Compliance represents a growing cost burden on the banking and financial services sector, as regulatory costs continue to rise. Risk needs to be managed and moderated through compliance software, however it can face some limitations. Current technology is focused on reducing risks and automating compliance, but there is a requirement to empower compliance functions to make informed risk choices based on rigorous and comprehensive data. Banks need to modernise and offer improved products and services while improving risk, fraud prevention, security and compliance; all at the right cost.
Contego’s value proposition to the banking sector is simple and straight forward – and it lies in its ability to help banks take the hassle and cost out of the compliance process whilst improving the customer experience which improves business transaction speed. For the banking sector Contego turns compliance into a competitive advantage.
In particular, Contego provides banks with business banking solutions. Banks recognise the need to improve their business banking onboarding processes. Anecdotal evidence suggests that as few as 10 percent of businesses who start the business banking application process complete it. Opening a business bank account can be an arduous process, sometimes taking up to two months to complete, depending on the bank. As well as being time consuming, certain banks still have manual, paper-based processes and also require in-person visits to bank branches.
Contego provides banks with 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 the process by enabling banks to manage the complexity of business banking on-boarding, checking both people and companies simultaneously, combining results from multiple sources accurately, all delivered in real-time via a single API. Contego is the only comprehensive risk scoring platform that can handle complex multi-source fraud detection and compliance checks at high speed, and deliver a single holistic view.
Our platform provides easy access to a breadth of data, which is unparalleled; our onboarding & fraud monitoring solution is delivered via a single API. Put simply, we incorporate data feeds from as many sources as are necessary. As well as 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.
Contego enables banks to assess and manage risk and improve customer experience, retention and efficiency by automating the onboarding process.
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