Process Performance. Better Decisions. Clear Reports.

We asked our product manager, Yahia Abaza, to tell us three ways in which PassFort supports financial services firms to derive benefit from digital transformation of their customer due diligence processes. Here's what he said...

Posted by: 
Alexis Fox-Mills
Feb 6, 2020

February 6, 2020

Yahia Abaza is one of PassFort's product managers. His job is to make sure that the new features we design and build in the platform keep improving performance for our clients while making their customers’ onboarding experiences better.

We asked Yahia to tell us just three ways PassFort supports financial services firms to get benefit from the digital transformation of their customer due diligence journeys.

1. Process performance

PassFort gives clients a granular view of how their customer onboarding process is working. In the no-code policy builder, each of the checks and approval stages is mapped out clearly in a workflow. Clients know how an application will progress from end-to-end.

They will also understand each of the different decision points in their process, so where escalation might occur. For example, if a PEPs and Sanctions flag is raised, or the application has a high-risk level this will automatically be escalated for additional checks. With a carefully mapped process and automated compliance checks, our clients can make onboarding frictionless and a much better experience for their customers.

We also make it easy for client to tailor and change their onboarding processes. The journey can be made bespoke for each product, jurisdiction and the target customer base. Plus, the process can be tweaked on an ongoing basis if a new product is launched or regulations change.

2. Better decisions

Once clients have established their digital onboarding processes, Operations, KYC and/or Compliance teams have one Portal to work from to execute due diligence checks. Teams collaborate in the PassFort Portal to facilitate faster decisions, escalating issues where necessary, and expediting the process.

With clearly defined workflows to follow, and automation doing the heavy-lifting, analysts can focus their time where they will add most value i.e. on exceptions. This is particularly useful if a customer’s risk profile changes, because teams are aware of what they need to do, who is responsible for doing it, and they can act quickly.

3. Clear reports

Traditionally it has been hard for financial services businesses to get data about their onboarding journeys and how they are being completed. This means it’s hard to know where to start making changes to improve things.

In PassFort, clients get data in real-time reports that show how applications are progressing. They understand overall approval rates and where there are any hold ups. PassFort’s reporting suite means clients can take a step back and get a full picture of their onboarding journeys – application to account.

Insights from data mean our clients can understand more about their onboarding processes, and make further improvements. For example, we know that on average our clients were able to get 80.3% of their applications to first decision in under 5minutes in December 2019. Firms using manual processes or multiple systems to complete onboarding checks would find it hard to calculate this figure and take a deep dive into why other applications couldn’t be decisioned within that timeframe.

What's next?

One of the things we are working on now is a way to make it easier for clients to keep in contact with their customers.

We know customer communication is a pain point, so we're making it easier for clients to request information from their applicants/customers which might be needed to progress an application. Once live it will be possible to pull the additional information into PassFort; run checks; and keep applications moving.

Get in touch

You can get in touch with us anytime to see PassFort in action, or to discuss how we can support your onboarding journeys.

Email – we’d love to hear from you.


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