SDM-Bank is in the TOP-20 banks in terms its loan portfolio for SME companies and the TOP-30 in terms of profitability and reliability. The bank's management seeks to find ways of utilizing modern IT technologies to ensure greater transparency of the bank’s activities. To reduce labor costs and improve the efficiency of client financial monitoring processes, the bank decided to create an IT system for automatic verification of activities as per the requirements of the bank’s internal regulations and regulatory authorities.
The bank partnered with Neoflex, the IT-company with which the bank has been cooperating for more than ten years and which has proved its reliability in implementing complex IT tasks, to develop the system.
The project was implemented in several stages. SDM-Bank representatives engaged Neoflex experts to develop a concept of the futuristic system and lay out detailed terms of reference for developing the solution. The process itself was also implemented in stages: first, the account opening procedure and client verification procedure when opening an account were automated. Features for financial monitoring of client transactions were also added.
The system web interface and automation of key business processes were implemented based on SuiteCRM platform, while the integration part of the project was implemented using Talend ETL tools.
"The introduction of the automatic monitoring system has enabled SDM-Bank to more efficiently and quickly analyze its clients' activities and better manage and monitor financial transactions as per 115-FZ requirements. We have significantly reduced the risk associated with opening accounts for unverified clients. Moreover, automatic verification of information on clients who conduct dubious transactions or those that are mandatory for monitoring allows us to quickly and efficiently transfer the information for execution to end IT systems. Quick identification of suspicious transactions also means the bank is exposed to lower risks in such cases," Deputy Chairman of the SDM-Bank Board Elena Volkoedova noted while evaluating the project results.
Implementation of the project, which took about a year and a half, resulted in the development of a completely new system in the bank's IT sphere. The system allows to comprehensively address the issues of automation and monitoring of mandatory client checks to meet AML/CFT requirements. Moreover, it helps keep clients’ electronic files up-to-date as per KYC procedural requirements, ensure their financial monitoring and promptly hold virtual expert council meetings.
"We appreciate our clients’ trust. And now that we have been cooperating for over ten years, as in the case with SDM-Bank, we can assume that this is the best indicator that we are moving in the right direction. This is because in each joint project, we seek to not only resolve a number of technical issues using IT developments and expert views, but also act as a business partner for our clients. IT has today become an important way through which we are able to solve primarily our clients’ business problems and make their businesses more competitive and successful," Neoflex Director General Oleg Ruban stated.

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