A large, community bank based in Florida needed to identify and deploy a new Adverse Media Monitoring (AMM) solution to screen new customers, and monitor existing ones, across a customer base that is both domestic and international. The cost of its existing news screening tool was staggeringly expensive and was only rising. Additionally, its mixed customer geographic profile elevated its compliance risks and was driving the need for greater accuracy, consistency, and scale for sanctions screening. The bank needed to do all of this without adding any additional headcount.
The bank selected WorkFusion’s AI Digital Worker Evelyn for its AMM capabilities.
The result was an immediate $250k in savings simply by replacing their existing AMM news solution with Evelyn’s built-in proprietary Google-API optimized for adverse media. The annualized savings include $1.4M+ in OpEx cost by automating the work that would normally require 19 FTEs. This also allowed their existing FTEs to handle higher-value work as the company continues to grow.
The following impressive results were achieved: