Integrate your CRM with other systems to bring business efficiency

Integrating your CRM to automate Anti-Money Laundering (AML) processes - an integration example

If you provide audit, insolvency, accountancy services, tax advice and trust or company services, your business must be registered for anti-money laundering (AML) supervision. In this blog article I'll discuss an example of how one of our accountancy firm clients integrated their CRM to reduce business risk and bring  efficiency to their AML process. 

Now, even if AML isn't relevant to your business, this article should still be of interest as it serves as an example of how you can automate time-consuming tasks and business processes with your CRM.

Is AML the same as Know Your Customer (KYC)?

The difference between AML and KYC is that AML is an umbrella term for the range of regulatory processes firms must have in place, whereas KYC is a component part of AML that consists of firms verifying their customers' identity.

Source: https://complyadvantage.com/knowledgebase/kyc-aml-know-your-customer-vs-anti-money-laundering/

Why automate?

For our accountancy firm client, the process of complying with AML was convoluted and high risk. It also proved difficult for their clients to respond to – the last thing you want when signing up a new customer!

The diagram below shows the process. It starts in the top left box entitled 'Use email template and personalise'. 

This issues with this process were that:

  • Staff had to repeatedly rekey data between the AML system and the CRM.
  • There was reliance on clients to respond, and upon staff to remember to manually chase.
  • When clients did not submit responses, the process had to be managed using email and shared inboxes, meaning things could be easily missed or get lost.

I helped the accountancy firm by:

  1. Working with them to re-imagine the business process, aiming to make it simpler for both staff and customers
  2. Investigating using TrustID as the AML solution provider
  3. Removing error-prone manual process steps, such as where system users were having to transfer data from one system to another
  4. Ensuring that the CRM system could provide relevant people in the business with an immediate and accurate record of AML status, held centrally in the CRM

Integrating AML with CRM

Fortunately, there's a comprehensive and high-quality TrustID API (Application Programmers Interface). We utilised this API to integrate TrustID to the Workbooks CRM product that our client was using. 

Now the first step in the revised business process is to invite the customer to submit their AML documents via an APP. This can be done by the simple clicking of a button within the CRM (see the first image below).

In the background, the CRM system receives a unique ID for this request, whilst their client receives an email from TrustID that includes a QR code (see the second image below).

For the recipient of the email, all they need to do is to point their phone camera at the QR code. This will take them to web-based app through which they can easily upload the required proof of identity documentation (see the third image below).

Once the above process is completed, the submission is checked by TrustID and the results automatically updated into the CRM system. 


What business efficiency looks like

The accountancy firm no longer has to rely upon manual checking of a client's AML status. Instead staff have access to a dashboard in the CRM, as you can see in the image below.

As for the business process, it's now much simpler as shown in the process diagram below.

Through the integration of Workbooks CRM with TrustID the accountancy firm has gone from a convoluted, heavily manual and thus high risk process, to a predominantly automated process with half the number of steps. Not only does this improve accuracy, reduce business risk, and provide business efficiency - which frees up your staff to work on more valuable tasks - but it also provides an enhanced experience for their clients.


Is it time to improve your business performance by integrating your CRM?

For most businesses, processes evolve over time. And when they're new processes, you don't typically have the luxury of starting with a software system that can be easily integrated with other systems or third-party providers. Instead, most people start their business processes in spreadsheets.

Over time, organically developed processes like this become bloated. They slow the business down and increase risk.  

So, what are the opportunities for integrating your CRM with the other systems that you use?

Or, if you don't yet have a CRM, how do you know if it's going to be right for your business? 

At CRM Insights we offer CRM Workshops. These are tailored half-day or full-day sessions where we work with you and your business stakeholders to see if and how your business challenges can be met through CRM. Click the button below to find out more about our CRM Workshops.