Keywords: LGT, Liechtenstein Global Trust, private banking, asset management, customer screening systems, efficiency issues, vendor system, World Check, capability assessment, institution risk profile, false positive rate, system performance, reduced screening costs, machine learning, post-processor solution.
LGT, The Liechtenstein Global Trust, a world-leading private banking and asset management group, found itself grappling with efficiency issues related to their customer screening systems. The challenges originated from the architectural setup of their vendor system and a partial outsourcing of scoring to World Check. LGT required a new solution and tuning support to optimize and benchmark their customer screening system.
This is where Beyond stepped in. We initiated our collaboration with an initial capability assessment, identifying weaknesses in LGT's customer screening system and providing recommendations to boost its effectiveness and efficiency.
We reassessed LGT's institution risk profile, ensuring it accurately reflected their exposure and effectively mitigated potential risks. Our tuning support decreased the false positive rate for sanctions from 28.5% to 22.1%, enhancing the accuracy of the screening system. By making precise threshold adjustments, we optimized system performance, reducing the number of hits returned by the system by 50%, without compromising its ability to identify true matches. This resulted in reduced overall screening costs, ensuring efficient use of resources.
Beyond's engagement didn't end there. We deployed an additional machine learning-based post-processor solution that further reduced the false positive rate for sanctions by an additional 11 percentage points.
Our tailored solutions optimized and benchmarked LGT's customer screening system, leading to enhanced performance, reduced false positive rates, and lower overall screening costs. We empowered LGT to effectively address their customer and transaction system screening challenges, fostering more efficient and accurate screening processes. This translated to optimized resource allocation, reduced costs, and enhanced risk management.
At Beyond, we believe that data is more than just numbers—it's a powerful tool that can drive business growth and deliver tangible outcomes. Our partnership with LGT transformed data into actionable insights and drove meaningful business outcomes.