Baloise testimonial about the Harmoney collaboration
Sven Bocken who is the product manager Life at Baloise Belgium gave his insights about how he is experiencing the Harmoney collaboration.
Modules used
Baloise was positively surprised by the fast implementation of the Harmoney solution thanks to the use of a combination of multiple modules which were configured in line with their policies and requirements. In order to design the Baloise solution, the following modules were selected.
M.01 Identification and validation
Harmoney facilitates a smooth identification process to onboard or reboard private individuals as well as more complex legal entities and trusts.
Conceived for an omnichannel environment, it leverages pre-filled information from internal and external databases, with the end client able to digitally confirm or make modifications to the pre-filled datapoints and documents via an intuitive workflow. The process can be configured to meet the financial institution’s particular needs.
For private individuals, worldwide ID checking can be added to the configuration to give greater reassurance on fraud detection. The confirmed data and documents can then be instantly and efficiently transferred via the API Gateway to the financial institution’s systems, with no loss of data quality.
M.03 UBO verification and confirmation
In an ideal world, external databases would be 100% reliable. But, the reality is that a time-stamped confirmation by the end client is the only way to be confident about data quality.
With pre-filled information, legal entities can be invited to digitally confirm or modify UBO-related information.
Legal entity managers can also easily initiate workflows in parallel to collect relevant data or proof of ID of these UBOs, reducing the administrative burden. Fraud detection services for ID documents can be included for reassurance and to meet regulatory requirements.
Digitally signed confirmation timestamps provide a clear audit trail and can automatically generate triggers for future frictionless client outreach if reconfirmation is part of your client lifecycle management processes.
With Harmoney, the UBO confirmation process, often perceived as tedious and cumbersome, is rendered simple and straightforward.
M.05 Digital signing
A successful customer journey is only truly achieved with a smooth digital signing experience. Harmoney handles simple, advanced, and qualified digital signatures configured according to predefined workflows, depending on the specific requirements of product, policy or geography.
A range of digital signing providers to match individual company policies and requirements can be implemented. Being able to adapt the digital signing procedure or provider to a geographical location allows Harmoney to deliver a truly global solution.
M.06 AML, PEP, sanction, embargo and adverse media screening
Whether it’s in the onboarding acceptance process or as part of client lifecycle management, Harmoney caters for automated screening. Screening providers such as LexisNexis, Refinitiv, and Dow Jones are already integrated within the Harmoney solution. Financial institutions can keep their screening providers of choice and Harmoney easily links to them via an integration layer.
This brings all the benefits of integrating the Harmoney solution while maintaining risk screening continuity, with features such as ‘fuzzy matching’. Detailed reports on ‘hits’ can be automatically generated and linked to the private individuals or legal entities concerned. In many cases, institution-specific blacklists are also included in the automated screening.
M.07 Comprehensive risk scoring engine
The risk scoring module can be configured according to the risk matrix of the individual financial institution. The scoring engine can manage a high level of complexity and can include a range of risk parameters relevant to every stakeholder involved, whether UBOs, insured persons, company groups or other related parties, or related to the type of contract or product.
Depending on the risk scoring outcome, a range of workflow configuration types can be defined to meet your exact needs: from automated approval processes and requests for further information via the client outreach module, to escalation workflows and the acceptance/rejection decision-making process.
A clear track of the screening as well as every decision and interaction is retained to provide a continuous audit trail in the contract or client file.
M.10 Mifid, IDD, and ESG profiling for investments and insurance
Client communication workflows can be fully digital or hybrid (a mix of digital and human) or completely supported by an advisor. At all times, the advisor can see which stages of the process have already been completed by the client and which stages are still open.
This also applies to the Mifid/IDD and ESG profiling process prior to a client signing up for a wealth management or life insurance contract or at the moment of renewal as part of client lifecycle management. After this profiling process, the workflow includes advice, the contract proposal, and related documents such as KID, as well as the client’s simple, advanced, or qualified signature.
The Mifid/IDD and ESG profiling is calculated according to the profiling rules of each individual financial institution.
M.11 Client outreach
The Harmoney solution has been conceived with the end-client as its starting point. To be truly customer-centric, the platform can cater for a multi-channel communication experience.
The end-client can be guided through the workflow by the advisor in a physical location or remotely, or be invited to digitally confirm or modify pre-filled data and documents. If the end-client stops part-way through the process, they can simply pick-up where they left off.
Legal entities have the possibility of organising parallel digital workflows, inviting UBOs to take part in the identification and verification process. To enhance the total customer experience, intuitive and flexible guidance is envisaged at every stage.
In a white-label arrangement, the end-client will not be aware of leaving the financial institution’s digital environment thanks to the combination of single sign-on technologies and the application’s configuration using the financial institution’s branding.
M.12 Reporting and analytics
Rigorous reporting is crucial in providing insights at client, contract, and portfolio level. To enhance operational management and the customer experience, data can be generated to analyse and monitor processes and customer behaviours, as well as how efficiency can be improved among teams of employees.
All data stored in Harmoney can be made available through reporting. Dashboards displaying a specified range of metrics in the Harmoney application facilitate work process effectiveness.
Discover the suite of 12 Harmoney modules!