Continuous Compliance and Enforcement for Financial Services
The financial services industry is data driven and they are successfully using data to enhance the customer experience, regulatory compliance, and to keep their margins healthy. Their reliance on data makes integrity a central piece of their IT challenge, and financial services needs solutions that can help them ensure integrity without disrupting their existing processes. This is where Chainkit fits in and offers an easy way to ensure integrity of data within the existing financial systems and processes. Whether it is documents supplied during a mortgage process, KYC, SOX, SEC rule 17a-4 or other aspects of the banking and investment industries, ensuring continuous data integrity is critical. Chainkit provides strong integrity verification for important data as it is used and, helps in meeting regulatory and compliance requirements.
Chainkit can help ensure the integrity of documents submitted during a mortgage process from the moment the submit button is clicked on the website during the application process. This not only helps speed the application process but also prevents fraud across the entire process. The documents submitted are permanently tamper evident, giving the necessary confidence for the underwriter while also ensuring compliance in the bank.
By ensuring the integrity of historical data, credit issuers can quickly process applications or seamlessly enhance the customer experience by customizing the service for customers with complete confidence. As fraud is reduced by ensuring data integrity, the savings can be translated into a superior user experience for customers.
Chainkit helps the financial industry stay compliant with their own policies and also the regulatory needs of the space. The immutable nature of the underlying blockchain used to store the digital fingerprints can withstand the scrutiny of government and the court system.
The financial services industry is heavily data driven and highly regulated. Chainkit integrates with the existing systems of record used in the financial industry, providing them efficiencies in the process, better cost savings, and compliance with regulations.