How Contego can support challenger banks?

In the new world where disruption rules, the banking sector has seen several new entrants to the market that are challenging the banking establishment.

These new banks are able to start afresh leveraging the latest technology available and distancing themselves from reputational issues that traditional banks suffered from after the 2008 financial crisis.

They can build their own IT systems from scratch, giving them a competitive advantage and dramatically reducing costs (no longer needing to maintain complex legacy systems or bricks and mortar high street branches).

These challenger banks appeal to new technology savvy customers who have expectations of an entirely mobile and digital banking experience.

Contego, a RegTech and compliance specialist, are disrupters themselves, changing the way financial services manage their risk and compliance processes. By automating due diligence checks, streamlining operations and reducing compliance cost, Contego is the perfect innovation partner for challenger banks.

We believe that embracing RegTech solutions can have a transformative, positive effect on business and therefore should be seen as a competitive advantage. It is not simply about the handling of compliance checks, but about enabling innovation.

Watch the latest video with Sameem Jaffrey, Contego’s Chief Commercial Officer for Banking, as he explains why Contego is the perfect RegTech solution to support challenger banks.

By offering our RegTech solutions via a single API, challenger banks can instantly perform comprehensive identity and anti-money laundering (AML) checks at the point of onboarding, which provides a seamless customer experience.

By putting the correct automated process in place from the very start, challenger banks can avoid future headaches.

No matter if you’re a challenger bank, a traditional finance firm or a FinTech, you need a flexible, effective and efficient approach to due diligence and compliance when you onboard customers. If your customer’s user experience is slow, painful and confusing, they will inevitably turn to your competitors.

It is vital that you accelerate and improve onboarding and know your customer (KYC) processes to not only meet regulations but also to stay competitive in the marketplace.

So, have you considered adding RegTech to your growth strategy?

If you would like to learn more about how Contego is providing the financial sector with RegTech solutions to automate due diligence checks, reduce compliance costs and keep the regulators at bay, then get in touch today by calling +44 (0) 1235 375 000 or book an online demo.