to focus on managing risk. At the same time, Jyske Bank wanted to provide its customers with a frictionless user experience, freeing them from tedious and repetitive forms and user tasks as much as possible.
Under regulation from the European Banking Authority and the Danish Financial Supervisory Authority (Finanstilsynet), Jyske Bank needed to perform a fraud-prevention process commonly known as Know Your Customer. Aligning to Know Your Customer regulations in the past created several extra steps and tasks for customers, eroding their experience while generating additional administrative work for employees.
To manage the process more efficiently and minimize the impact on customers, Jyske Bank turned to process automation — building a process where customers could provide the bank with the necessary information through a self-service channel, combined with sufficient automated and manual control to ensure the data quality.
Camunda was chosen to power this process, orchestrating all the necessary information to the customers with electronic or physical letters, as well as following up on customers who didn’t respond or didn’t wish to participate. Information received from the self-service channel was then directed to the relevant employee, providing efficient handling through user tasks, alongside automatically updating relevant back-office systems.
Camunda empowered Jyske Bank to model, design and orchestrate each step of the Know Your Customer process precisely. Accounting for wait times, asynchronous responses, and the variety of states throughout, Jyske Bank refined its Know Your Customer process toward better self-service, better compliance and better customer experiences. The new process accommodated all the possible ways a customer might respond or decline, particularly in rarer cases where they weren’t customers of the bank.
Furthermore, meeting deadlines is extremely important in order to stay compliant with stringent international regulations. The process requires staff to ask for information before a compliance-set deadline is met, escalate the issue if a deadline is surpassed, and finally make reports on completed and outstanding tasks.
Jyske Bank performs this process for more than 20,000 customers, gaining full control and transparency for each response by using Camunda. The platform renders external reports, lists or spreadsheets unnecessary — everything is stored and handled within the process.
Beside the improved customer experience, the process has also become much more efficient for the employees — automating tasks that were previously manual and freeing them from keeping track of the processes. Jyske Bank estimates that employees save up to 80% of the time previously spent on these manual tasks.
When performing an operation of this size and importance, it is crucial for management to be kept up-to-date on progress at all times. As well as tracking progress, information from the Know Your Customer process was used to plan the resources involved in verifying the gathered data.
Jyske Bank’s Customer Service team monitored the number of open-user tasks and the deadlines for compliance user tasks to be processed, in order to plan workload and work allocation. Alongside, the Know Your Customer team could monitor customer response time and success rate, and the quality of the data received, in order to optimize customer communication.
Jyske Bank used Camunda Optimize to provide this information to management. This agile tool makes it fast and simple to deliver near real-time reports — making it possible to have a truly up-to-date view on the process performance.
Building on the experience from this process, Jyske Bank is planning the next release, which will expand the process to gather information on ‘advanced clients’, such as corporate entities — a complex process that involves keeping track of complicated owner structures and more.
The process will often involve several participants, who must all complete designated user tasks. This is currently a troublesome process for Jyske Bank’s customer advisors, which involves a lot of information from the companies as well as owners, in order to remain compliant.
Jyske Bank’s processes support great customer experiences within a well-regulated environment. The bank plans to keep improving the Know Your Customer process with Camunda, to help keep track of each automated customer process, providing real-time insights into process performance and increasing customer satisfaction.