"The time savings brought by the KYC service are significant: It eases the daily routine of the branch by freeing up time from data filling meetings to other tasks, and for the client, it provides considerable time savings and freedom, as the identification information can be filled out even from your own couch whenever it suits best.”
- Yasmin Vikiönkorpi, Development Manager (KYC), POP Bank Group
About POP Bank Group
The POP Bank Group is a Finnish financial group that offers retail banking services for private customers and small and medium-sized companies. POP Bank Centre coop is the central institution of the amalgamation of POP Banks and is responsible for steering and supervising POP Bank Group. POP Bank Centre coop has two subsidiaries, Bonum Bank Plc and POP Mortgage Bank Plc, which are also its member credit institutions.
KYC service simplifies the collection and updating of customer identification information
As a company in the financial sector, the Money Laundering Act obliges POP Bank Group to know its individual and corporate customers, and the existing customers' identification data must be updated regularly throughout the life cycle of the customer relationship.
Collecting identification information is always a big effort: The processes are often long and complex, and everyone who collects them has their own practices and their implementation requires specification work. “twoday's Signom team has been implementing KYC forms for a long time and various implementations have accumulated a lot of experience. Based on this, we have been able to create a framework for implementation, and customer-specific requests can be implemented within a quick schedule”, says Trang Kelanen, team lead of twoday's Signom project team.
POP Bank has had the most satisfied personal and corporate customers according to the annual customer surveys in the banking sector by EPSI Rating for several years. Their vision is to be a bank that combines personal and digital service. They wanted to improve customer satisfaction and facilitate customer interaction by introducing an easy-to-use digital channel for collecting and updating customer identification data alongside traditional branch visits. In addition, the service serves as an alternative to filling out information together in a remote meeting. "Signom was already familiar to me and my colleague as a service, and its ease of use and modernity were significant factors in the choice", says Yasmin Vikiönkorpi, Development Manager at POP Bank Group.
KYC service saves both the customer's and employees' time
Logging into the service is easy with online banking credentials, and entering additional information is effortless. Filling in the information is speeded up and the customer experience is improved by the fact that some of the information is filled in automatically based on information retrieved from various registers. In addition, the forms are dynamic, meaning that only those questions required by the business form are asked of business customers. When the end customer is guided to fill in the correct information and some of the information is filled in automatically, the bank employee does not need to correct insufficient or incorrect information as often afterwards.
The query of information is divided into sections, so the filler knows at which stage the filling in of information is. It is also possible to interrupt, save and continue filling in the form at a later, more convenient time. After filling, the form can be conveniently sent for signing to all parties and the signing rights are checked from the PRH.
”The time savings brought by the KYC service are significant: It eases the daily routine of the branch by freeing up time from data filling meetings to other tasks, and for the client, it provides considerable time savings and freedom, as the identification information can be filled out even from your own couch whenever it suits best”, tells Vikiönkorpi.
Seamless collaboration from the start of the project
The building and implementation of the service have gone smoothly, and schedules have been adhered to. The cooperation has been seamless from the start. "Especially twoday's understanding and expertise on the subject delighted us: our needs and requirements from the point of view of regulation, as well as how these are solved, were clear to twoday. This has made cooperation particularly easy from the start", praises Vikiönkorpi.
"From our point of view, the collaboration has also been smooth and straightforward. There have been only a few people involved in the project on the customer's side, so changes have been able to be communicated quickly and decision-making has been swift", praises Kelanen, in return.
Vikiönkorpi recommends Signom KYC service to all obligated entities that need to implement the customer identification required by the Anti-Money Laundering Act and who want to automate and digitize the process and offer a better customer experience. The service gives freedom to the customer in the form of self-service and offers a modern channel for filling in identification information.
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