The new platform offers financial institutions understanding of their exposure, with risk-based management of new and existing customers. The platform also provides increased process automation for efficiency and lower operating costs, minimising the risk of interventions and fines from regulatory authorities.
With Ondato OS, financial institutions can tailor information gathering according to the products or services selected by individual clients. The level of scrutiny needed for an insurance customer is not the same as needed to open a new bank account, for example, the company says. The OS has the ability to recognise these differences and only ask customers for data that is necessary to onboard them for the service they want, rather than a full suite of forms in every case.
The new operating system consolidates, updates, and streamlines Ondato’s end-to-end compliance suite within a single platform. Each individual service has been upgraded and integrated into a new, holistic ‘compliance CRM’ that provides online financial players with clarity about new and existing customers, including those imported into Ondato from legacy compliance systems.
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