The need for financial services and insurance firms to deeply understand their SME customer base has never been greater. Market volatility imposed by a global pandemic and an impending recession means it’s critically important that any changes to existing books of business are spotted early and risk mitigated effectively.
Know Your Business ‘KYB’ checks have moved from a regulatory and compliance necessity when onboarding new clients to a lifetime requirement for the duration of the customer lifecycle. Access to the type and depth of accurate information needed to facilitate these checks in a timely manner has been a stumbling block, until now.
The DueDil Business Information Graph (B.I.G.)™ ingests billions of data points daily to surface over 250 million connections between companies, directorships, UBOs (ultimate beneficial owners) and other critical insights. This validated and contextualised view of any company information set is now being made more broadly available for partners and solution providers.
Rob Parker, CTO, Oxygen Finance, says:
“When looking to complement our platform with company information DueDil has been a natural partner for us. Data provided through DueDil’s API has allowed Oxygen Finance to move quickly and add an additional layer of credible insight to the platform and is a key component to our value proposition.”
DueDil’s recent launch of its Continuous Updates module provides its customers with an ‘In-life Monitoring’ capability across their entire SME book of business. They can be automatically notified of changes happening in their SME book so that they can take appropriate actions. And now DueDil is launching its partnership programme to give partners the opportunity to add this functionality to their solutions portfolio.
“We have built a powerful platform in the DueDil B.I.G.™, capable of processing vast data sets to surface the types of insights financial services firms and insurers need to analyse risk, drive efficiencies and make better business decisions. Our API-first approach means that partners can now take advantage of this rich, contextualised data to supplement or enhance their offering to market. It’s an exciting time for DueDil as we continue to innovate on our platform and look to help more organisations thrive in difficult times by giving them the insights they need,” Denis Dorval, COO, DueDil commented.
To spearhead its programme, DueDil appointed Alan Walsh to Director of Partnerships position in September 2020. Alan brings 15 years of experience delivering commercial growth in the Financial Services sector, working at American Express, Barclays, GE & Santander. Prior to DueDil, Alan was part of the founding team at Bud, the award-winning open banking platform, and was instrumental in shaping the Bud product proposition, brand and distribution.
Alan Walsh, Director of Partnerships, at DueDil commented: “Having been a client of DueDil, whilst at Bud, I saw first-hand the power of DueDil company insights and ease of use of the DueDil API for developers. The market-leading API and experienced team will help cement partnerships in the financial services space at a time where digitisation and risk management has seen a huge increase in necessity since the Pandemic. I’m hugely excited about bringing partnerships to life and the opportunity to do so at DueDil.”
With over 400 clients leveraging the DueDil B.I.G.™ to deliver transformational improvements to customer onboarding, risk selection and in-life monitoring, the partner programme will help more organisations support the SME sector and drive their own growth.
“SMEs need access to digital financial products, services and insurance, but meeting their demands is a tall order – both in terms of the experience received and the quality of products available. The DueDil B.I.G.™ solves both of these challenges by giving these Financial Services & Insurance providers the insights needed to onboard quickly, assess risk rapidly and monitor their customers more effectively. The partnership programme will help broaden our reach, but critically it will give more organisations the data they need to best serve SME customers,” Mr Walsh continued.