The cryptocurrency market has become explosive in what feels like overnight. With the skyrocketing values of coins, the industry has gained mainstream awareness — but with more popularity comes higher expectations from customers.
Use Case: Uphold Keeping Up With AML Regulations
With anti-money laundering (AML) regulations becoming stricter, banking institutions need to screen current and new customers against watchlists to prevent money laundering and other crimes. But when false positives cause delays in the customer onboarding process, innocent applicants could miss out on a game-changing investment opportunity.
Uphold, a digital money platform for foreign exchange and remittances between crypto and traditional currencies, understood the importance of a seamless customer journey. They are catering to a generation of digitally native consumers who are on a constant quest for convenience.
Their “anything to anything” trading experience allows customers to trade directly between any supported asset or currency in one step. This selling point sets Uphold apart from its competitors, so if customers are not able to access their assets whenever they want, it could be devastating for business.
With customer satisfaction as a top priority, Uphold centered their focus on reducing its high number of false positives — which translated to hundreds of thousands of alerts for its compliance team to investigate, leading to delays during the signup process. With this in mind, they set out on a mission to find a solution to efficiently and effectively screen its financial transactions against watchlists.
Improving the Customer Experience with Machine Learning
Uphold decided on an AI-powered solution that not only increases the accuracy of name matching but is also customizable. This means Uphold can tune their screening process to address its current applications while enabling them to adjust to future changes as its business grows.
Every name comparison produces a match confidence score that is consistent and explainable to financial regulators and empowers Uphold to automatically respond to each match according to its risk policy. When Uphold serves more than 7 million customers in 184+ countries, this technology puts them in a very beneficial position.
How Uphold’s Chosen Solution Combats their Previous Challenges
Now that Uphold is equipped with an AI-driven screening system, they are able to stay in the know about new accounts and rescreen existing accounts against watchlists. As a result, the number of false alerts has significantly decreased and sanctions regulations are met. This not only frees Uphold from hefty compliance fines but delivers a positive and frictionless customer experience.
How Your Business Can Improve its Screening Process and Improve Customer Onboarding
Basis Technology’s Rosette Name Indexer (RNI) improves the efficiency, speed, and accuracy of name screening. It keeps banking institutions compliant with sanctions regulations while delivering a seamless experience for the customers that matter while protecting your business by flagging people of interest.
So if you’re interested in streamlining your customer onboarding experience, book your demo today.
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