Transforming customer onboarding: how Kraft Bank streamlined customer due diligence with Trapets

Kraft Bank sought an efficient solution for customer onboarding and ongoing due diligence. Here's how Trapets helps them improve operational efficiency and customer experience.
Published 2024-10-21
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Company overview

Kraft Bank is a Norwegian niche bank established in 2018. It specialises in offering loans and financial services to individuals and businesses facing financial difficulties or having credit challenges. The bank focuses on restructuring debt and providing tailored solutions to help customers regain financial stability. 

From the outset, Kraft Bank partnered with Trapets and implemented Transaction Monitoring to monitor transactions, identify suspicious activities, and ensure compliance. 

Challenge: Manual and inflexible KYC processes 

As the business grew, so did its need for scalable, efficient, and flexible customer onboarding and ongoing due diligence. 

Kraft Bank relied on a third-party system that provided little flexibility in its KYC processes. As a result, the staff had to perform manual customer follow-ups to complement additional information over email or phone, which added complexity and inefficiency to their work.

Customers and staff increasingly wanted a more secure and seamless experience, which the existing system could not provide. These pain points prompted the bank to search for a more integrated and flexible solution that would enable a more efficient way of working. 

Why Trapets? 

After evaluating several providers, the bank chose Trapets Customer Due Diligence. One decisive factor was the strong relationship they had already established with Trapets and their satisfaction with how well Trapets understood their challenges. 

The bank saw that the solution was robust and flexible enough to meet its needs, especially given the fast-changing regulatory landscape. They were confident that Trapets’ offering would enable it to stay compliant while substantially improving its operational efficiency. Sylvi Maldal, Director Business Development and Support at Kraft Bank said:

“The collaboration with Trapets has worked exceptionally well, both during the project phases and when addressing regular inquiries.”

Implementation journey 

The implementation of Trapets Customer Due Diligence was a game-changer for the bank. Within one week after the final implementation, the solution was fully operational. 

The entire project, from planning to completion, took approximately three months, including two months of preparation and a final implementation phase. Hilde Fiskaa Willumsen, AML Specialist at Kraft Bank said:

"Trapets has been a reliable and trustworthy collaboration partner for Kraft Bank."

The onboarding process significantly impacted the Anti-Money Laundering (AML) department, streamlining their daily operations and enabling staff to focus more on high-priority tasks rather than tedious manual follow-ups. 

Trapets’ solution also enhanced the bank’s ability to manage high-risk customers, allowing the AML team to devote more time to these cases. Sylvi Maldal at Kraft Bank added:

"Trapets has allowed us to free up time, enabling us to concentrate on high-risk cases and other crucial tasks."

The solution’s built-in compliance features, including digital BankID integration, improved security, and reduced errors, contribute to a more structured onboarding process. 

Key features and customisation 

One of the standout features of Trapets Customer Due Diligence was its flexibility. The bank could easily create or modify questionnaires specific to individual customers, a task that previously consumed a lot of time. The intuitive design allowed the relatively small team to handle the same volume of work with greater efficiency. 

“Trapets' solutions support a risk-based approach, with any adjustments to our risk model reflected in the system.” 

- Sylvi Maldal, Director Business Development and Support, Kraft Bank 

Kraft Bank also customised the solution to meet its specific needs, particularly in configuring KYC questions based on previous experiences while adapting to new organisational requirements. The advisors used personalised dashboards to manage customer interactions more effectively, ensuring a smoother experience for both the team and the customers. 

Business impact and results 

Since implementing Trapets Customer Due Diligence, Kraft Bank has seen tangible improvements in operational efficiency and customer experience. One of the most significant results has been a marked reduction in working hours dedicated to manual tasks, freeing up advisors to focus on their core responsibilities. 

In addition, the bank’s customers have been able to take more control of the process, filling in and submitting questionnaires independently and securely. 

The quality of responses has also improved due to the system’s automated flow and integration with digital BankID, which ensures compliance and enhances customer trust. This shift has saved time and reduced errors, making the process more efficient. 

“With Trapets Customer Due Diligence, our customers can independently complete the onboarding and due diligence process without relying on us to provide information.” 

- Hilde Fiskaa Willumsen, AML Specialist, Kraft Bank 

Conclusion 

Kraft Bank now benefits from a more efficient, flexible, and secure customer onboarding process that enhances compliance, customer trust, and employee satisfaction. 

The bank can quickly adjust its risk models and reports, ensuring compliance with evolving AML regulations while maintaining smooth customer experiences. 

Trapets’ ecosystem of tools, including risk models and alarm systems, has enabled the bank to operate effectively with a lean team. 

Kraft Bank would confidently recommend Trapets' solutions to other financial institutions, especially those using outdated systems that lack flexibility and efficiency.