Two Estonian fast-growing companies shaking old ways and helping companies deal with crisis

Entify and Bankish cooperation solves financial institutions’ problems in times, where speed is essential in order to move out of the crisis. The joint solution enables customer verification, background checks all without having to develop the solution yourself. These are the times, where companies need to use all means available and treat their customers exceptionally with speed and flexibility.

Entify and Bankish each have a proven track record of shaking the industry with innovative solutions to help companies achieve better results doing business globally. Today’s main goals for most businesses include surviving the COVID-19 crisis with minimal damage, achieving a competitive advantage and innovating inside the company and sector.

“Bankish provides financial institutions with the tools to take a more contemporary approach to financial services. Whilst thus far, FSPs have predominantly built software solutions in-house to fully cater for their operational nuances, the markets today have changed drastically. Developments in technology have both increased end-customer expectations to service providers as well as facilitated innovation in operational efficiency. With a core-IT solution, maintained and improved by the service provider, the financial institution significantly cuts costs on IT and can focus their resources to what really matters — the customer,” Bankish COO Ian Kalla noted. “Our cooperation with Entify is a step forward in innovation and a worry less in financial services,” Kalla added.

Bankish platform and Entify solution save time and money leading financial institutions to modern way of doing business

“We have entered the IoT era, where speed, right strategy and people are what create growth and lead to success. With automating processes that no longer need to be done manually, we let people thrive by creating value where machines cannot- decision processes. Thus, companies also can focus on their core business without having to hire hundreds or thousands of KYC specialists to begin with,” Entify COO Victoria Saue commented on the topic. “Bankish solution in cooperation with Entify helps different financial institutions in improving processes. I see this as a beginning of something great for the whole industry,” Saue added.

The need for verification and fintech solutions is growing due to the rise in customer expectations

FinTech companies are transforming traditional banking at a fast pace. This is all derived from the need — people expect everything to be at reach and easily accessible from the web. The term BaaS (banking as a service) is widely in use due to the same reason: banking needs to cater to the needs of people who want and need to reach verification and financial services online. Thus, it is more important for the end customer to be able to choose from different providers.

Both Entify and Bankish were created to take financial processes for providers to another step forward, to the modern world. The market is growing fast and old processes have deteriorated. To improve, automation and machine learning need to be adopted.

Money laundering scandals have made the market precautious

According to IBS Intelligence, the money laundering (AML) fines reached 8.14 billion dollars last year. The amount is increasing annually.

The economy and customer expectations are changing fast and every scandal takes us back in progress. In reality, every experience can help in creating value for the future. “AML regulations should not be a restrictive procedure as is often seen today. It should provide means to actually make a difference. By checking boxes we are not doing that. Imagine if we did that with a meaning trying to find real solutions. I say it is the right time to let machines do the digging and humans can innovate and make the final decision. Innovation is born from a need, the need has to be visible. The world is moving towards digitalisation and people want to open accounts, make transactions, and invest from their smartphones. This is the expectation financial institutions should be dealing already with full seriousness,” Saue added.