Artesian Solutions, the UK’s leading client intelligence tool for financial services companies, announced the general availability (GA) of its exciting new Artesian Risk and Compliance Hub (ARCH) which has been two years in development.
ARCH is a service that enables relationship managers, underwriters and frontline teams within banks, insurance companies, and other financially regulated industries to quickly assess and better understand their corporate clients at the start of the customer journey and throughout the life of the customer.
ARCH is already being heralded as a game-changer in an increasingly crowded RegTech market and was recently selected as one of a handful of businesses to take part in PwC’s Scale InsurTech Programme – an intensive 11 week incubator, aimed at identifying and developing fast-growth technology companies in the insurance sector. ARCH enables relationship managers to have the earliest possible view of risks and opportunities to help their clients, whilst also protecting their own organisation.
With a sophisticated configurable decision engine, ARCH continuously monitors real-time credit risk and KYC data sources, but uniquely applies each bank or insurer’s own policies to that data. The result is a summarised view of appetite and complexity, drawing attention to any potential issues with clear flags where action should be taken before proceeding. ARCH empowers users to set realistic expectations for the onboarding process and accelerates any situations that would be impacted by KYC/credit risk processes.
In early tests conducted with a leading UK bank, ARCH was found to be 100% accurate in comparison to the existing bank process, finding 14% more critical risk issues than that particular bank’s existing process. In addition, ARCH reduced average case time from 200 minutes to 8 minutes (a 96% improvement), allowing relationship managers to know more, know sooner and save time - enabling them to focus on delivering a better customer experience.
ARCH is not only an innovative new technology, but a huge leap forward in the drive for ‘distributed compliance’ – the ability for central teams to distribute KYC and AML tasks to their frontline colleagues who are best placed to engage with the client and solve issues in the fastest, most productive way. It places compliance and powerful risk data at the heart of the business - front of mind for every member of staff, informing every decision, instructing every interaction and shaping every relationship from pre-screening prospective new customers through to ongoing tracking and long-standing client development.
Speaking about the launch, Artesian Solutions Co-Founder and CEO Andrew Yates commented: “We have the great privilege of serving 80% of the UK’s major banking institutions, providing powerful sales engagement insights to relationship managers. We asked what we could do to make our software even more useful and the answer was ARCH. Almost two years of engineering and millions of pounds later we’re announcing ARCH’s general availability for customers. We believe this puts Artesian in a unique position to be able to combine customer engagement capabilities together with credit and risk in one single application delivered through a browser or mobile device.”
He continues: “We’ve built a strong team of specialists to extend our core competencies and have worked closely with our key partners at Experian, LexisNexis and Refinitiv (Thompson Reuters) with more partnerships to come. This allows our customers to select the data sources they already rely upon and trust and easily integrate them into ARCH.”