FinTech Innovator Series
Revolutionising economic crime prevention: Modern technology for a digital native world
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An interview with
Farhana Younis
Engineering Lead, Lloyds Banking Group
In the rapidly evolving landscape of financial technology, the prevention of economic crime has become a critical focus for banks worldwide. At the forefront of this effort is Farhana Younis, Engineering Lead for Economic Crime Prevention at Lloyds Banking Group. In her role, Farhana oversees a platform responsible for various software applications supporting the bank's needs, including fraud and anti-money laundering screening checks. In this exclusive interview, Farhana shares her experiences and insights on developing a cutting-edge e-crime prevention platform together with Bugni Labs, the challenges faced, and the innovative solutions that have set new standards in the industry.
An interview with
Farhana Younis
Engineering Lead, Lloyds Banking Group
In the rapidly evolving landscape of financial technology, the prevention of economic crime has become a critical focus for banks worldwide. At the forefront of this effort is Farhana Younis, Engineering Lead for Economic Crime Prevention at Lloyds Banking Group. In her role, Farhana oversees the software development for customer screening for onboarding journeys supporting the bank's needs, including fraud and anti-money laundering screening checks. In this exclusive interview, Farhana shares her experiences and insights on developing a cutting-edge e-crime prevention platform together with Bugni Labs, the challenges faced, and the innovative solutions that have set new standards in the industry.
Essentially, it involved redesigning and re-architecting the way we've traditionally handled some of our screening services, particularly for onboarding customers. We aimed to enable seamless straight-through processing for our digital journeys.
The new e-crime prevention as a service platform was a strategic greenfield project for Lloyds. What were some of the major architectural and development challenges you faced?
This project was indeed a strategic initiative for us, as it marked a significant shift from our previous methods. We essentially redesigned and re-architected our approach to screening services, particularly for customer onboarding. Our aim was to enable seamless straight-through processing for our digital journeys.
One of the key challenges was creating a solution that was channel-agnostic and could be delivered quickly, given our tight timeline. This required us to embrace modern engineering principles and architectures. We had to look at a combination of new hosting platforms, services, and ways of working.
The complexity lay in managing multiple elements within a very short time period. We needed to ensure that our new system could integrate smoothly with existing infrastructure while also being flexible enough to adapt to future needs. It was a balancing act between innovation and practicality, all while maintaining the highest standards of security and compliance.
The first release of the platform was delivered in less than six months, which is quite fast. How did Bugni Labs contribute to this rapid development?
Bugni Labs played a crucial role in accelerating our development process. Their understanding of our brief and their insight into the types of solutions we were aiming for was invaluable. They brought a wealth of knowledge about technology and engineering, which enabled upskilling within our own team as well.
One of the key contributions was their suggestion of ways to build the architecture, which included systematic thinking and a strong architectural drive. They introduced new engineering methods that we hadn't considered before, such as technologies that could enhance our real-time capabilities.
Their experience with various financial providers gave them an edge. They were aware of industry trends and had experience with applications like self-service capabilities and customer credit risk decision calculators. This broad industry experience and awareness of changing dynamics certainly provided them with an advantage.
Moreover, Bugni Labs understood how technology and agile engineering work together. They brought innovations like the code generator and other tools such as orchestration services and database frameworks. Their multi-skilled team, having worked across most technologies, was a real benefit, especially when facing skills gaps at the start of the project.
What they were able to bring was a lot of their knowledge about technology and engineering, which enabled upskilling within our own team as well. They suggested ways that we could build the architecture, which included systematic thinking and strong architectural drive.
The code generator helped us to significantly reduce the engineering effort from two engineers over four to six sprints down to just one engineer in a single sprint. It also ensured greater accuracy and resulted in less rework and reduced testing requirements.
I understand that Bugni Labs used code generation technology in critical areas. Can you elaborate on how this was applied and its benefits?
The code generation technology was particularly useful for handling database table changes and populating numerous schemas. Initially, we estimated that doing this manually would require two engineers working for about four to six sprints. However, by using Bugni Labs' code generator, we were able to reduce this to just one engineer working for a single sprint.
My main concerns were ensuring that the intellectual property would remain with Lloyds and that we wouldn't create a dependency on a third party. Bugni Labs addressed these concerns effectively.
The benefits were significant. Not only did it drastically reduce engineering effort, but it also ensured greater accuracy, resulting in less rework and reduced testing requirements. It proved to be so effective that we've looked to share it with other labs and feature teams for similar activities.
This approach was particularly beneficial for repeatable code patterns. For instance, when dealing with multiple updates to reference data, having a product that allows you to unlock some of your engineering capacity constraints and reduce dependence on manual efforts from engineers can be crucial. It not only saves time but also minimises the risk of manual human errors, which could lead to more testing.
How did working with Bugni Labs help you overcome doubts about viability or ability to execute?
Working with Bugni Labs felt very natural from the start. Having worked with some of their engineers and architects before, our alignment was seamless. Throughout the incubation period and the design phase, the speed at which the architecture was created and ratified, along with our collective approach to engineering principles and decisions, made it feel like we were in sync.
There weren't many challenges around having to unpick things or disagreements about the direction. They saw our vision and helped us implement it effectively. As the engineering lead, I was very much part of all the conversations; it was highly collaborative. There was still a lot of autonomy, ensuring alignment with Lloyds' strategy.
One of the key aspects was their ability to work towards our goals without deviating too much from what we'd set out to do, while also introducing fresh ideas and perspectives that we might not have considered otherwise. They proved to be invaluable partners in this delivery, bringing both the vision and the people capable of executing it.
Their approach also focused on not creating dependency on their services, which is critical as most industries don't want to become overly reliant on a third party. They helped in sharing knowledge to ensure that our existing permanent engineers were brought into the journey. This way, when Bugni completed their delivery, they could exit knowing the service would continue without them, ensuring continuity of quality without creating a dependency.
Through the incubation period and the design phase—the speed at which the architecture was created and ratified, and our collective approach to engineering principles and decisions—it felt very much like we were in sync.
I'm pleased to say that, as a team, we went above and beyond what we expected. What has been delivered has been recognised as a key enabler across the platform.
The project seems to have exceeded initial expectations. Can you elaborate on its success and recognition?
The project's outcome was truly beyond our initial expectations. Despite starting with an ambitious vision, there were times when we doubted whether we could deliver what we ultimately did. However, the dedication and commitment from the team on both sides were key to our success.
What we've delivered has been recognised as a key enabler across the platform. It's a framework that is now being expanded and used by other teams. The success of this project has been acknowledged at the highest levels within our organisation, with our director and CIO praising the delivery.
Furthermore, our innovative approach has garnered industry recognition. We've been shortlisted for an ICA Award for innovation in financial crime. This external validation is a testament to the groundbreaking nature of our work and its potential impact on the financial sector.
How did Bugni Labs ensure knowledge transfer and continuity after the project?
One of the most valuable aspects of working with Bugni Labs was their approach to knowledge transfer. They understood the importance of not creating dependency on their services, which is crucial in our industry. Their focus was on sharing knowledge and ensuring that our existing permanent engineers were fully involved in the journey.
Throughout the project, Bugni Labs worked collaboratively with our team, involving us in all key conversations and decisions. This approach allowed for a natural transfer of skills and knowledge. They were proactive in anticipating challenges and teaching us how to navigate them, which was invaluable for our team's growth.
By the time Bugni Labs completed their delivery, they had ensured that our internal team was fully capable of maintaining and further developing the platform. This approach to knowledge transfer meant that we could continue to deliver high-quality results even after their exit, without creating any dependency on external partners.
This approach allowed for a natural transfer of skills and knowledge. They were proactive in anticipating challenges and teaching us how to navigate them, which was invaluable for our team's growth.
Everybody's moving into the digital world. So, being digitally centric and being able to provide the services that our customers are looking for is crucial.
Looking ahead, what emerging techniques or technologies excite you most in the realm of banking, security, and fraud prevention?
The shift towards a digital-centric world is a key driver of change in our industry. Being able to provide the services that our customers are looking for in this digital landscape is crucial. We're seeing a significant shift in the banking sector with the emergence of challenger banks and fintechs. These new players can often pivot more quickly without the constraints of legacy infrastructure or technology issues.
Staying at the forefront of technological changes and being aware of what other fintechs are doing is essential. We can't ignore the emergence of AI and how it will play a significant role in advancing technology. However, it's a double-edged sword - while it offers great potential for improving our services, it also increases risks, especially in terms of financial crime. Industries must keep up to date with these developments and continuously adapt and evolve their defences and controls.
Of course, as a heavily regulated industry, we must ensure we stay in line with our commitments and not take undue risks. At Lloyds, we're undergoing a massive transformation, very much technology-focused and aiming to be mobile-first in many of our journeys. Our goal is to support this drive from the business vision while maintaining strong preventative controls and leveraging the latest technology. This approach helps us stay relevant in the market while ensuring the security and trust our customers expect from us.
In conclusion, the future of banking and financial crime prevention lies in our ability to harness these emerging technologies effectively, balancing innovation with security and regulatory compliance. It's an exciting time to be in this field, and I'm looking forward to the challenges and opportunities that lie ahead.
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