How Laboremus works as a KYC and KYB middleware for banks in Africa
As adoption of digital banking accelerates in Africa, financial institutions are quickly running into the limits of their existing infrastructure.
In this article, we explore how legacy infrastructure slows or even disrupts growths for banks in Africa and how using Middleware solutions can accelerate your digital transformation journey.
- How legacy digital architecture limits innovation
- Middleware platforms accelerate digital transformation
- Benefits of using middleware solutions for banks in Africa
- Streamline by Laboremus is the middleware for KYC and KYB
- Laboremus is helping financial institutions redefine their digital banking infrastructure
An automated, digital customer onboarding and identity verification process ensures that your customers enter the correct information during account opening, they upload appropriate identity documents and validate their personal details before the information is committed to your core systems.
With a digital customer onboarding process, financial institutions improve the quality of customer data captured on the first interaction and ensure that all data can be automatically validated to meet desired accuracy standards.
How legacy digital architecture limits innovation
Financial institutions want to innovate faster and improve customer experience but often feel held back by their legacy digital architecture.
To innovate and become more competitive, banks desire to bolster their digital technology stack. However, the distorted relationship they have with their core banking platforms slows down or limits this ability to quickly evolve.
This challenge becomes more complex as new vendors provide tools for upcoming capabilities but often don’t seamlessly communicate with the existing digital stack. This hinders innovation further and creates overhead for the organisation's IT teams.
This challenge is even more daunting for digital KYC, KYB and customer onboarding processes where a core banking system must communicate with over 20 external sources of data for successful completion of KYC, KYB or AML/PEP checks.
Middleware platforms accelerate digital transformation
In recent years, API-driven middleware solutions have emerged as a solution for bridging the gap between legacy systems and new applications while reducing reliance on the digital core.
Middleware provides a common interface to bring together different parts of your digital platform to communicate with each other. It takes the information from a source system, translates it into the appropriate language for the destination system, and transmits it securely to ensure seamless operations.
Middleware is increasingly becoming an essential tool for banks and other financial institutions in Africa.
Middleware platforms helps financial institutions:
- Easily connect new technologies to core banking platform
- Manage diverse set of technologies and tools from one point
- Ensure a logical stream of data between different systems
- Accelerate digital transformation
Middleware solutions help banks realise multiple benefits: Faster time to market, better customer experience, lower operational costs and more.
Benefits of using middleware solutions for banks in Africa
The top benefits of using middleware for banks in Africa are:
1. Reduce reliance on legacy banking core systems
Middleware offers a way to bypass often outdated and rigid legacy systems that are either not evolving with the changing consumer demands or are not supported by their original providers. This helps banks speed up operations and improve future outlook.
2. Unify customer data
Middleware systems help consolidate data from disparate sources into a common, exchangeable format. This helps banks in Africa keep customer data consistent across systems thus improving operations and helping deliver a more seamless experience.
3. Improve scalability
Middleware systems saves banks significant resources in terms of time, effort, and money when adding new systems or technologies to their digital stack. This makes it scaling their operations effortless and helps banks stay focused on future growth.
4. Bolster security
Middleware systems add an extra layer of security to your existing protocols. Data transmission is encoded during transmissions between systems. This reduces the risk of data leaks or other fraudulent activities.
5. Enhance customer experience
Middleware systems give banks the power to create better experiences. With fewer technology hurdles, banks can focus on creating seamless, rich experiences for their customers - faster service, personalised products, one-touch access to financial information, and much more.
Streamline by Laboremus is the middleware for KYC and KYB
Built in Africa for financial institutions in Africa, Streamline by Laboremus combines a cutting-edge digital KYC and KYB platform with exhaustive middleware capabilities.
Typically for successful completion of a KYC or KYB process, the details of any customer needs to be validated in over 20 databases. Many of these databases belong to government organizations like NIRA, KCRCB, UMRSB, etc, with a few others owned by external partners and companies. Laboremus is connected to government source databases as NIRA, URSB, KCCA, URA and to allow instant verification of your customers in an understandable format.
With an emphasis on flexibility, security, and reliability, Streamline by Laboremus enables banks to easily plug into these external source of data and create a single source of truth for everything related to customer identity.
Streamline by Laboremus connects to your banking core and creates a unified interface for the entire validation process. Thus banks can focus on running KYC, KYB and AML/PEP checks on new and existing customers without worrying about the communication with different internal and external source of data.
Rather than connecting their banking core to multiple different databases, with Laboremus, banks see a single source of truth rather than trying to untangle different data sets from multiple government databases.
On the other side, once the KYC, KYB and AML/PEP checks are completed, Streamline by Laboremus seamlessly passes that information to your core banking system or other bank solutions as the loan origination system, payment applications, and others
Laboremus is helping financial institutions redefine their digital banking infrastructure
Along with offering relevant products and recommendations, financial institutions have an opportunity to correlate customer data in a way that helps them “think for” their customers and offer services that truly improve customers' financial life.
Streamline by Laboremus helps banks and other financial institutions speed up the onboarding process and collect rich, error-free customer data for personalisation journeys. We power your growth by helping you acquire customers faster with reliable KYC / KYB and digital customer onboarding.
Partnerships with Government Organisations makes Laboremus the most reliable identity verification and onboarding platform in Africa.
In Uganda, Laboremus is used by over 40 financial institutions and is trusted by Bank of Uganda and Uganda Bankers Association
For more information on Streamline by Laboremus and our digital KYC, KYB and customer onboarding solutions, please visit www.laboremus.ug.
You can also connect with one of our product experts to understand how you can automate customer due diligence and onboarding for your organisation.