Challenger banks are on the rise in the financial services industry. Challenger banks focus on offering personal banking services,
complying with an innovative technology wave, shaping customer experiences with innovations. The most successful and popular places
for this new financial business trend are the United Kingdom and the United States.
While Challenger banks want to keep customer experience and customer satisfaction at the highest level, they face some risks. The inexperience of the challenging banks against financial crimes during their establishment made it easier for criminals to commit crimes such as money laundering, corruption, and bribery through banks that challenge them. Furthermore, Challenger Banks has been targeted by money mules who want to take advantage of this process.
The most important features that make Challenger banks stand out from traditional banks are that they are fast and agile. Therefore, Challenger Banks aim to perform customer onboarding processes in the fastest way by meeting their AML obligations. With our AML Screening Software, Challenger Banks can implement "Customer Due Diligence" procedures in traditional customer acquisition and digital customer acquisition processes within seconds.
Due to the fact that Challenger banks are among the institutions at risk, they obliged to meet their AML obligations. Challenger banks are required to protect their companies from financial crimes and ensure AML and KYC compliance. Challenger banks can determine the risk level of their customers and perform a customer monitoring process according to the customer's risk level by doing our customer onboarding processes with Our AML Screening Software.
Sanction Scanner's enhanced AML Transaction Monitoring Software provides end-to-end features that enable Challenger Banks to combat money laundering and terrorist financing. Challenger Banks can automatically detect high-risk and suspicious activities with many features such as dynamic rules and scenarios, advanced sandbox test environment, real-time alarms, and risk-based scorecard. Automate your transaction monitoring and reduce false positives with enhanced tracking features.