To comply with KYC and AML regulations and protect themselves from fraud, financial service organisations must verify the identities of customers opening accounts online in real-time. In an extremely competitive marketplace, it is essential to optimise the customer journey with high match rates to maximise the number of genuine customers that can be onboarded.
A trial with an investement management company resulted in an 8% improvement in onboarding rates
A trial with an investement management company improved the pass rate for AML standard checks from 70% to 78%
A trial with an investment management company resulted in over £230k extra in revenue
Financial service organisations have been leveraging a broader range of identity data with GBG’s Multi Bureau functionality to boost match rates with the addition of a second major credit bureau.
Financial service organisations using GBG’s ID3Global solution can now verify customers against data from two of the three major UK credit bureaus via a single integration.
GBG’s Multi Bureau ensures true multiple matching compliance and has been designed to prevent common errors such as accidental double matching. This can occur if using two credit bureaus without de-duping the credit types or if using two separate integrations of credit bureaus without any de-duping between them – for example counting electoral roll twice from two CRA’s.
GBG’s ID3global allows financial service organisations to create infinite risk profiles and have complete control over the data they use to verify customers against. With more than 7,000 unique result codes ID3global provides in-depth insight into the reasoning behind every pass and fail decision.
Some of our top financial service clients that already use ID3global to verify customers’ identities either as a first or second wash supplier have been trialling GBG’s Multi Bureau solution and the increased match rates have resulted in some impressive ROI results. With increased match rates against data checks, fewer customers need to produce their physical documents for manual processing, which can help reduce manual processing costs and prevent drop off, leading to increased onboarding rates, revenue and margin.
A trial with a bullion investment organisation who process 8,500 high value customers per year resulted in:
A trial with an investment management company who process 8,400 customers per year resulted in:
A trial with an investment bank who process 50 thousand customers per year resulted in:
New customers can increase match rates with GBG’s Multi Bureau via a single integration and existing GBG ID3global customers can enable Multi Bureau in just a few minutes. To learn more, please click here.