Online Banking Software Automates Compliance Checks for a Broker

The client, a large financial institution, has been providing brokerage services for more than 20 years. Like any other fintech company, they must secure compliance with state regulators while maintaining excellent customer service. Embracing new technology would allow them to streamline and simplify mundane bureaucratic procedures by adopting a platform of automation.

The client was looking for IT brainpower to develop effective online banking software and integrate relevant technology into their processes. Softage rose to the challenge.

Fintech companies cannot afford short-shrifting regulatory compliance. They are required to conform to a plethora of regulations, laws, and policies to maintain their license. This includes ensuring that the firm does not provide services to terrorists or condone applying its resources to illegal affairs of any kind. Needless to say, checking every customer against relevant databases is time-consuming, and time is literally money in the financial sector.

The tedious bureaucracy associated with compliance can affect customer experience and business relationships. Today’s customers expect quick and easy service, which is difficult to achieve through conventionally handled paperwork. Relevant online banking software would change that for our client, efficiently expediting all brokerage transactions.

The client was already working on a potential solution for this problem when they approached Softage. They switched to us from another vendor because we offered more comprehensive expertise in the financial technology sector, and did so with faster delivery at a competitive price.

We assigned this project to the senior software developer with the most relevant technical expertise. Collaborating directly with the project manager on the client’s side allowed the programmer to deeply immerse himself into the company’s structure, and he quickly determined the benefits expected from deploying the online banking software.

Softage utilized the orchestration platforms, Kubernetes and Docker, to meet the infrastructure requirements specified by the client. To reduce manual action on securing stable work of the application, we leveraged unit tests.

The online banking software we have built automatically runs a customer profile against databases, such as those held by security authorities and local residents’ registration offices. If one of the stop lists contains an entry connected with the customer or their identity cannot be verified through official sources, the system displays a notification accordingly.

The program also fills in forms with rendered data and generates signature-ready papers, thus freeing up valuable time for the company’s operations staff.

It took us three months to develop a powerful tool that makes compliance less of a problem for the brokerage firm. The online banking software developed by Softage helped the client visibly cut the time required for processing new customers’ applications.

The ultimate result has been increased customer satisfaction and optimized manual procedures. The company’s staff is now freed from the mundane and repetitive nature of tedious paperwork, focusing instead on more creative tasks that computers presently cannot do.