How Will Plumery and Sumsub Transform Digital Banking Onboarding?

The digital banking landscape is undergoing a transformative phase, heralded by groundbreaking advancements in technology and shifts in consumer behavior. At the forefront of this transformation is the customer onboarding process. This crucial juncture is where financial institutions must balance the need for swiftness and simplicity with stringent security and regulatory adherence. Signifying a pivotal shift in this domain, the new partnership between digital banking pioneer Plumery and verification authority Sumsub ushers in an era of innovation. This collaboration combines Plumery’s tech-driven banking solutions with Sumsub’s robust verification systems, setting a new standard for seamless, secure, and compliant onboarding in the digital banking sector. This union promises to redefine the onboarding experience, offering an unparalleled blend of convenience and trustworthiness for customers venturing into the digital financial realm.

The Power of a Strategic Partnership

By bringing together Plumery’s innovative “Headless” banking platform with Sumsub’s full-cycle KYC verification system, the fintech sector is primed for a transformational shift in how customers are introduced to digital banking services. What stands out in this strategic partnership is the fusion of Plumery’s technological agility with Sumsub’s regulatory prowess. This alliance is expected to unravel a host of benefits, including slashing implementation costs significantly and catalyzing the rapid deployment of digital banking services.

The two companies complement each other exquisitely; Plumery brings to the table its revolutionary technology that enables banks to devise tailored applications without disrupting the fundamental user interface or core banking operations. Sumsub contributes its comprehensive KYC and AML solutions, valued for the meticulous vetting of new clients and adherence to stringent compliance standards. The intersection of these strengths portends an upgrade to the efficiency and security of onboarding procedures, vital to customer acquisition and trust.

Advancing the Onboarding Journey

Customers today demand onboarding experiences that are expedient and fuss-free but without compromising on personalization. Plumery’s “Headless” banking platform, renowned for its API-driven modular structure, promises the much-needed flexibility in configuring processes to meet diverse client needs. Sumsub’s KYC framework embeds an additional layer of sophistication, enhancing security and assuring adherence to regulatory guidelines.

The end result of Plumery’s technological foundation craftily integrated with Sumsub’s verification prowess is a digital onboarding journey that is not only brisk but also infinitely customizable. It is a solution that is attuned to the digital era’s speed while being unfazed by the complexity of individual customer requirements. Aspects of identity verification, risk assessment, and compliance checks get seamlessly embedded within the customer’s onboarding journey, fostering a balance of speed and safety.

Revolutionizing Customer Experience

In a marketplace where customer loyalty is increasingly ephemeral, the union of Plumery and Sumsub sets the stage for a significant overhaul of the customer experience. This partnership heralds a streamlined journey from interest to enrollment, one that champions user convenience without skirting regulatory necessities. The anticipated elevation in customer satisfaction and retention marks a clear competitive edge for both established banks and burgeoning fintech disruptors.

As traditional financial institutions grapple with aging infrastructures and challenger banks strive to carve out niches, this alliance offers them a clear path to distinction. The enhanced customer experience, emboldened by this technologically sophisticated yet compliant onboarding process, is a game-changer. Customers are likely to gravitate toward services that value their time and security—an expectation that this partnership is well-positioned to fulfill.

Emphasizing Compliance and Security

In an arena as heavily scrutinized as finance, the robust emphasis Sumsub’s technology places on compliance and security is a cornerstone offering. The integration into Plumery’s digital banking architecture ensures that comprehensive security measures precede every new customer acquisition, that no stone is left unturned in authenticating identity and preventing fraud.

This stress on compliance and security represents a pivotal advantage, not just in attracting cautious customers but also in fortifying the bank against reputational risks and punitive violations. Sumsub’s exhaustive verification processes mitigate the risk factor associated with digital onboarding, bringing a level of confidence to financial institutions as they navigate the complex web of international regulations. The end beneficiaries of this fortified alliance are the institutions and the individuals, both assured of a secure and compliant banking environment.

The Future of Digital Banking Onboarding

Looking to the horizon, the possibilities unfurling from the Plumery-Sumsub partnership are vast. While currently focusing on the onboarding of individual customers, plans are in place to expand into the complex and varied realm of business banking, particularly small and medium enterprises (SMEs). This extension has the potential to establish new benchmarks in service provision for a critical segment of the economy.

Through a comprehensive approach that extends beyond KYC to Know Your Business (KYB) solutions, this partnership may redefine the benchmarks of banking for businesses. Such innovations promise to accelerate the efficiency of the onboarding process for SMEs, streamlining their entry into the digital banking ecosystem and potentially transforming the industry’s approach to catering to these enterprises.

Accelerating Fintech Innovation

The joint venture between Plumery and Sumsub is much more than a mere union of two fintech entities—it’s an embodiment of the progressive spirit in the sector. The collaboration stands as a testament to the boundless potential when technological innovation meets regulatory expertise in pursuit of a superior customer experience.

With both companies having cemented their commitment to driving advancements in digital banking technology, the fintech community watches with bated breath. This alliance could be the harbinger of further collaborative endeavors that seek to galvanize the industry with fresh insights and transformative solutions. The partnership not only aims to refine the customer onboarding process but to spark a larger fire of innovation that progressively reshapes the landscape of digital banking.

Explore more