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Banking needs

Is important for every business. I worked on an application for a business to open an account with a lot of GenAI applications. 

Image by Robert Bye
British Pound Coins
Image by Robert Bye

KYC Business Account

Here's some quick context on this case study.

01

Objective:

This case study explores the design and user experience of a digital KYC (Know Your Customer) process for businesses, streamlining compliance and verification for both corporate clients and bank employees, with AI-driven enhancements.

02

User Segments:

  • Businesses (Customers): Companies applying for banking services must complete KYC verification, including submitting legal documents, ownership details, and financial records.

  • Bank Employees: Staff responsible for reviewing, verifying, and approving business KYC applications while ensuring compliance with regulatory standards.

03

Challenges Addressed:

  • Simplifying the complex KYC process for businesses with multiple stakeholders and documents.

  • Ensuring compliance with banking and financial regulations for corporate clients.

  • Reducing delays in verification due to manual processing.

  • Enhancing customer support with an AI-powered chatbot that assists businesses in document submission, status tracking, and troubleshooting.

04

Key Features

  • For Businesses: Digital document upload for business registration, ownership details, and financial statements.

  • Real-time verification status tracking.

  • Guided form completion tailored to different business types.

  • AI-powered chatbot to answer KYC-related queries, provide step-by-step guidance, and automate responses for common issues.

 

  • For Bank Employees: Centralized dashboard for document review and approval.

  • Automated verification checks for business legitimacy, beneficial ownership, and financial standing.

  • AI-driven fraud detection and risk assessment.

05

Design Considerations:

  • A structured and intuitive interface for businesses to navigate complex KYC requirements.

  • Efficient workflow and clear UI for bank employees to streamline approvals.

  • Compliance with banking regulations, ensuring secure data handling.

  • Conversational AI chatbot to improve business client experience by reducing back-and-forth interactions and accelerating onboarding.

06

Outcome & Impact:

  • Faster KYC approval times for businesses, reducing onboarding delays.

  • Reduced manual errors and document rejections.

  • Improved efficiency for bank employees handling corporate KYC reviews.

  • Lower customer support burden through AI chatbot-driven self-service for business clients.

Here's some quick context on this case study.

Here's some quick context on this case study.

Project Dynamics

Team

I was the lone designer and worked with a lead designer who provided guidance.  

Client

LLoyd's Bank- A major British Bank

Timeline

Designed over a period of ten days, including feedback and rework. 

Banking KYC-The process

  1. This feature showcases the process of a business opening an account and completing the KYC process at Llyod's Bank.

  2. The first part showcases the user as the Business.

  3. In this case, the Business is a fictional company called Pollock Textiles, which applies for a business account at Lloyd's Bank.

  4. The second part showcases the user as a Llyod's Bank employee who reviews and eventually approves the application

Image by Charles Forerunner

RESEARCH

Here's some quick context on this case study.

Dashboard home.png

AI Implementation

Guided onboarding

AI can guide users through each step of the KYC process, with clear instructions and explanations of why certain information is required. This reduces confusion, minimizes the likelihood of incomplete or incorrect submissions, and ensures customers understand the process.

Customized Onboarding Journeys:

Based on the customer’s profile (e.g., individual or business), AI can adjust the onboarding journey, offering a more relevant experience. It can also personalize the communication tone, ensuring that customers feel more engaged.

Predictive Assistance

AI can predict and suggest what a customer might need next in the process. For example, if the system detects that a customer has a higher risk profile, it can suggest additional steps to streamline the enhanced due diligence process for them.

Instant Feedback

AI can provide instant feedback to customers. If there are issues with their documents or data, the system can immediately inform them, reducing the back-and-forth between the customer and the bank, which typically happens in manual processes.

Proactive Notifications

AI can send notifications to customers about the progress of their KYC process, keeping them informed at each stage. This reduces uncertainty and helps manage expectations.

1. Splash.jpg

1. Create a profile

The user navigates to the bank's website through the browser and is prompted to create a profile, where he'll be prompted to to complete the rest of the process. 

2. Login.jpg

2. Sign up

The client can input and submit their details to start the KYC process.  

3. Company details.jpg

3. Initiate

  1. When the user logs in, he is taken to the dashboard that has the relevant sections in empty states.

  2. He is prompted to initiate the banking KYC process, which is his next step. 

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4. Choose product

  1. He chooses Business Account as this is the account he wishes to open.

  2. The screen provides a section that highlights the information needed from him and a button that prompts him to get started.

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5. Initial details

  1. Here, he is prompted to insert the company number and click generate.

  2. By inserting these details, the system can pull the relevant data from the Companies House. 

  3. This step will also trigger an option to complete the process or get assistance from an AI chatbot named CLETUS.  

6. Initial Details Chatbot 1.jpg

6. Introducing CLETUS

  1. This screen showcases the feature of the AI-enabled Chatbot CLETUS. 

  2. Here, it has contextual menu icons that provide more information and can be helpful to the process.

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7. Confirmation

  1. The application pulls all the relevant information using the Companies House API.

  2. The user has the option to check all the details and make edits wherever feasible. 

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8. Documentation

  1. In this stage, the user uploads their documents.

  2. The inbuilt AI feature enables the application to detect the application type.  

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9. Complete

  1. This screen showcases the application being submitted.

  2. It highlights the next steps for the user regarding essential application details.

  3. On the right, the chatbot displays contextual buttons with helpful AI responses. 

  4. There's even an option where the client has a specific trouble that can't be resolved through the chatbot; in this case, there's a human representative who takes over. 

1. Dashboard home.png

1. Employee Dashboard

These are the screens being viewed by the Bank Employee.

In this scenario, I have provided his name as Peter Gomes.

  1. Peter views his dashboard to get an overview of all the requests he received. 

  2. The concerned company in this case is Pollock Textiles. 

  3. He has an option to begin reviewing the application so he clicks begin. 

2. Checks dashboard.png

2. KYC Application request

  1. The review process is divided into three stages: initial checks, in-depth checks, and the summary.

  2. At each stage, essential details are sourced using a relevant API or AI, and Peter has an option to review each section. 

  3. The AI Chatbot CLETUS is also enabled to provide support during this process with contextual information and helpful action buttons on every screen.

3. Company details.png

3. In-depth checks

  1. The initial checks are now completed. 

  2. Peter proceeds with the in-depth checks and starts by reviewing the company details.

  3. Over here, he can review the data sourced by Companies House. 

  4. Specific fields like ownership share, which are not found on Companies House, can be sourced manually using the CLETUS chatbot option and the right. 

  5. If all the required fields are populated, Peter can move ahead to the next stage. 

4. Officers 1.png

4. Officers

  1. Here, Peter can review the documents provided by Robert.

  2. The application can verify the documents against the issuing authority using the respective API's.

  3. Here, there is also the example of a document not being verified.

  4. Peter can manually verify the passport and inquire as to why it wasn't verified as shown on the chatbot. 

5. Officers 2.png

5. Officers docs verification

  1. Here, Peter can verify the documents, and he sees the status turn green, which enables him to move to the next stage. 

  2. On the chatbot side, he can utilize the contextual button to help him understand any issues with the documents 

  3. For instance, he can even get his queries answered on why Robert's passport isn't in green status. 

6. Risk analysis.png

6. Risk Analysis

  1. Peter gets a dashboard view of the risk analysis under different risk sections. 

  2. He can move ahead and check each section individually.​

7. Risk analysis financial.png

7. Financial Risks

  1. Here, Peter can see the various financial risks.

  2. He can use the chatbot to get more information on the specific financial risk like high debt ratio. 

8. Risk analysis operational.png

8. Operational risks

  1. Similar to the previous screen, this screen highlights the operational risks and shows the relevant graphs. 

  2. Here as well, he is assisted with contextual buttons to highlight specific operational risks. 

9. Risk analysis reputation.png

9. Reputation risk

  1. Similar to the previous screen, this screen highlights the reputational risks and shows the relevant graphs. 

  2. Here, the contextual buttons change to highlight specific reputational risks like quality and ESG rankings.

10. Summary.png

10. Summary

  1. Once the review process is completed, Peter gets a holistic view of the vital information.

  2. The top tracker enables him to submit his review now and close his ticket. 

  3. There's a button on the bottom that also enables him to submit, giving him a better user experience. 

11. Submit.png

11. Submit

  1. Here it shows that the KYC review is successfully submitted

  2. Each information box shows that AI has assisted in completing the review, and that it's verified by a human.  

Parting Thoughts

A reasonable conculsion of why this case study makes sense.

Enhanced Business Onboarding Experience
The redesigned KYC process significantly improves businesses' onboarding journeys, reducing friction in document submission, verification, and approval.

01

Increased Efficiency for Bank Employees
By streamlining workflows and integrating AI-driven automation, bank employees can process applications faster, reducing delays and improving compliance accuracy.

02

AI-Powered Support & Automation
The AI chatbot plays a crucial role in guiding businesses through the KYC process, answering queries, reducing support dependency, and ensuring a seamless digital experience.

03

Compliance & Security at Scale
The solution ensures regulatory compliance while maintaining high security standards, enabling banks to onboard businesses with confidence and minimize risks.

04

Impact on Business Growth & Banking Operations
Faster KYC approvals lead to quicker access to banking services for businesses, supporting their financial operations while optimizing bank resources.

05

This case study demonstrates how a well-designed KYC system, powered by automation and AI, can transform banking operations and improve customer experience.

​

06

A reasonable conculsion of why this case study makes sense.

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