Customer experience is the most common reason for opening and closing bank accounts, more so than fees, rates, locations and convenience (source: EY). Currently, opening a business bank account can be an acutely arduous process, taking two to three months to complete, depending on the bank, resulting in high customer drop-off rates. Anecdotal evidence suggests that as few as 10 % of businesses who start the business banking application process complete it. As well as being time consuming, certain banks still have manual, paper-based processes and also require in-person visits to bank branches.
Banks are also required to then carefully monitor their business banking customers on a regular basis to ensure compliance with Know Your Customer (KYC) regulations, which is extremely costly and complex.
Added to this banks also manage a huge number of accounts and need to ensure that all are compliant with KYC and Anti-Money Laundering (AML) regulation. Some accounts may have been opened before the current legislation or acquired from different banks. By definition this means different systems, from different points in time, when regulation may have been less stringent. The resulting databases may not be compliant with the current KYC and AML requirements. Banks may have three different problems with their data: it may be outdated, erroneous, or certain information may be missing altogether. Account remediation can often be a manual, resource intensive and costly process.
Contego provides several business banking solutions. From on-boarding to data supply, we work closely with banks to improve the customer experience of their business banking processes. Contego can streamline this process by enabling banks to manage the complexity of on-boarding, checking both people and companies simultaneously, combining results from multiple sources accurately whilst being delivered in real-time via a single API.
Additionally Contego can assist with the continuous monitoring of the business banking database, communicating with banks daily on changes in company structure as they happen, new director and beneficial owner appointments, whether they have appeared on sanction lists, and if the firm is trading in new territories.
Contego’s platform can also automate the account remediation process, making it faster because data is only input once, and workflow forms involved in checking processes can be automatically populated. The engine simultaneously conducts all of the searches and delivers the results in real-time, in an instant. The solution is better because it selects all the correct sources that are appropriate to the search. The process is fully automated, removing the need for manual checking and human error.
Here at Contego, there are a number of things that we must ensure that we get right. Security, privacy, scalability and reliability must be built into our DNA, and they are. From an early stage, Contego received ISO 27001 Certification, as well as Cyber Essentials PLUS
Certification. We proudly work closely alongside banks to fully understand their requirements, and
alongside suppliers to ensure that we can offer a wide range of hosting options.
Contego provides easy access to a breadth of data, which is unparalleled. We incorporate data feeds from as many sources as are necessary, partnering with a number of leading commercial data providers, Contego is one of the very few UK-based firms that has an intelligence sharing agreement with law enforcement agencies.
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Why are banks talking to Contego?