Metro Bank has signed a three-year deal with client intelligence tool builder Artesian Solutions to improve its compliance and KYC management.
After a successful pilot process, Metro Bank will deploy the Artesian Risk and Compliance Hub (ARCH) solutions – the first major financial institution to do so.
The platform gives a dynamic, data-driven automation of risk and KYC on the frontline of the business and commercial banking function. This will streamline the acquisition and onboarding process for new customers.
ARCH was only launched last week, having been in development for two years, and enables relationship managers, underwriters, and frontline teams to conduct compliant, pre-screening on prospective clients to validate them against the bank’s risk appetite. In tandem with this, teams can uncover complexities raised during onboarding and act fast to resolve them.
Clients can configure ARCH to meet their preferred credit risk and KYC data partners. The platform also comes with a configurable decision-engine which automatically applies to a bank’s policies and flags any potential issues.
Through the service, relationship managers can get the earliest view of risks and opportunities to support their clients.
Finally, ARCH can automate the distribution of basic KYC tasks to relationship managers and others in the bank, freeing up the KYC and compliance specialists to focus elsewhere.
Metro Bank will access an improved risk and compliance solution for the back-office.
Metro Bank managing director commercial banking Mark Stokes said, “Metro Bank is the revolution in the commercial and corporate banking space, providing unrivalled customer experience in terms of speed of decision making and action – something we pride ourselves upon.
“We are excited to work with Artesian to take such a revolutionary tech-driven approach to bringing compliance and KYC into the forefront of our business and commercial banking activities. Artesian will help us know more, know sooner and save valuable time we can invest in building great customer relationships.”
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