Challenge

A digital bank was ready to launch but needed 9 months of risk assurance checks before the regulator would sign off. The bank’s parent company could administer the checks as long as it abided by the same risk standards used internally. With 90+ checks requiring input from 15 distinct risk functions, there was a genuine risk the approval process would extend beyond the 9-month estimate.

Solution

The digital bank gathered just 4 numbers from each approval team to feed into Enthoosa AI’s algorithm. In hours, the algorithm identified a way to fast-track approval checks, without skipping valuable, risk-mitigating steps. The main suggestion involved a dedicated approval team that could evaluate checks simultaneously, one-by-one, until complete. By eliminating all the time between approval steps, the work was completed in just 4 weeks. That translated to 8 months of additional revenue which more than offset the cost of the dedicated team-time.

Results:

• Speed increase: 9x
• Additional revenue: $30M
• ROI: 110x