It's also a good time to check-in on how your business is fairing. Are you trying to strengthen your digital strategy and create efficiencies to meet the challenges of the current climate?
As banking, payments and consumption in general has become laser-focussed on a digital-first approach to customer lifecycle management (CLM), the theme for this speed-read is how digital solutions create Efficiency All Areas. Balancing automation of compliance processes with swift manual intervention creates efficiency across CLM.
ONBOARDING, OFF BOARDING, RISK MANAGEMENT
Even with the highest levels of Straight Through Processing achieved in onboarding journeys (PassFort achieves an average STP rate of 77% for its clients) some customer applications will never go directly through a workflow. Nor should they.
Whether manual checks are needed as you complete complex corporate onboarding or because an individual is flagged as high- risk, manual handling will always be necessary on some applications.
The key is to prioritise case work where it adds most value and to move quickly when manual intervention, checks or escalations are needed. Then you manage risk while keeping delays in the CLM process to a minimum.
A great experience for your teams and your clients
A combination of CLM automation and efficient human intervention means faster time to revenue at onboarding, it means off-boarding decisions are quicker and it means reliable ongoing risk monitoring.
Seamless and frictionless compliance processes create better experiences for your team and your customers.
Read more about the PassFort Portal - the command centre for teams to complete case management.
SOLVING KYC CHALLENGES FOR BANKS
Crucial in the war against fraud, money laundering and terrorism is determining where money comes from. Every bank needs the reassurance of knowing it is complying with regulations and safeguarding its funds, its reputation and its future.
So, what do you need for a successful digital approach to KYC and AML?
- One solution
- Great data
- Customer communications
PRODUCT FEATURE - WHAT ARE CHECKS IN PASSFORT?
What are checks in PassFort? They help you pass due diligence tasks on an individual's or corporate client's product application.
Checks replace the manual work that would otherwise be needed to get information from your data providers - for example gathering all company filings from a corporate registry - or performing actions using data providers such as running electronic identity checks.
In the PassFort platform, there is a set list of checks that can be used for each task. For instance, there are 2 checks available for
the Verify identity task that confirms an individual is who they say they are:
- Electronic identity check: Establishes a digital paper trail for an individual
- ID verification: Confirms whether an individual’s proof of identity documents are valid
There is more about checks in our Knowledge Base, where you can get the full article and other useful information about the PassFort Platform.
PASSFORT DIGITAL-FIRST PODCASTS
You might be a bit fatigued with online events, so we've set up a series of podcasts for you to listen to at your own leisure.
The first was with Nick Kerigan, future payments expert. He shares his experience, talking of the importance of winning business by creating the right digital experience for customers. He also speaks about fostering a culture of innovation when times are tough, when change is inevitable and there's no lack of ideas ready to transform a business.
You can find the podcast with Nick, and get details of what's next up on our events page.
GET THE SPEED-READ
Download a copy of the PassFort speed-read. We would love you to sign up to receive this and other thoughtful content from PassFort - and if you have any questions, get in touch anytime!
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