PassFort and GBG have had a long-standing partnership to benefit mutual clients as they complete compliance on customer lifecycle management processes.
Together we support seamless onboarding, off boarding and ongoing risk-management. And together we work to help clients achieve their compliance goals - as in this case, focussed on improving our client's pass rates on new applications.
THE CUSTOMER IN COMMON
A regulated financial services business, headquartered in the UK, serving corporate clients. The firm was founded in 2016 with ambitions to become the leader in its field within 5 years by launching substantial and rapid growth plans.
The firm's philosophy?
To deliver easy, efficient, seamless and digital customer experiences around its products - challenging the traditional ways and means services were offered. This approach to the customer journey starts with onboarding. However, the firm's KYC team had grown to be 50 strong and it wanted to create efficiencies within the process to control headcount and future costs, while still being highly responsive in processing compliance around new applications.
THE BUSINESS CASE
The Financial Services firm had built up a substantial compliance team and wanted to ensure additional headcount or FTE wasn't needed to manage any increase in new customer onboards driven through its sales and marketing activity.
Instead, the firm wanted to achieve greater efficiency from its digital workflow of compliance checks, and to reduce abandonment rates on applications caused by the additional time manual KYC checks can take.
By increasing Straight Through Processing (STP) in due diligence, the firm could reduce the amount of manual intervention its compliance team was involved in, which in turn would reduce drop-offs. Through automation, the firm could ensure it didn't need to add headcount, that it could shorten time to decision for applicants and create great experiences for new customers.
THE JOINT SOLUTION
PassFort and GBG came together to identify and implement a more efficient, cost-effective solution to the FS firm's KYC activity.
PassFort reconfigured the FS firm's waterfall of KYC checks. GBG became the provider with whom the first set of data checks was completed. As GBG has a greater number of data sources than the firm's original data provider, a higher percentage of passes was able to be achieved first time, meaning secondary checks or manual intervention were needed less often.
The higher pass rate meant the firm had to waterfall fewer secondary checks with an additional data provider. This meant the firm saved money, as successful checks were completed with one provider, rather than needing two. It also led to faster time to first decision for applicants; less abandonments; and a reduction in manual reviews for the existing compliance team.
PassFort continues to review performance and efficiency with the FS firm on a quarterly basis to see if further changes can be made to support seamless onboarding and its ambitious growth plans.
RESULTS FOR THE CLIENT
PassFort and GBG achieved efficiency and cost savings for the FS firm by changing the primary data provider in its waterfall of eKYC checks.
- With the STP, pass rates improved by 4.6% and the firm was able to secure, on average, 115 more new customers per month
- Circa 13,200 KYC checks are run per month and 10p per check was saved, which equates to £2.9k per month
- This represents an annual saving of £34.8k, approximately the cost of one compliance analyst
In addition to these quantitative benefits, the FS firm created a faster, more seamless onboarding experience for new customers. This fit with their brand philosophy by making them even easier to do business with, creating good relationships during the due diligence period that could last throughout the customer lifecycle.
PassFort is a single SaaS solution transforming Customer Lifecycle Management processes for Financial Services firms. From onboarding to off boarding to ongoing risk monitoring, we deliver full compliance and great customer experience.
By digitising customer due diligence processes, automating KYC checks and supporting ongoing risk monitoring, PassFort helps regulated firms create efficiency and achieve faster time to decision.
GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of customers.
Its market-leading technology, data and expertise helps 20,000 businesses across the globe improve digital access, deliver a seamless experience and establish trust so they can transact safely and securely with their customers online.
Get in touch
To talk about the right flow of compliance checks for your firm, so you can grow your business, control costs and onboard customers efficiently, please get in touch!
We would love to talk to you about your approach to Customer Lifecycle Management and see where we can help improve the experience.