Last night, I got to watch my side, Liverpool FC, lift the Premier League trophy. I was born two years after we lifted it last, back when that meant winning the title in the English first division.
Our last 4 years under Der Gaffer have been amazing, but when you listen to him, his players, pundits, whoever, the thing they always highlight is the sheer level of graft put in by everyone and the importance of strategic purchases.
To get results in the premier league, you have to invest wisely. So I segue into KYC and whether you should buy or build your compliance solution.
I hesitate to call it an age old question, but it definitely crops up in my conversations with financial services firms. “We have the capability in-house, why should we shell out for something our team could build?”
Well, at PassFort we've spent the last 5 years building our Compliance platform, laser-focussed on delivering a premier league customer lifecycle management solution.
Having a little fun with the analogy, let’s break it down.
Simon Mignolet to Alisson Becker - that’s your data providers; your rear guard and your source of confidence. For a good, redundant set-up for EU KYC and AML checks you’re looking at a minimum of 5 or 6 different players' APIs. PassFort has top class data provider partners on our side already, playing as part of the team.
Lovren and Skrtel to VVD and Joemez - that’s the decisioning and risk engine that orchestrates activity and mitigates risk. This is central to the success of the process and it's where the most exposure lies. If you push IT players, no matter how talented, into an area they aren't native to, they can make mistakes.
Drilling and training IT resources in compliance is of course an option, but it will take time. Do you go through that process and investment, or do you buy van Dijk - a machine.
Baby Hendo and Joe Allen, to Fab, Gini and Captain Fantastic - that’s your people; the heart of the team; your compliance experts and your collaborators.
Do you want your best people working hard but not making any headway? They will be putting in all the legwork, but falling down by not having the time and space they need to do what they do best.
With the wrong compliance tools and a homemade User Interface, your best people will be hacking around trying to make something work or trying to get to the right decision or trying to pass the issue to the right person. Do that or buy Fabinho who just executes beautifully and reliably.
Lambert, Balotelli and Borini to Salah, Mane and Firmino - that’s your finishing, your goals, targets and growth, and it's your numbers on the board. This is where everything comes together and you drive results and win trophies.
Measuring success is going to be about understanding data - matches (compliance matches that is), pass rates, bottlenecks, where efficiencies lie. PassFort collects huge amounts of data about your processes from our platform and through live reports. In concert with your PassFort Customer Success Manager, this is how you drive home improvements and beat the competition.
I'm super proud of my teams - as you can tell - both Liverpool FC and PassFort. We have professionalism, discipline, talent and passion to win. And, obviously, I can't resist ending on the note that with PassFort, You’ll Never Walk Alone.