Japan’s Rules also an Obstacle for Local Firms
Even as a native financial services firm born from Japanese financial giant ORIX, Altoa still faced the issue of Japan’s financial compliance and KYC regulations. Identity and My Number (individual ID numbers for residents) verifications required acquiring and validating documents. Altoa needed efficient coordination and administration to achieve this quickly so that the online application process would not be delayed.
Old School Solutions Were Not Cutting it For Altoa
Many of Altoa’s customers are of an older demographic, so there were concerns as to how they would interact with an online platform. Part of the in-house verification process that the company initially implemented utilized regular post (snail mail) to receive and authenticate documents. This could take up to two weeks, and many customers were uncomfortable with sending their documents in the mail and being without them while waiting for verification.
TRUSTDOCK: Altoa’s Excellent Integrated Solution
Not only was time being wasted, but this highly manual process was also draining staff resources that could be better deployed elsewhere. Enter TRUSTDOCK. With the extremely user-friendly interface offered by the TRUSTDOCK app, the customer experience was much improved, even among the older applicants. More importantly, Altoa can now evaluate applications swiftly while in compliance with Japan’s regulations, offering funds to approved borrowers within a day. All while saving time and reducing staff’s paperwork burdens.
Find Out How TRUSTDOCK Can Help You
If your KYC or CDD procedures are getting bogged down in paperwork, get in touch with TRUSTDOCK. We can customize and integrate our products to suit your needs and operations, while streamlining and simplifying verification and authentication so you can concentrate on your business.Contact Us