Q2 Newsletter - Efficiency All Areas

We couldn't go into a roundup of Q2 2020 without checking in to see how you're doing? The lockdown has been bruising and difficult for lots of people. It's certainly meant change for everyone and above all things we hope you and yours are safe and well.

Posted by: 
Alexis Fox-Mills
  |  
Jun 9, 2020

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

Today and looking into the future, things are changing and changing fast. It makes sense for banks to digitise and streamline their KYC (Know Your Customer) processes. If they can't digitally open an account and get a customer onboarded online, they probably can't do business.

Customers could be anyone anywhere in the world, but most likely they couldn't physically be inside the branch of a bank. So, beyond being a legal requirement, it's vital to a bank's health and good fortune to verify the identity of customers digitally - ensuring they are who they claim to be and assessing whether they pose any potential risk.

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.

KYC processes don’t have to stop a bank from winning business or create poor customer experiences. It's about balancing full compliance with a great customer experience.

So, what do you need for a successful digital approach to KYC and AML?

  1. One solution
  2. Great data
  3. Customer communications

Read on...

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:

  1. Electronic identity check: Establishes a digital paper trail for an individual
  2. 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!

Related Articles

Get in touch!

We would love to show you what PassFort can do.
Please get in touch anytime to book a demo or keep reading to discover more about how PassFort can help you.

BOOK A DEMO