ALD NL wins KYC risk scoring speed and accuracy with Harmoney
After new internal KYC risk-scoring requirements were implemented by the Paris-based holding firm of vehicle leasing company ALD Automotive, its branch in the Netherlands relied on Harmoney to implement an automated risk scoring tool. Project manager Sander van der Meulen: “We can now run end-to-end KYC checks in a matter of seconds – equivalent to the manual work of 2 FTEs.”
New rules, new approach
Over the last decade, ALD has grown from leasing approximately 20,000 vehicles to just over 70,000. “This was through both organic growth as well as acquisitions,” asserts project manager Sander van der Meulen. “Today, we’re a very strong domestic and international partner in white-label leasing for brands like Volvo, KIA, Jaguar, Land Rover and new brands with fully digital approaches, like Polestar. We are investing in partnerships and mobility solutions, and boosting efficiency and transforming client experiences are important goals moving forward.”
ALD is owned by French banking institution Société Générale. “This has always been an advantage for our business, but it also means that ALD must adhere to compliance rules,” continues Sander.
In addition to ensuring that both private and corporate leasing clients are financially sound, ALD compliance personnel must thoroughly investigate each client’s background, connections and activities. “Doing so involves checking a wide range of databases – both internal and external –, as well as consulting local and international checklists. Last year, our HQ in Paris passed forward a series of updated compliance requirements, and it was my responsibility to overcome the challenge of complying with the latest – and highly complex – rules in the most efficient way possible.”
Tackling similar challenges together
In the process of collaborating with his ALD colleagues in Belgium, he realized that both offices were facing the same challenge. Sander: “ALD Belgium had already started the process of identifying partners that could help facilitate their own KYC workflow automation project – and that’s how we got in touch with Harmoney.”
As the entire risk scoring methodology that needed to be built was already prescribed in detail by ALD headquarters, Sander collaborated with ALD Belgium and the Harmoney team to identify the most efficient delivery roadmap leveraging Harmoney’s robotic process automation platform.
They were competent, intelligent, easy to communicate with – they were coming up with good solutions from the outset.
Sander van der meulen
Project manager at ALD NL
“They were competent, intelligent, easy to communicate with – they were coming up with good solutions from the outset,” he explains. “It was a little bit scary from our side because we didn’t know how the web portal UX would look and feel until the last moment – but it was quite amazing. It’s extremely user friendly, it’s smart, and it’s very fast as well.”
Tackling the work of 2 FTEs
Even before the new risk scoring procedure, ALD the Netherlands had relied on a temporary KYC team to carry out manual KYC overviews, screen data, reshuffle outcomes and determine a final risk score.
“The Harmoney solution is configured precisely to suit our needs. An API is automatically activated every five minutes, which picks up all of the clients that need to be checked,” Sander goes on to say. “The platform then handles the screening process, applies the risk scoring methodology and then returns a positive or negative outcome to our system in a matter of seconds.”
The platform handles the screening process, applies the risk scoring methodology and then returns a positive or negative outcome to our system in a matter of seconds.
Sander van der meulen
project manager at ALD NL
In Sander’s opinion, the first version of Harmoney’s automated risk scoring tool performed the same volume of manual work as two full-time employees. “And it wouldn’t be fun work to carry out – it’s all about performing the same, complex process over and over again.”
Facing a digital future
Just a few days after the Harmoney solution went live, Sander was already thinking about opportunities to make it even more tailored to ALD’s needs.
“We’re now launching the second phase of the project, which involves upgrading the portal, integrating additional facilities and adding more functionalities,” he says. If, for example, one of ALD’s external data companies doesn’t have enough information for Harmoney to perform a thorough risk scoring, the ALD KYC team can enter data directly into the portal and then reactivate the scoring process with Harmoney and the back office in sync.
“Alongside our personal approach to clients, the future of ALD is also going to be extremely digital – and with fully digital client journeys on the horizon, it only makes sense for our KYC process to be just as future-focused,” he concludes.
Ready to explore the benefits of compliance and risk management workflow automation for your financial services business? Get in touch with our team.