What solutions do we offer?
Vikar Technologies, Inc. (“Vikar”) is a financial technology company that revolutionizes how financial institutions onboard and maintain clients across account opening, lending, and services. Our One Vikar solution provides clients and employees a single, straight-through digital experience that automates and streamlines all steps necessary to convert prospects into clients including KYC/compliance, underwriting, client self-service, front office/advisor/broker and approvals. The solution covers all business lines: retail, commercial and wealth management.
How is it placed in the market?
Vikar’s KYC module is integrated into the One Vikar solution. For the financial institution and KYC/Compliance teams, they automate and capture the following processes and information:
- Background checks, PEP checks, negative news, OFAC check providers
- KYC/AML information
- Suitability information
- Demographic information
- Risk rating calculation based on FI’s scoring
- Periodic review and material change workflow and events
- Account and product information
- Fees structures
- Funding information for the account including ACAT and non-ACAT
- Creation and mapping of account opening document with e-signature
- Integration to data providers for account information
- Workflow of approvals for client, account, and product type
- Account closing processes
Since their KYC is part of the One Vikar solution, the interactions with typical enhanced due diligence (“EDD”) functions are no longer limited to the KYC Analyst/Manager. Clients can directly submit their information through the client portal. Loan Officers and Bankers can access relevant EDD information for due diligence as well as the wealth management group and the operations team.
Where it performs well?
The One Vikar Solution modernizes the EDD process for banks that lack an end-to-end digital solution that incorporates KYC/BSA/AML. For banks processing from 500-1,000 monthly alerts the solution saves between 6-12 full time resources. The One Vikar solution removes manual inefficiencies such as downloading excel spreadsheets of transactions, creating pivot tables to sort top transaction types, performing Google /Bridger searches for negative news, checking prior customer alerts, and the need for analysts to continuously log in excel high-risk logs to update alerts.
The One Vikar solution when fully integrated includes:
- Data Aggregation – Vikar integrates & aggregates data from underlying systems to display alerts for the EDD team
- Queue Management – Analysts have access to their alerts requiring action in one unified view using a dashboard
- Automated Workflow & Business Rules
- A single user interface for the analyst to work on an EDD alert by consolidating all the data and comments needed to review. Removal of manual search
- Automated EDD forms that guide users through the process with supporting data and documents for analysis
- Automation of transaction screens to display transactions in a digestible format
- Enablement for analysts to complete their RFI request, close processes, and escalation without the need to update systems outside of the One Vikar solution.
- Managers can access escalated alerts in the Vikar dashboard, to review data and analyst write up. 4. Reporting – Vikar provides a reporting dashboard to show metrics around total alerts worked, escalated, and workload of employees.
Why it has potential to make it big?
There are approximately 6,000 banks and credit unions with assets above $100M and under $50b that still have not fully implemented a straight-through digital experience for both their clients and financial institutions. The One Vikar solution offers immediate cost savings to financial institutions’ internal KYC process. By adopting the One Vikar solution, Vikar estimates that a financial institution could save on average $400K-$600K in EDD processing costs per 500 monthly high risk alerts per month. In addition to cost savings, the One Vikar solution provides a modern client digital experience with an intelligent user interface that guides the client and captures the right data based on client type, suitability, account type, and product type. This meets the expectations of today’s clients while improving efficiencies and lowering the overall demands on internal resources.