• Barley Laing, UK Managing Director at Melissa


• 03.05.2023 12:15 pm
#banking #saas

The evolution of software-as-a-service (SaaS), the subscription fee model accessed via the internet, has been instrumental in speeding up business processes and tasks. Now, as it reaches maturity, it offers great value to those in financial services to improve the way they operate.

Cost effective, efficient and easy to deploy

The fact that SaaS tools can be accessed instantly through the internet removes the need for expensive and complex computer infrastructure and coding when it comes to integration – all big issues when using on-premise or web based API’s. And it’s simple to deploy because it runs in the cloud environment. It’s these factors that make it possible to plug in and benefit immediately with SaaS.

There are no maintenance costs with SaaS – performance, updates, general maintenance and disaster recovery are all handled by the provider – so the user no longer needs to spend valuable budget and time on these software issues.

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

In fact, the cost benefits of SaaS platforms are a key standout with budgets under increased pressure post pandemic, high inflation and current uncertainty in the banking sector.

Flexibility

SaaS tools offer great flexibility. Scaling up or down at short notice based on your current needs is simple, so is adding or removing users to access 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

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

Today, it’s possible to source a scalable data cleansing SaaS platform that requires no code, integration or training. This technology instantly cleanses and corrects names, addresses, email addresses, and telephone numbers worldwide. 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 provides tools for data standardisation, validation, and enrichment resulting in high-quality contact information across multiple databases.

SaaS and ID verification

The growth in online fraudulent activity requires those in financial services to know who they are engaging with, in real-time.

This is where a SaaS electronic identity verification (eIDV) tool comes in. With a scalable easy to deploy platform such as this, cross-checks can be supported 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 does 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.

Additionally, 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) or citizen, ‘know your business’ (KYB), and anti-money laundering (AML) regulations.

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