What happened when we paired our product team with our financial crime experts?

Against the backdrop of increasingly sophisticated financial crime threats and regulatory demands – the importance of verifying the identity of customers and third parties alongside monitoring their ongoing risk credentials has grown significantly. This process is often referred to as ‘Know Your Customer’ (KYC).

From years of working with global organisations on their KYC strategies, we realised that many were facing a “perfect storm” of disparate technology, manual processes and a lack of system controls.

We felt technology would play an important part in solving this challenge. In particular, we wanted to test if our proprietary case management platform, Flow Engine, could tackle this use case. The masterminds behind Flow Engine are a multi-disciplinary product team made up of product managers, engineers and UX designers.

We paired this product team with KYC experts from our Forensic practice – and using a collaborative approach, we built an instance of Flow Engine specifically to support our client’s KYC programmes. The result? KYC Flow, a new cloud-based technology solution to streamline and scale KYC operations.

We asked Flow Engine’s Senior Product Manager, Douglas Smith, to share with us his experience of collaborating with our KYC leads and the journey to creating KYC Flow.

“Flow Engine’s flexible configuration and modular set-up means that we can quickly pivot to build new tech propositions in response to our clients’ latest challenges (e.g. KYC, IR35 legislation and more). With our KYC Flow solution, using Flow Engine’s foundation building blocks we increased our speed to market, whilst retaining a globally scalable client solution.”

KYC Flow now helps organisations streamline and scale once manual and time-consuming processes, through an end-to-end digital solution for managing customer on-boarding, ongoing due diligence and remediation. A recent client project saw case management processing capacity increase by +1,000% using KYC Flow.

At Deloitte Ventures we’re constantly listening to the market. Through our incubators, we respond by developing early stage ideas into fully-fledged tech solutions such as KYC Flow, that deliver, together with our people, globally.

Interested in joining? If you’d like to learn more about the types of roles and teams within Deloitte Ventures, check out our join us page for more information, or contact us directly at helloventures@deloitte.co.uk.