A large global bank’s UK sales quality (SQ) team reviewed the sale of financial products to ensure regulatory compliance. Only 10%-15% of sales were actually checked, with a group of over 120 reviewers manually reviewing 10+ data sources each. Each review took roughly 90 minutes to complete.
This labour-intensive process left the bank with a higher level of compliance risk, resulting in various faults and errors in unchecked cases going uncorrected. The accuracy levels were also of concern, as inconsistency and potential oversights were made due to human involvement. Lastly, the entire process was slow, with time-consuming reviews and delayed feedback.