Meet our new client – The Tracing Group
In the digital age, personalization is no longer a luxury, it’s an expectation. Clients expect banks and managers to offer seamless access to services, and financial services businesses want to ensure streamlined and secure processes that allow them to enhance client service and improve operational efficiencies while remaining compliant. We are delighted to be working with one such financial service firm, The Tracing Group (TTG) to help them to achieve this – future-proofing their business and giving their clients the tools to engage with current and future clients. How? We’ll be implementing blockchain technology that will streamline Know Your Client (KYC), Anti-Money Laundering (AML) and their client identification processes.
Who are The Tracing Group?
TTG collaborates with global banks, pension schemes, and wealth managers including the Natwest Group and Santander, to locate and verify missing customers. They’re also a leader in the Child Trust Fund sector with 60% market share, helping to connect 3.5 million clients under the age of 21 in the UK with government-issued savings accounts. We’ll be helping them by designing, advising on, and implementing technology that will enable them to extend hyper-personalized tokenization capabilities to their clients.
How we’re helping
These hyper-personalized tokens will allow TTG’s clients to offer customers a secure, infallible, and transferable record of their personal details using blockchain technology, to open bank accounts and apply for other financial services. The tokens will significantly streamline the client onboarding process, mitigating cost and friction by acting as a digital passport that eliminates the need for customers to repeatedly complete applications from scratch. The hyper-personalized tokens will also assist banks in efficiently adhering to KYC and AML regulations, accelerating traditionally complex and labour-intensive verification processes.
Stepping into the future
The Managing Director of TTG, Danielle Higgins said that “Accurately and securely identifying the clients of organizations is central to our business. Customer preferences are evolving – expecting increasingly digitised banking and fund services that require minimal administration, reflect their preferences and values, and protect their privacy in a highly secure environment. Tokenization is the natural next step for the financial services industry when it comes to identity, KYC and AML – to stay relevant, firms will need to consider this technology to appeal to a growing digital-native audience and increasingly savvy incumbent clients.” We look forward to this new partnership unfolding, one secure system at a time.