Together with Statista, the Financial Times has released its annual list of the 1000 fastest-growing companies in Europe. Companies from various industries, such as Fintech, energy, wholesale, e-commerce and more, have been ranked based on the highest compound annual growth rate in revenue.
The FT 1000 ranking showcases those European companies that have grown the fastest, and includes some of the best well-known brands in Europe.
Among the 1000 companies, Ondato stands proudly at #137, earning recognition for our hard work amidst Covid-19, huge inflation rates and the changing geopolitical situation in Europe. With 65 Fintech companies on the list, Ondato is 16th in the industry and the only identity verification solution to make the list.
What Helps Ondato Grow?
Considering the acclaim we’ve received, let’s explore the factors influencing our customers’ preference for our services:
Cost Efficiency
Conventional Know Your Customer (KYC) and Anti-money laundering (AML) procedures entail substantial expenses, covering labour, office space, technology, training, and more. The costs associated with hiring skilled KYC specialists alone may surpass those of any compliance solution. Adopting an automated compliance service like Ondato can lead to a significant reduction in overall AML compliance expenses, potentially cutting costs by half or more, depending on the specific business context.
Enhanced Customer Experience
Digital identity verification offers a seamless and convenient user experience. Regulatory technology advancements facilitate the effortless collection of sensitive KYC data and documents from users. By eliminating the need for in-person interactions, customers can effortlessly become clients of banks or cryptocurrency traders from the comfort of their homes.
Reduced KYC/AML Processing Time
Acknowledging the direct correlation between application speed and customer satisfaction, it is imperative for KYC and AML processes to be as concise as possible to retain clients. On average, banks spend approximately 18 minutes verifying a client’s identity and conducting KYC and AML checks, often causing customer frustration. Ondato, however, significantly reduces processing times, thereby alleviating customer frustration.
Improved KYC Success Rate
Human errors are inherent in manual Know Your Customer processes, occasionally leading to the oversight of crucial KYC data indicating a client’s high-risk status. The implementation of AI-based Regtech solutions substantially enhances the success rate of the verification process. These solutions excel at identifying document alterations and spoofing attempts, effectively minimising potential risks.
Uncover the impact Ondato has on the KYC and AML market by exploring our highest-rated products:
- Identity verification service
- Business verification service
- Sanctions screening and monitoring software
- Age verification software
