How AI innovation from Amiqus accelerated KYB processes for Virgin Money

As part of the Financial Regulatory Innovation Lab (FRIL) Innovation Call on “Simplifying Compliance through AI and Emerging Technologies,” Virgin Money shared the following  challenge:

How could they utilise AI to undertake Quality Control checks to onboarding processes, that combine digital and manual processes, to ensure compliance with UK regulatory obligations, whilst also meeting customer service objectives?

Virgin Money sought a solution that could:

1. Ensure customer communications and account decisions were fully compliant and aligned with their tone of voice
2. Highlight process points that are not meeting regulatory requirements.
3. Identify areas in the onboarding journey that create friction in the customer journey and don’t meet obligations under Consumer Duty
4. Report on compliance of the process, focusing particularly on the Customer Understanding and Customer Support outcomes specified in Consumer Duty rules
5. Identify success in first contact resolution and escalate applications that aren’t resolved

As a fast-growing regtech company, Amiqus participated in the FRIL’s Innovation Call and was selected as one of the Grant award-winning solutions to work with Virgin Money to understand their problem statement and provide a solution.

The goal was to develop a proof of concept that demonstrated how AI and automation could streamline Virgin Money’s Know Your Business (KYB) checks, reducing manual processes and improving compliance outcomes.

Amiqus approached the project using a user-centred design framework for a collaborative process. Amiqus researchers and designers spent time with the Virgin Money team to learn their current processes, identify key issues and deliver:

1. A proof of concept showcasing real-time Universal Beneficial Ownership checks
2. A prototype automating risk logic for faster decision-making
3. A risk model prototype to assess sample data and outcomes

In just 12 weeks, through the use of AI, Amiqus were able to deliver a working prototype that automated Virgin Money’s KYB check processes. This prototype was able to bring back the required information in under 2 minutes for a process that was previously taking up to 7 days. Providing Virgin Money with faster, more compliant and more efficient processes.

Rob Sharp, Digital Sales Manager, Virgin Money commented: 

“The FRIL Grant Award Innovation funding enabled Amiqus to set up a team, tasked with turning their pitch into reality.

Allowing the Virgin Money team to have regular meetings with the project team at Amiqus to work collaboratively to gain a deeper understanding of friction points in our customer journey.

Amiqus have been able to provide us with a prototype demo of their solution, that colleagues in Virgin Money have been able to test against customer friction points and can see that the prototype removes the issue causing friction.

This innovation has the potential to provide us with a market-leading solution to a problem faced by all banks looking to help SMEs open their first Business Current Account.

Without this FRIL Grant Award innovation opportunity, this collaboration would not have taken place, and the benefit afforded to both Virgin Money and Amiqus would not have been realised.”

The project delivered significant benefits for Virgin Money:

1. Time savings: Virgin Money’s KYB checks, which previously took up to 7 days, are now being returned in under 2 minutes, drastically improving efficiency
2. Enhanced compliance: AI-driven processes ensured adherence to regulatory requirements while supporting Virgin Money’s customer service goals
3. Improved customer experience: Faster onboarding reduced friction for new customers, aligning with Consumer Duty objectives
4. Proven scalability: The solution can be replicated across other financial institutions facing similar challenges
5. Operational efficiencies: Through automation and the use of AI, manual tasks were able to be replaced

Through the FRIL programme, Amiqus has been able to further enhance its award-winning product to offer advanced services in KYB, specifically around identifying Ultimate Beneficial Ownership of organisations and complex company structures.

Many large financial services companies still rely on outdated, legacy systems for AML checks, which limits efficiency and scalability. Amiqus’ innovations not only modernise these processes but also create significant commercial opportunities across both the financial and legal sectors.

Richie Stewart, Senior Commercial Manager, Amiqus commented:

“The FRIL programme has given Amiqus an opportunity to work closely with a large financial service client (Virgin Money) and spend 12 weeks working in partnership with them to understand their processes and where the opportunity lies to deliver improvements to their business banking services.

The FRIL programme has allowed Amiqus to work closely with a live use case to add additional functionality to our product around KYB checks. Virgin Money is committed to improving their customer onboarding journey and this programme has given Amiqus  the opportunity to work in partnership with them to build out a new product offering. We are delighted to have been able to evidence  a number of  benefits to Virgin Money and there is also the opportunity for this to dramatically improve onboarding processes across industries.”

If you’d like to learn more about how Amiqus can support your organisation with KYB and AML compliance solutions, get in touch with our team or email us at [email protected].