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Finch Global to simplify the sign-up process for regulated businesses and the financial services industry

© Humphrey Muleba

Finch Global is about to make its mark on the financial services industry, changing how regulated businesses onboard new customers through the simplification of the sign-up process.

Following the impact of the pandemic, financial institutions need to fundamentally re-think how they onboard new customers while reinvigorating their existing offer to long-term clients. This includes providing a new level of service in our highly disrupted financial landscape. With the emergence of fintech startups and new technological advancements impacting businesses across the financial services industry, it’s time for a re-think on how financial products are delivered.

Finch Global are taking a new approach by creating a shared service that makes it easier to take out financial products, reducing time and resources spent on compliance while minimising risk in the banking system.

Speaking about the launch of Finch Global with reporters this week, Adrian Cannon, a founder of Finch Global and CEO of Omnio Group said, “Finch Global is set up to address a very specific and critical issue: the inefficiency experienced by individuals, businesses and regulated service providers when signing-up for and maintaining access to services that require KYC, KYB and AML checks.”

With regulated services, there is currently a high degree of red tape and inefficiencies which create friction for businesses and sensitive information being shared often via unencrypted channels. This poses both a challenge and a risk to institutions and financial services businesses that are under intense scrutiny to safeguard important information.

Where Finch Global is seeking to make a change is in how this set of digital credentials are securely stored, kept up-to-date and shared.

“Shopping around for a good value product can involve repeatedly sending this information to several providers that will have to validate it independently before confirming they can provide the service. In the digital age that is hugely inefficient,” said Cannon.

Finch Global will enable customers to have their digital credentials securely stored and kept up-to-date for sharing as evidence of corporate and personal identity without the needless re-sending of the information to multiple service providers – where security can be compromised.

For the founders, it has become essential that the process of buying any regulated service changes in order to remove the inefficiency and improve personal security.

Finch will also work with Merchant Acquirers that support a wide variety of businesses and sole traders so that they can become their ‘Digital Chaperone’. Eventually Finch will benefit any regulated business that spends time and effort on-boarding new customers and serving large numbers of current customers.

Finch Global was founded by a group of experienced professionals from the regulated services sector along with the systems and processes that they rely on. Several of the founders are also currently running UK regulated businesses and have an in-depth knowledge of the current landscape.

Are you working in the financial services industry? What has been your experience of financial products? Share your opinion with us: @TheBritonian