Customer experience

How Saxo Bank transformed its investor onboarding

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Saxo Bank’s online trading platform gives people a way to invest and trade on the world’s capital markets. Its relationship with GBG started with electronic identity verification back in 2011. So, GBG was a natural port of call when the bank needed help to streamline its investor onboarding process.

Balancing speed and ease with regulation and compliance

The bank believes the experience of becoming an investor should be fast, digital and seamless. Reducing the time-to-trade for new investors would improve time-to-revenue for the bank. At the same time, navigating the regulatory and compliance challenges of operating across multiple territories has to be as efficient as possible.

Automated, digital ID verification for new investors

GBG helped digitise and automate the onboarding process to remove the need to manually review most applications. The bank can validate its new investor information – address, telephone number, mobile phone number and email – as it’s entered. It then uses identity verification technology. With higher quality data input, match rates are higher and only a few ‘exceptions’ need to be reviewed manually.

Working with GBG gives Saxo Bank a single platform to automate its investor onboarding process.

Behind the scenes, GBG’s workflow management technology allows the bank to conduct specific checks according to its own rules and risk models. These can be created or changed in real time as risks or trends emerge.

The front end flags 'declined’, ‘referred for review’ or ‘incomplete’ applications for the bank’s operational team to review quickly.

A double win: operational efficiency and improved customer experience

Working with GBG gives Saxo Bank a single platform to automate its investor onboarding process. It’s much quicker to approve new investors, and fewer manual checks makes the operational side of things more efficient. Cut-off strategies and appropriate segmentation also reduce the cost of those checks.

Saxo Bank has full control to change or add to its workflows. It can easily integrate other services or datasets and change policy rules. This makes responding to changing business needs much more rapid. All of which means that investors can start trading – and making money – faster.

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