Santander UK discusses their implementation of ComplyAdvantage ’ s Adverse Media Data into their onboarding processes for commercial banking .
Awarded LIBF Best Innovation for Corporate Onboarding with Santander , ComplyAdvantage uses cutting edge AI and a unique technical architecture to support financial institutions in the fight against financial crime .
Utilising Machine Learning , a rapidly improving subset of artificial intelligence ( AI ), that enables the ability to identify news articles at a rate , depth , breadth and accuracy which is unmatched by regular consumer search engines or professional media search tools .
Santander spoke about their experience using ComplyAdvantage ’ s Anti-Money Laundering ( AML ) software and financial crime data , in an effort to better manage financial crime .
In an interview with ComplyAdvantage , Jonathan Holman , Head of Digital Transformation , Santander Corporate and Commercial Banking , explained the main benefits for the bank when processing SME applications :
Benefits
• Configurability - enabling effortless changes and adjustments in response to financial crime , risk management or regulations .
• Focused results - The solution covers a large number of categories with results summarised in one single profile
• Efficiency - the use of context rather than keywords enables the solution to uniquely identify only true Adverse Media articles
• Result - Customer onboarding time reduced by 80 %.
• A reduction in process time - around 60 % reduction for customers , and almost an 80 % reduction for staff .
• A greater volume of applications can be processed , and customers receive a better quality service .
• A higher level of accuracy when analysing customer applications .
“ ComplyAdvantage has become a partner in the financial crime space . Someone that we see in multiple parts of the business has got a product right now that meets our requirements , but also that has a roadmap that means they can be a partner for years to come ”, says Holman .