illion provided a reliable and rapid platform that achieves 100% uptime and processes applications two minutes faster than before, with a greater degree of accuracy.
Background
The bank needed to quickly assess and approve business banking applications, but was struggling with its existing infrastructure, as the current supplier’s systems were regularly down. This was causing serious delays in the onboarding process.
Target
To speed up the application process and improve the end-to-end experience for customers.
Approach
illion demonstrated that it could deliver a more reliable and efficient solution to identify and validate incorporated entity structures and UBO (ultimate beneficial owner) information during customer onboarding.
We conducted a series of workshops to provide a comparison of the data we would present, to ensure the client was comfortable from a data perspective to continue the assessment process.
We provided a 6-week POC (proof of concept) period where the client could run a side-by-side comparison of our solutions versus the current provider’s solutions.
Benefits
A more robust and dependable onboarding platform
A faster time to ‘yes’, improving the customer experience
Results
The bank has now implemented this new solution across its entire risk assessment team.
100% uptime (99.5% SLA) achieved, compared with 97.8% previously
40% faster application processing times (around two minutes quicker), with a greater degree of accuracy
“We received a fantastic introduction to the platform consisting of a thorough training package, off the bat and were continually supported throughout the entire POC with prompt resolutions and insight into any road-blockers we faced.
The entire team was friendly, open and transparent and demonstrate a great level of knowledge and problem solving. The proactive approach shown by the team was obvious throughout- and the feedback sessions in conjunction with the extra training on report configuration were key to a successful POC by enhancing usability and reducing download times.”
Want to find out how we can help your business improve its AML onboarding processes? Contact us today.