CallML speeds application processing at UK's fastest-growing building society
Kent Reliance Building Society, the UK's fastest organically growing building society in each of the last five years, has adopted Callcredit's CallML online ID verification service to streamline its customer acquisition process.
As well as saving Kent Reliance time and money on processing applications CallML enhances the account opening experience for customers by eliminating the cost and inconvenience of submitting documentary evidence of identity, such as passports and driving licences.
Developed to help businesses satisfy the ID requirements of the latest anti money laundering regulations, CallML fully addresses the recently revised guidelines on ID verification issued by the Joint Money Laundering Steering Group (JMLSG) in January 2006.
CallML confirms identities in seconds, 24 hours a day, 7 days a week, using a range of positive and negative information sources.
CallML reports tell users exactly what checks were carried out, what the results of the checks were, and a clear Pass or Refer decision.
Since implementation on 1 June 2006, around 90% of new customers to Kent Reliance have not had to provide documentary evidence of identity and address, resulting in savings of around 70% across many thousands of accounts.
Mike Lazenby, Chief Executive at Kent Reliance said:
"The society's successful business model has led to a rapid growth in the customer base. By removing the manual verification of identity we have been able to migrate even more processes to our offshore subsidiary in India. This allows us to handle even more accounts at lower cost and with greater efficiency. It was vitally important that any electronic ID verification system chosen provided a high quality of information that can be completely relied upon. CallML is a proven system, which has allowed us to streamline the client acceptance process and cut back significantly on the number of documents handled in-house everyday."
Callcredit's Head of Sales for Verification Services, Sue Woods, said:
"Verifying the identity of new customers with the confidence that your company has complied with all the requirements of money laundering legislation is a key concern for all regulated companies. Electronic verification is the way forward and CallML is a cost-effective, easy-to-implement solution that takes away all the worries."
To help organisations estimate how much they could save by implementing CallML, Callcredit has developed a simple benefits calculator. More information about CallML and a copy of the benefits calculator can be obtained by visiting Callcredit's website or calling the CallML sales team on 0113 2441555.