Case Study
ELASTECH: FinTech App Development Services – Accelerated client Onboarding from Weeks to Hours
Balancing customer service with “Know Your Customer” (KYC) and Anti-money Laundering (AML) regulations
A myriad of complex domestic and international regulations makes it difficult and time-consuming for high-net worth individuals to establish new financial services relationships. People who wanted to sign up for such services had to undergo a variety of checks and verifications. This often led to frustration and anger. A good customer relationship was thus jeopardized from the very beginning. This client approached ELASTECH with a project to create a faster, more efficient due diligence and transaction monitoring system to enable high net worth individuals to move their assets with minimal time and energy.
Solution
- Solution
This cloud based solution allows the financial services company to reduce a 30-40 day asset migration process down to a few hours.
Outcomes
- Outcomes
The new applications allowed the financial services company to reduce a 30-40 day asset migration process down to a few hours. Another positive outcome was the reduction of customer acquisition costs up to 80% due to the help of automated due diligence.
Industry
- Industry
- Financial Services
- Banking
Capabilities
- Capabilities
- Cloud (GCP)
- Fintech App Development
- Google BigQuery
- AI/ML
- Robotic Process Automation (RPA)
- UX/UI
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