Following its roll-out of the KYC on the Go App, Standard Bank, were announced winners of the Celent’s Model Risk Manager 2021 Award.
The Standard Bank, KYC on the Go App, which was deployed in eight African markets, is powered by the Microsoft Power Apps platform.
According to a statement, Celent’s annual Model Risk Manager Awards recognise the best practices of technology usage in different areas critical to success in terms of risk.
Submissions are judged against three core criteria namely: The degree of innovation, Technology or implementation excellence, and Demonstrable business benefits.
Commenting on the achievement, Leon Barnard of Standard Bank’s Business and Commercial Client Segment said: “We achieved this by using technology to our full advantage, our digital capability backed by data and of course overlaid by our human insight, through which we understand our clients and deliver what is most important to them.”
KYC on the Go allows the bank to upload documents for its Consumer and Enterprise (Small Business) clients digitally with the help of bank staff or the clients themselves through a smartphone, tablet or computer, read the statement.
It not only assigns these documents to the client’s file, but also digitally stores them in the bank’s DSX database.
The Standard Bank used agile methodology to develop the KYC App, including straight-through processing integration with its core banking systems and DSX data repositories, within 10 weeks on the Microsoft Power Apps platform.
“Through this process,” continued Barnard, “we have seen a significant reduction in KYC documentation collection time and effort and a 76% user adoption rate, and despite the challenges presented by COVID-19 social distancing requirements, the KYC App is already being used in 50% of new account onboarding across 500 branches. This is one of the steps we are taking to get Standard Bank future ready.”
The KYC on the go App is readily available in the Google Play Store and the App Store.