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IMTF: Ensuring Compliance while Offering the Best Customer Experience

Johannes Hennekeuser, Head of RegTech, IMTFJohannes Hennekeuser, Head of RegTech Technology advancements have made a profound impact on banking and customers are expecting a faster turn-around with all banking services and products as well as their full online availability in self-service. While banks are becoming more direct, virtual, and international, they are also exposed to a bevy of security risks and challenges. Additionally, they have to carefully reconcile the continuously increasing customer data volumes while respecting local regulations for data privacy. Noticing these trends, regulatory bodies are busy introducing new compliance rules to deal with the growing threats. Currently, banks are in dire need to maintain compliance, as not adhering to the regulations has resulted in banks paying $321 billion in fines since 2008, according to a study by Boston Consulting Group. In such a scenario, banks are constantly haunted by one question: “How can we offer the best customer experience, while ensuring proper onboarding, due diligence, and full adherence to any applicable regulation?” Serving the financial market for over three decades, IMTF, a leading banking solutions provider, offers its RegTech technology platform to enhance regulatory processes and help banks easily perform the balancing act between customer service and compliance management. IMTF’s platform offers add-on services to banks that secure their core operating model and make it compliant. “IMTF plays a vital role in helping banks meet the relevant compliance standards while making it possible to strengthen and accelerate business operations,” says Johannes Hennekeuser, Head of RegTech, IMTF.

Navigating the Regulatory Landscape

IMTF focuses on developing RegTech software solutions to improve operational efficiencies, manage regulations, and allow financial institutions to engage with their customers across all channels. The company’s RegTech platform aims to simplify and speed up compliance and agility to comply with new regulatory requirements. The highly modular platform enhances clients’ agility to adapt to changing regulations in automating client onboarding and lifecycle management, KYC and due diligence, AML transaction monitoring, and tax compliance. As a convergence of compliance and technology, IMTF not only provides the technology but also the know-how and content required to effectively counter money laundering and enhance KYC, among others.

The platform can either be integrated with the bank’s existing systems as a whole or specific modules can be chosen “à la carte.” “The ability to integrate with the bank’s legacy systems makes it possible to leverage the vast data collection already available in the bank’s databases,” explains Hennekeuser. Banks can customize and simplify workflows, automating redundant tasks and reducing the need for human intervention. IMTF’s platform leverages advanced analytics to improve the effectiveness of the screening, reducing the false-positive rate and, therefore, improving compliance performance and saving more time and resources for the bank. What is more, the secure document management module of the platform helps banks authenticate and manage documents electronically, giving them easy access to the data of clients and their requirements while respecting local data privacy regulations.

Automation and electronic identity technology have influenced the banking industry globally, and we plan to further expand the technology for even better results

The core module of IMTF’s RegTech platform is the Adaptive Case Manager (ACM) that automates simple to complex, structured or ad-hoc processes to get work done efficiently and effectively. By bringing together all stakeholders, contextual information, and relevant documents, ACM ensures tasks are completed throughout the entire lifecycle of a case. “As a digital business platform, ACM not only supports the automation of processes but also enables the efficient completion of an entire case, and streamlines processes requiring flexibility and human judgment,” says Hennekeuser. It combines task-based workflows, integrated document and content management, business rules, collaboration, and decision management for both humans and applications. The ACM can orchestrate and automate all processes regarding compliance like resolving alerts and screening hits, enabling banks to enhance the operations and workflow management as well as gain time efficiency. “Integrated with our RegTech modules, the ACM is uniquely suited to leverage investigations, solutions, and reviews to provide a holistic picture of all available contextual data while managing prioritization and automating investigative and approval workload,” adds Hennekeuser.The ACM provides management oversights and operational reports as well as “out-of-the-box” use cases for key processes such as onboarding and Client Lifecycle Management (CLM), underwriting, credit origination, and processing. The platform helps banks to measure and monitor the response and resolution times for all processes and tasks in real time to ensure that tasks are completed on time and bottlenecks are avoided.

Thirty Years and Counting

IMTF’s differentiator is its ability to allow banks to use a lean operating model, reducing the spend on technology.

The company also enables banks to provide customized services based on the customer’s requirements and the nature of risks that they are susceptible to. “Our solutions are unique because they are state-of-art while at the same time have been proven over decades with clients globally,” explains Hennekeuser. In addition, IMTF’s screening and analytics engines are respectively powered by next-generation advanced algorithms and AI, resulting in high accuracy with low false-positives. “We share sets, engines, and policy hubs across modules to simplify maintenance and ensure compliance.”

"IMTF plays a vital role in helping banks meet the relevant compliance standards while making it possible to strengthen and accelerate business operations"

Hennekeuser shares the case study of their services provided to a multinational client from Europe who struggled with screening close to a million customers per day. The client received an average of 2,000 false-positive alerts per day and each alert took a minimum of 15 minutes to address. With the deployment of the i-Match module of IMTF’s RegTech platform, the number of false positive alerts was brought down to just 20 using advanced analytics and machine learning. For another UK-based private bank, IMTF played a pivotal role in building a self-service mortgage application, helping them to automate the processes by guiding users through relevant questions and online documentation procedures. The application defines the appropriate mortgage solution based on the users’ needs and risks in a few minutes.

Being completely focused on compliance and process automation, IMTF credits the dedication and passion of its employees to be the driving force of its three decades of success. Similarly, the company actively engages with its customers to bring forth product enhancements. “We develop trusting relationships with our customers and stay in close contact to proactively understand their upcoming needs and include them in our roadmap,” states Hennekeuser. With a keen eye on the future, IMTF can be expected to capitalize on big data to help banks leverage internal and external data, consecutively enhancing their analytical capabilities. “Automation and electronic identity technology have influenced the banking industry globally, and we plan to further expand the technology for even better results,” affirms Hennekeuser. The company is working toward introducing additional capabilities of artificial intelligence and machine learning to enhance its products. IMTF intends to further integrate additional e-identity capabilities into its onboarding solution to automatically verify credentials. On the geographical front, the company is headquatered in Switzerland and has offices in Singapore, Vienna, and Dubai.