How SaaS is leading the way in cleaning customer data and delivering ID checks

Speeding up business processes and tasks is something evolving software-as-a-service (SaaS) has been instrumental in delivering. Today, as SaaS reaches maturity, it offers great value to those in financial services to improve the way they operate.

Efficient, cost effective and easy to deploy

Due to SaaS tools being able to be accessed instantly through the internet, usually via a subscription fee, there’s no need for expensive and complex computer infrastructure and coding when it comes to integration - which are issues when using on-prem software or web based API’s. Also, SaaS is simple to deploy because it runs in the cloud environment, making it possible to plug in and benefit immediately.

With SaaS, performance, updates, general maintenance and disaster recovery are all handled by the provider. There are no maintenance costs. These factors are of significant benefit to those in financial services who no longer need to spend precious budget and time on these software issues.

Furthermore, no technical knowledge is required, which means staffing costs related to maintenance or staff training to use the application effectively are not concerns. This reduced requirement for human intervention makes using SaaS more efficient, reducing the likelihood of human error, and enabling staff to spend their time focused on core functions.

Also, with high inflation and current uncertainty in the global economy, the cost benefits of SaaS platforms are a key standout for the banking industry.

Flexibility

SaaS offers great flexibility. Scaling up or down at short notice based on your current needs is simple, so is adding or removing staff to use the platform.

Accessibility

One of the standout benefits of SaaS is that it’s easy to access from any part of the world at any time. The service can be accessed with just a few clicks.

SaaS and data quality

Thanks to SaaS it’s never been easier or more cost-effective for financial services organisations to deliver data quality in real-time. This helps them to obtain a single customer view (SCV), which enables them to personalise and improve communications to the users of their products and services, overall enhance the user experience, and make operational efficiencies.

Accessing a SaaS platform that is able to instantly cleanse and correct names, addresses, email addresses and telephone numbers worldwide is possible without the need for code, integration or training. Records can be matched in real-time, ensuring there is no duplication, and data profiling delivered to help identify issues for further action. A single, intuitive interface offers tools for data standardisation, validation, and enrichment, resulting in high-quality contact information across multiple databases.

SaaS and ID verification

With online fraud on the rise those in financial services need to know who they are engaging with, in real-time.

This is where a SaaS electronic identity verification (eIDV) tool comes in. Such a scalable easy to deploy platform undertakes cross-checks against an individual's contact data in real-time as they complete an online application process, while ensuring the user experience isn’t compromised. It is able to deliver this by matching the name, address, date of birth, email, or phone number against reputable data streams such as government agency, credit agency and utility records, along with mortality screening checks, to effectively confirm the ID of an individual.

Furthermore, for a fully integrated ID verification service, such technology should be able to highlight those who have been sanctioned, politically exposed persons (PEPs) and deliver adverse media checks. Only then is it possible to be in a position to effectively stop fraudsters and ensure compliance with know your customer (KYC), know your business (KYB), and anti-money laundering (AML) regulations.

A revolution in how the banking industry operates, particularly in areas such as delivering contact data quality and ID verification, is being driven by SaaS. The efficiencies, cost benefits, speed, accessibility and flexibility afforded by SaaS will be game changing for this sector.