Delivering Value Beyond Compliance, LANDBANK Digitizes Its KYC Records Through SVI’s Digitization Service

The Challenge
Founded in 1963, Landbank of the Philippines (LBP) is a government-owned and controlled bank with a social mandate to spur countryside development. LBP is the largest formal credit institution in the rural areas and ranks amongst the top five commercial banks in the country. Engagement of the outsourced support services from a service provider is one of LBP’s strategies to assist its branches on the digitization of Know-Your-Customer (KYC) records. This initiative is undertaken to comply with the requirements of the Anti-Money Laundering Council (AMLC) regarding the Digitization of Customer Records, which include all existing customer records, and the establishment of a central database. The digitization of customer identification records for branches is part of the continuing project on the conversion of LBP’s internal and customer records into digital format to be transmitted to LBP’s central repository of digitized records.

The Solution
LBP engaged the services of SVI to digitize approximately 37,000,000 million pages of KYC records of the branches in the Visayas and Mindanao regions. For this project, SVI strategically deployed its competent manpower and equipment to a total of 107 branches of LBP. SVI utilized its high-speed scanners, proven set of software tools, and tried and tested methodologies to perform the scanning, encoding, and quality assurance review of the KYC records. Highly trained SVI personnel performed the scanning and indexing of the records, implementing quality assurance checks in every process to ensure the quality of scanned images and encoded data. Outputs were made available for review at the branch level and head office level to ensure that only accurate and error-free data and images are loaded to LBP’s central repository.

Business Results and Benefits
Through SVI’s ongoing digitization service, LBP branches get accurate, reliable, and easily retrievable digital copies of their customer records, making them compliant with the digitization requirements of AMLC. KYC records are now easier to search and retrieve. The KYC records of LBP are also protected against damage or loss brought about by calamities or disasters. By outsourcing the service, LBP is doing away with the difficulties and additional requirements brought about by managing hundreds of digitization personnel across the branches nationwide, consequently allowing its own personnel to focus on delivering their core functions and services.