You Don’t Automate Your Onboarding? That’s How You Scale!

In my blog ‘Access Is Authorised’, I looked at Open Banking and the benefits I believe it’s going to bring to the B2B market. There is, however, a lot of tech sitting behind that making it effective, robust, and frictionless.

There is, however, a lot of technology sitting behind that making it effective, robust, and frictionless. There is also a huge shift in the B2C space for open banking for consumer finance.

Intelligent onboarding has fast become a key requirement to make benefit from Open Banking in the B2C and B2B markets. This is fundamentally due to the compliance and regulatory checks which are needed to onboard a new merchant or customer with little to no human interaction.

So what compliance checks are required?

  1. Sanction List Checks
  2. KYC (Know your customer)
  3. AML (Anti-money Laundering)
  4. Biometric ID-Checks
  5. UBO – Ultimate Beneficial Owner
  6. PEP (Politically Exposed Person)
  7. Bank Account Validation

This is a list of the top 7 requirements when looking at the API calls needed to onboard a new customer, but there are many more such as adverse media screening, crypto currency provider checks to name a few. That is a lot of API calls to onboard a customer in under 5 minutes! This all depends on the banks compliance requirements to onboard a new customer of course.

There are a host of providers out there who are focused on the B2C space but generally this is focused on the front end. The middle and back office are lagging behind with disparate back-end data systems and manual compliance checks.

Having spent a lot of time looking into this vertical, we have addressed the market challenge by developing a core solution providing intelligent onboarding. Our solution incorporates carefully selected partners, such as RoundTurn Partners and Veridas for biometric ID verification, with industry leading compliance check providers but all in one core solution. Through our ‘Intelligent Glue’, psKINETIC’s Intelligent Onboarding Solution provides our customers the ability to onboard their clients in minutes, increasing revenue and protecting those revenue streams.

The solution we have developed through my 90-day accelerator program has Appian at its core managing the API call requirements, case management, periodic checks KYC, AML. Veridas is embedded into Appian for Biometric ID-Checks providing a frictionless solution for onboarding allowing accounts to be opened within 5 minutes, instead of days or weeks, with little to no human interaction in the middle and back office.

There are core workflows for low, medium, and high-risk customers with multi-layer automation and if required, technology-assisted intervention and assessment, with artificial intelligence and machine learning. Our intelligent onboarding solution is specifically designed to meet ongoing regulatory requirements covering periodic checks and full case management.

The onboarding market for consumers has become highly complex with large amounts of compliance requirements. This means customers need a solution that can handle 100% technology driven intelligent automation for compliance checks. Up to 15% of cases needing manual intervention and approval will be technology assisted and automatically flagged. When dealing with 100’s and 1000’s of new customers per week manual processing becomes impossible. We have already shown to our customers how this solution will save them time, money and more importantly it is an exact fit, first time right solution that will grow at scale with them as their business grows and expands.

Reach out to me on the details below for further information and arrange a quick demo, the solution is that good the demo takes no more than 15 minutes.

Nick Foggin – Banking and FinTech Lead
Email: nick.foggin@pskinetic.com
LinkedIn: www.linkedin.com/in/nickfoggin/

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Want To Reduce Your B2B Onboarding To A Few Minutes?

It Is Time To Put Intelligence Into Onboarding.

Our latest report ‘Intelligent Onboarding’ looks at the complexities of onboarding and how automation reduces time to onboard to minutes.

Want To Reduce Your B2B Onboarding To A Few Minutes?

It Is Time To Put Intelligence Into Onboarding.

Our latest report ‘Intelligent Onboarding’ looks at the complexities of onboarding and how automation reduces time to onboard to minutes.