Onboarding Solution GDS Modellica - Open Banking

GDS Modellica launches its 100% digital onboarding solution

The digital transformation has forced the financial sector to adapt to a new technological paradigm

The banking sector is looking to use open banking to unravel all their customer data to identify consumer patterns

The financial sector’s digital transformation doesn’t just bring with it new services but also the implementation of its own technology to support it and enable interaction between customers and banking institutions. This transformation has forced both banks and insurance companies to leave their comfort zone to adapt to new consumer models and reinvent the way they interact with their customers. We’re facing a new paradigm which benefits both users the industry. Users benefit because they are more comfortable, save time and have more autonomy and security. The industry benefits because businesses can increase customer loyalty by being able to reduce time to market and minimise costs.

In this new financial era, there are two key levers; On the one hand, there is the digital onboarding process, and on the other hand there is automated digital ID verification for the customer, both of which are priorities for investment for the banking industry. Onboarding is a process for gaining new customers and ensuring that they’re comfortable with the products, culture and “prices”. It plays a crucial role in keeping the customer happy and satisfied with the company. A 100% digital ID verification process allows the person’s identity to be verified and their documents validated, as well as reducing the number fields to fill in through data capturing. As a result, digital onboarding makes it possible to purchase financial products and services by using verification through biometric technology.

In this context, GDS Modellica has launched a 100% digital solution for the onboarding process which, as managing director Antonio García Rouco tells us, “enables our customers to carry out the process from start to finish, ensuring two-way communication with the customer via an alternative channel which uses the latest natural language processing technology by means of artificial intelligence.”

The banking sector is using this Open Banking technology to analyse the importance of said data and make use of commercial strategies and opportunities. The technology is a fundamental part of purchasing financial products and services remotely, using greater connectivity to gather and transfer data, a more comprehensive Internet of Things and the convergence between fixed and mobile technologies which, looking at this sector, will lead to the definitive roll-out of virtual assistants, as well as an increase in communication security through the use of technologies such as Blockchain or Machine Learning.

The solution, designed by GDS Modellica in collaboration with Unnax, enables the capture of customer data in a simple way, through Open Banking, thereby improving the customer experience and acquiring the necessary data for qualifying risk. García Rouco confirms, “our solution allows digital verification, connection to all types of information sources (agencies, fraud agencies, social networks, etc.), offers a credit decision based on defined risk parameters by using traditional technologies and Machine Learning for the risk score and, at the same time, allows the possibility of using a digital signature for contracts to finalise the process 100% digitally”. The use of these technologies, he continues, “will transform the technological landscape. It will affect almost every industry through the adoption of a new class of models, based on AI or Machine Learning, which provides a much deeper view of the data, identifies complex non-linear patterns in large data sets and makes possible more precise risk models.”

GDS Modellica’s onboarding product offers online solutions for customer verification with the aim of preventing identity fraud and providing good user experience. It processes and authenticates the customer’s identity at the start and improves the customer experience in real time, saves on operating costs and eliminates the risks associated with identity fraud. All this can be achieved using the cloud in such a way that the whole process can be carried out in record time.