Wealth Management Platform Speeds New Client Compliance Screening
Improve New Client Compliance Screening Efficiency
StashAway is a digital wealth management platform, founded in Singapore in 2016, offering investment and cash management portfolios for both retail and accredited investors.
New converts have found the online experience and strong product portfolio to be preferable to existing solutions, as such rapid adoption rate by new customers requires that StashAway perform client compliance screening quickly and easily—while at the same time, ensuring regulatory requirements are met.
StashAway identified a number of operational challenges they encountered: accelerate client onboarding, screen new customers, monitor existing customers, reduce compliance risks, and minimize false positives so they could focus on riskier alerts.
The firm looked to LexisNexis® Risk Solutions Bridger Insight™ XG and LexisNexis® WorldCompliance™ Data to rapidly and cost-effectively screen and monitor clients to comply with regulations and avert risks in their portfolios. By using Bridger Insight XG and WorldCompliance, StashAway was able to:
- Leverage technology to reduce human errors, passing on the cost benefits to its customers
- Safely streamline its onboarding process
- Reduce the number of false positives by using automatic false positive rules
- Perform deeper research in the WorldCompliance database for individuals who match names in the database in one place
By integrating Bridger Insight XG into its workflow, StashAway was able to streamline new client compliance screening and onboarding— essential for a growing business looking to keep administrative work and costs down. Alerts and false positives were also reduced, lessening the administrative strain placed on its lean operations team.
The result is a new client compliance screening process that positions StashAway for risk reduction and long-term success. Want to know more? Read the full StashAway case study.
