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Screening BAU for a Fintech Bank



Challenge

EFI partnered with a UK Financial Institution, to support them in the implementation of screening suppression software by dispositioning alerts that would spike and dip as the system was scaled. When implementing the new rule set and software our client was aware that they would have to deal with a large spike in alert volumes as the system was incrementally scaled up. These volume spikes would then be smoothed downwards as the suppression tool began to learn. The client thus required an extremely flexible staffing solution that could ensure payments were dispositioned in a timely manner but they were not paying for analyst idle time. 


Clients have become very wary of Time & Materials (T&M) solutions provided by consulting and operations functions in the AML space. Too often clients end up paying for poor outcomes as outsourced providers are incentivised to just add bodies to the problem and to keep them engaged as long as possible. 

 



Solution 

Cost per alert:

EFI provided a flexible staffing solution, utilising a per-alert costing model rather than the traditional Time & Materials (T&M) approach. This method ensured that the client maintained complete control over costs without paying for unproductive time.  


24/7 service based out of Sri Lanka: 

We made use of our in-office Hub in Sri Lanka to process this work. This allowed us to provide a 24/7 service to ensure payments were processed within strict SLAs so that the client's customer service department was not flooded with client calls because of delayed payments.  


With staff coming into our Sri Lanka office, training and buddying allowed us to quickly move analysts up the skill curve and ensure we exceeded all quality metrics. The other benefit of our Sri Lanka hub was that we could provide a per cost pricing that is 20% cheaper than India. 

 



Outcome 

Cost Control:

The fixed pricing model ensured that the client paid only on a per-case basis, maintaining complete control over costs. 


Capacity Management:

EFI’s management of staffing flexibility under the fixed price model ensured that neither overcapacity nor under capacity was an issue, with back-to-back agreements supporting staff allocation. 



Process Improvements:

EFI's enhancements to the client's processes led to reduced costs for additional books of work, demonstrating the value-added beyond the initial engagement. 


Reporting and Transparency:

A new reporting platform was developed in collaboration with the client, integrating with their API to improve tracking of progress, Average Handling Time (AHT), and other key issues. 


Training Efficiency:

While the client provided initial training, EFI took over training for new hires, significantly reducing training costs for the client.






 

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