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Sparebank1 SMN accelerates its onboarding process by saving 75% of their time using Strise

SpareBank 1 SMN (SPB1 SMN) is the region’s leading financial services group and a part of the SpareBank 1 Alliance. The head office is in Trondheim and its subsidiaries employ a staff of close to 1500 people.

One of the reasons why SPB1 SMN chose Strise was to further improve their onboarding process of new customers. We spoke with Katrine Reitan (Head of Corporate Direct Banking) and Bente Fiksdal (Customer advisor) about their experience with Strise so far.

Before committing to applying Strise into their internal processes the workdays were filled with lots of tabs, different logins, and google searches for public data and news. This resulted in a lot of time spent looking into even the simplest cases and not enough time spent focusing on the complex ones.

On the simplest potential customers we traditionally spent 20 minutes to onboard, we now spend 5-10 minutes using Strise

Bente Fiksdal, Customer Advisor

Today Katrine's team has Strise as a required step in their internal process, meaning that all advisors now go through the Strises Review function when onboarding customers. This has revolutionised the way Sparebank1 SMN works with KYC and due diligence since they now have most of their previous searched data in one platform – saving up to 75% of their time onboarding, and getting better results with more quality data.

Saving time is one thing, but having enriched quality data from multiple sources gives us increased confidence when making decisions since we now have a broader overview of a company

Katrine Reitan, Head of Corporate Direct Banking, Sparebank1 SMN

Do you want to hear more about how Strise can support your AML processes? Contact sales@strise.ai