ezbob Offers Banks a Cost Saving Solution for Onboarding New Customers

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ezbob’s Smart Onboarding Engine solves banks’ KYC, AML & Sanctions challenges as AMLD5 looms. Technology saves banks time and money in connecting to dozens of data sources.

ezbob’s award-winning digital lending platform has been deployed for some time at the world’s largest banks, bringing them to the forefront of digitisation and boosting their ability to meet upcoming regulatory challenges.

Now, ezbob is pleased to offer its smart onboarding module which is set to save banks a tremendous amount of money, while at the same time providing for an enjoyable customer experience.

The average large bank spends around £47m a year on manual KYC checks, according to a report from Consult Hyperian, with costs set to soar further with the imminent introduction of AMLD5. ezbob’s platform includes Smart Onboarding Engine which streamlines the onboarding process (KYC/AML, Sanctions) into a digital, simplified and standardised online form.

The ezbob system includes dozens of API connections to multiple third-party data sources, each with specific industry specialities. Until now, ezbob’s platform was geared specifically to allow banks to provide SME loans in a Straight-Through-Processing (STP), digital capacity.

Banks working with ezbob’s platform automatically benefit from the dozens of data sources the system uses without having to integrate these data providers individually, which is both costly and time consuming.

The ezbob platform is providing banks, such as RBS, CYBG and American Express with a much-needed more straightforward solution for KYC, AML and Sanction screening, while at the same time improving the customer journey.The onboarding technology also provides best-in-class customer authentication to help drive down fraud.

Tomer Guriel, CEO, ezbob said: “When it comes to KYC, banks have made large investments, growing their compliance teams in order to deal with the new stringent regulatory requirements. Clearing a customer now requires more back and forth with the client and at the end of the day it is the customer journey that suffers.”

“With ezbob’s solution, once the customer clicks submit, that’s where our system instantly starts making API calls to databases, such as LexisNexis, in order to verify the customer. By cross-checking multiple data sources through our own KYC risk engine, we’re able to deliver a true ‘Pass/Fail’ along with whatever additional information may be required.”

About ezbob

ezbob is a UK-based 'Lending-as-a-Service' (LaaS) software provider for banks and other financial institutions. The company's leading product is a digital end-to-end business loan platform.

The automated online platform analyses the applicant's for KYC, AML, sanctions, personal and business information, including links to business bank accounts, online accounting providers, payment service providers, and e-commerce platforms with which ezbob is integrated. ezbob compiles this data into a workable client profile in an instant so that its risk engines can make a automated or manual qualified decision, allowing the approved applicants immediate funding.

Oak Tree Capital, Bank Leumi, the Hagshama Fund and the UK Government's Business Bank's Angel Co-Fund are equity investors in the company. Partners include Alibaba and clients include American Express, CYBG and Esme Loans (part of RBS).

In August 2019, ezbob was awarded 1st place for it’s Smart Onboarding Engine in the Banker's Tech Projects Awards, which recognise the most innovative, imaginative and successful projects in financial technology from around the world.

Find out more at https://www.ezbob.com

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Simon Hawtin
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