We helped Danske Bank improve profitability and corporate governance in retail banking through better KYC and Credit screening.
Danske Bank is a leading provider of retail, corporate and institutional banking solutions in the Nordic-Baltic region.
Danske Bank’s primary challenge was to improve the quality of new client and loan applications and ensure their compliance with regulatory and corporate governance requirements. Union was mandated to provide such a solution without sacrificing reliability or efficiency.
Getting The Basics Right
Union I comply was implemented across Danske Bank’s branch network to support front-line staff and in the back office to validate online requests. We worked closely with management to ensure that multiple screening models were accurate, reliable and met policy requirements for specific client and product profiles. Union I comply was integrated with internal data and external sources including credit bureau, state and AML registries to ensure decisions were based on the best possible dataset in real-time. A detailed audit trail including timestamps was provided for each transaction.
An Engaging Proposition
To increase deal flow, Danske Bank implemented Union I online in conjunction with a car retailing client to offer leasing solutions at the point of sale, when it matters most. Our POS terminal included loan calculators and enhanced UX to make it easy for clients to understand offers and front-line staff to complete applications. Integration with Union I comply allowed applications to be scored in real-time, with embedded paper and digital contracts available for successful applications.
Client requirements and market conditions are dynamic, new products must be introduced and policies iterated on a regular basis. Danske Bank regularly analysed data from Union I comply to ensure origination remained competitive, simple drag and drop functionality making it possible to implement changes in minutes across all channels.
By implementing Union I comply Danske Bank has gained numerous benefits. Bottom line profitability has increased through process efficiency in the collection and analysis of data, with deeper insights reducing losses to NPLs and fraud.
Compliance with regulatory and corporate governance requirements has improved and origination moved onto a real-time basis within a structured, auditable framework. Clients benefit too, receiving answers to account and loan requests in minutes, in turn improving user experience and brand perception.