Automated customer verification | Growth into 10+ markets

Enterprise external data management for retail banking 

Leveraging Demyst APIs to configure, transform and integrate external data to accelerate business growth in more than 10 global markets

Customers are increasingly expecting  simple and streamlined banking services that deliver instant decisions.

External data combined with internal data is key in delivering these outcomes for customers. Demyst is the right partner to make data deployment easy, fast and scalable, which in turn delivers a significant competitive advantage.

Standard Chartered Bank, a leading global bank, is providing real-time, digital onboarding experiences to open retail banking accounts that take advantage of external data to automate onboarding, improve credit decisioning and more.

Standard Chartered Bank (SCB) onboards their customers in real-time through a digital workflow that leverages Demyst to get fast, reliable, and frictionless access to the external data ecosystem. 

Background

Use of external data has the potential to automate traditionally manual and paper-intensive workflows, which improves the customer experience, leads to significant cost savings and faster decisions.

An integral part to digitization of retail banking is the ability to streamline access to external data used to verify identifies and employment, detect fraudulent behaviour and fight financial crime.

However, integrating and deploying external data across a large organisation operating in dozens of countries is a significant challenge, so Standard Chartered partnered with Demyst to leverage  Demystʼs Platform for rapid discovery and deployment of high value external data providers.

Situation

SCB is a leader in the innovative use of data for analytics and AI to improve customer experience, automate decisions and more. SCB also knows that internal data is not always sufficient to gain a complete understanding of customers. To do that requires tapping into a data ecosystem of more than 2000 potential external data providers that provide rich signals on individuals, businesses and more.

Challenge

In order to gain a competitive advantage from the use of external data, the first challenge is finding the right providers with the highest quality data. Second is certifying them for compliance against local and global privacy regulation and banking requirements. Third is rapidly procuring and deploying the data.

Dealing directly with hundreds of potential providers leads to headaches, protracts the time to value of the data and ultimately slows down the business. Getting “locked in” to data contracts also reduces business agility to swap providers and stay on top of the best external data available in each market.

Customer Outcomes

Solution

Partnering with Demyst enabled SCB to take advantage of the Demyst Platform to accelerate access to external data. Demyst’s Platform overcomes the challenges typically associated with  deploying new data workflows or digital applications by providing a single integration and single contract with Demyst’s Platform, which in turn connects to hundreds of high quality, curated data providers. 

Demyst’s platform manages business logic, provider failover for redundancy, entity resolution to match data across providers and more, so SCB can focus on getting the most business value from the data.

Demyst has enabled dozens of data providers to be used across many use cases in a scalable way across more than 10 countries and counting.

Data Providers