In the regulated lending sector, the pressure to meet compliance standards while driving business growth is significant. Know Your Business (KYB) processes are essential, ensuring that your firm understands the entities it is dealing with, that you adhere to regulatory requirements, and mitigate any undue risk.
However, these processes can be time-consuming and cumbersome, potentially slowing down client onboarding and, ultimately, your speed to revenue. The solution lies in using an efficient and effective KYB software provider – and one that can provide immediate value with minimal disruption to your compliance processes.
But, sometimes the complexity and time required to implement an effective KYB solution can slow down the realisation of its benefits. For C-suite executives tasked with driving growth and maintaining compliance, it is imperative to minimise the time to value (TTV) from your KYB software provider.
In this article, we take a look at a number of practical ways to achieve this with a comprehensive KYB solution that supports your firm’s goals.
The challenges of traditional KYB processes
Traditional KYB processes are often plagued by several challenges that can impede growth and strategic initiatives. Manual and paper-based procedures are time-consuming, prone to errors, and difficult to scale. Verifying business information from multiple, fragmented data sources can lead to delays and inconsistencies.
Staying abreast of evolving regulatory requirements necessitates constant updates to KYB processes, and any lengthy verification processes can result in a poor customer experience and lost business opportunities.
How to speed up time to value with automated KYB software
To overcome these challenges and accelerate time to value from KYB software, C-suite executives should consider implementing the following strategies:
Selecting the right KYB software provider
Choosing a KYB software provider that aligns with your firm’s specific needs and growth plans is crucial. The provider should offer scalable solutions capable of handling your current verification volumes while being able to grow with your business without any downtime or adverse impact on customer onboarding.
Regulatory compliance is a moving target; hence, your provider must be proactive in updating their software to reflect the latest regulations. And, the software should be user-friendly, enhancing the experience for both your team and your customers.
Getting set up and using a KYB system is a critical factor in reducing TTV. Here at NorthRow, we offer a speedy onboarding process, enabling your firm to be up and running within just 48 hours.
Our streamlined setup process is designed for quick integration and our dedicated customer success team will guide you through the onboarding process, ensuring any issues are swiftly resolved, and the system is configured to meet your specific requirements.
Ensure global data access
Access to comprehensive, reliable, and up-to-date data is the backbone of an effective KYB process. Global data providers, like the ones we partner with here at NorthRow, allow lending firms to access a wide range of information about businesses and their stakeholders, ensuring that all relevant details are thoroughly scrutinised. With data from multiple countries, lending firms can ensure they meet international standards and regulations, thereby avoiding regulatory penalties and legal complications.
With NorthRow, you’ll have global KYB data from more than 20 tier 1 data providers within just 48 hours, a crucial factor in reducing TTV. Our partnerships with a vast network of global data providers, ensures you have access to accurate and up-to-date business information from around the world, whenever you need it.
Our end-to-end KYB platform, WorkStation, is designed to retrieve and verify data in real-time, significantly reducing the time needed for manual research, verification, and checks. By integrating data from multiple sources, you’ll have a comprehensive view of every business entity being onboarded, thereby speeding up the verification process.
Customise search profiles tailored to your business needs
When investing in KYB software, it’s key to select a provider whose platform allows for flexibility in creating and modifying search profiles.
Every business has its own definition of ‘high’ or ‘low’ risk in terms of due diligence so it is important that you are able to customise your risk profile within the system depending on what you perceive to be high or low risk. Customisable risk parameters and search profiles mean your software aligns with your company’s risk tolerance, allowing for a more precise and tailored approach to potential red flags.
WorkStation offers flexible configuration options, allowing for extensive customisation so you can define specific criteria and parameters for your KYB checks. The platform supports the quick creation of bespoke search profiles, tailored to your business needs, ensuring you gather only the most relevant data to the check at hand, reducing unnecessary delays.
To boot, our team provides expert support to help configure and customise the system, ensuring your search profiles align with your regulatory and business requirements.
A KYB solution to deliver your strategic business goals
In the competitive and highly regulated landscape of UK lending, the ability to quickly and effectively verify business customers is a key differentiator. A robust KYB solution is more than just a compliance tool; it’s a strategic asset that can empower your business goals. NorthRow’s comprehensive KYB solution offers several benefits that support your strategic objectives.
By automating KYB processes, NorthRow reduces the manual workload on your compliance team, allowing them to focus on more strategic tasks, which boosts overall operational efficiency and productivity. What’s more, as your business grows, NorthRow’s KYB solution can scale with you, supporting your expansion into new markets or increasing your client base without compromising on compliance and risk management.
Staying compliant with ever-evolving regulations is a constant challenge, and NorthRow’s solution is designed to adapt to new regulatory requirements, ensuring your KYB processes remain compliant and up-to-date. Access to comprehensive KYB data provides valuable insights into your clients and partners, informing strategic decisions, helping you identify new opportunities, and mitigating potential risks.
