Automating data collection, has led to reduced time being spent in administration and manual work, meaning reduced costs
Garantum Fondkommission, a premium provider of financial services, has recently made significant changes in their architecture by changing their core back-end system. One of the main objectives in the project, has been to improve the KYC-processes both from a quality perspective but also from an efficiency perspective. Better KYC data will in turn improve Garantums possibilities to work against money laundering.
In order to assess customer risk and comply with regulatory requirements, providers of financial services are required to conduct a series of checks both in customer onboarding but also continuous during the customer relationship lifespan. These checks have previously required a lot of manual work.
“The onboarding process used to be time-consuming on our end, using multiple suppliers, systems and integrations to manage it.” Says Martin Skugge, Head of IT at Garantum.
“Working with Roaring meant we could automate a lot of our KYC data collection through one supplier, which has enabled our process and data quality to improve while reducing the need for administrative work.”
From manual to automated
The integration of Roarings services enabled a larger degree of automation in the KYC processes. Examples include building an automated risk assessment when onboarding new customers, as well as receiving instant push notifications when customer data changes occur, via a webhook solution.
“By using Roarings services, we’ve been able to reduce time spent in administration, and hence the costs associated with that. In addition, the process quality has improved as the human error factor basically has been taken out of the equation. Having real-time PEP, sanctions lists and UBO data sent straight into the core systems is just one example of how our processes have been streamlined.”
“The implementation of the Signing Combinations API is another example that has made a big impact, as the process of manually verifying signatories was time-consuming previously."
"Now, we can verify signing combinations instantly instead of relying on manual processes across different platforms and tools. A brilliant solution technically!” Martin continues.
Every piece of customer data in one place
The solutions built by Garantum have laid the foundations for a complete shift when it comes to KYC checks. From several, independent steps required in the process, with data stored and processed in different systems, most data is now automatically collected and stored in the same system where all transactions are made.
“Having all the data we need to onboard, check and monitor a customer, in one place, is a great benefit to us. In addition, we are now set up to build and launch a fully digital customer onboarding process for the most common cases. By automating everything that can be automated also frees time to perform the controls that needs to be manual, thus improving the quality of these as well.”
“It’s all about improving business processes to create value, something that Roarings services has enabled us to do.” Martin concludes.