With the move away from paper, text and visits to branches, banks are increasingly looking into new customer onboarding processes for business banking. As banks become focused on convenience for their customers, online applications have started to replace traditional practices.
Of late, there has been a real push towards the complete and seamless opening of bank accounts. Contego enables banks, to manage the complexity of onboarding and monitoring of customers, checking both people and companies simultaneously, combining results from multiple sources accurately, all delivered in real-time via a single API. We simplify and improve the customer onboarding process by taking the pain out of the regulatory background checks that need to be conducted.
Having gathered this data, Contego can then assist with the continuous monitoring of the business banking database, communicating with banks daily on changes in company structure as they happen, new directors and beneficial owners, whether they have appeared on sanction lists, and if the firm is trading in new territories.
But that’s not all. Contego can also help banks with pre-existing account remediation. This is the term used to fix the errors and emissions in existing data, compiled from past customers records. This data, having often been collected over a number of years and through a number of different systems, may be outdated, erroneous, or missing altogether. Therefore resulting databases may not be compliant with the current KYC and AML requirements. Banks now are faced with the difficult and resource-intensive task of finding and filling the holes in existing databases - a common challenge across the industry.
Contego’s platform can automate the account remediation process. Data is only inputted 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.
By working with a wide range of commercial data suppliers and law enforcement agencies, Contego is able to offer comprehensive checks on companies, people, identity documents, mobile phone locations and social media accounts across many different geographies. The breadth of data is greater than that offered by any single data supplier, and all of the data is available in one system, delivered via a single API to provide a comprehensive, holistic view of people, companies and ID Documents, unlike any other individual provider.