KYC docs sharing

We help banks to cut their cost on KYC procedure and create a new level of experience for their customers.

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Inspiration

The average bank spends £40 million a year on KYC Compliance, according to Thomson Reuters Survey. Current KYC processes also entail substantial duplication of effort between banks (and other third-party institutions). Moreover, customers also struggle to run the same KYC procedure several times for different banks. So together with the team, we decided to solve this problem by developing a KYC docs sharing service.

What it does

KYC (know your customers) docs sharing service helps banks to exchange customers' KYC docs once a customer confirms such exchange. This solution can save millions of dollars that banks spend on KYC procedure due to the possibility to exchange KYC docs. One bank (BigBank) runs KYC procedure first time, let's say for Bob Fisherman, and spends some money on that. Another bank (TinyBank) where Bob Fisherman wants to open an account and has to pass KYC procedure, can request Bob for permission to get his KYC docs to form the BigBank that has already run KYC for Bob. This Tinybank has to pay a fee for KYC docs exchange, thus BigBank can get compensation for its effort the bank spent on running KYC for Bob. Thus, Bob shouldn't pass the KYC process several times that creates a new pleasant experience for him.

How we built it

Firstly, we were searching for the problems banks have in the media. Then we found out the problem that banks spend a lot of money on Know your customer procedure. Then we're conducting some users interviews with the fintech guys and lawyers we've known in order to verify our problem hypothesis. After defining the problem we're brainstorming about a possible solution and as a result, we created a user journey map for two types of user: banks (to run and share KYC docs) and their customers (to upload docs and give permission for sharing). Then we developed a simple front-end for web-application on Javascript using Angular, and created an automatic build-and-deploy process using BitBucket Pipelines. And the result is deployed to AWS S3, and it is accessible for everyone. But after we had a meeting with our mentor he recommended us to work more on a UI/UX since it's also B2C solution that demands a pleasant experience we spent some time developing a mobile and desktop prototype of our solution in Figma.

Challenges we ran into

We decided to create this demo without a backend. So implementing the logic, we dug deeper into rxjs (reactive framework). And all pages are now tied to the in-memory repository in a reactive way. That demand from us additional attention for reactive subscriptions' management. The wrong ways gave us crazy behaviour and memory leakages.

Accomplishments that we're proud of

Instead of starting with development, we spent time on problem's research that gave us valuable insights regarding the features we should implement. Also, we've considered possible ways of monetization and proposed one in the presentation.

What's next for KYC docs sharing

Definitely, we have to work on the security of these documents sharing process since it's very sensitive information.

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