Drive for STP
Many financial services firms are trying to achieve higher levels of Straight Through Processing (STP) in their customer onboarding journeys. This is used by firms to reduce costs associated with onboarding and to speed-up the process by reducing manual intervention.
STP during customer due diligence work can be achieved using technology that automates KYC, AML and other compliance checks - delivering firms efficiency and cost savings. Using STP, compliance processes can become workflows that are tailored and scaleable, without the need to up-scale staff costs.
Increasing STP also enables faster time to decision on new applications that firms receive. This creates better customer experiences, fewer drop offs and helps firms onboard customers quickly and compliantly.
Handling manual interventions
Even with the highest rates of Straight Through Processing achieved in onboarding journeys - PassFort achieves an average STP rate of 77% for its clients - some customers making new applications will never be able to go directly through a workflow. Their checks will require manual handling.
The key with manual handling is to keep it to a minimum and to move quickly when intervention is needed. Then the amount of delay introduced into the onboarding journey caused by a manual task remains short.
How it works in PassFort
In the PassFort Portal, users are immediately notified when an application needs manual intervention.
When a PassFort user subscribes to receive notifications, they see an alert in the Portal and they receive an email with a link to the task that needs to be completed.
Users can choose from 3 notification preferences. To be notified when an application:
· Assigned to you needs manual completion
· Assigned to your team needs manual completion
· Unassigned needs manual completion
While it’s possible to get very close to 100% STP on new applications using automation and solutions like PassFort, it’s unrealistic to expect manual intervention will never be needed. And it can be an essential part of risk management.
The key is to be prepared when it does arise. This means being made aware as soon as manual completion on an application is required.
Having alerts set to progress and track tasks, and moving swiftly to minimise delays will create a good customer experience throughout the due diligence process and the onboarding journey.
Get in touch
We would love to show you this in PassFort and how it works in the platform. To discuss STP and how that aligns with manual task in your customer onboarding journeys, please get in touch!