News MonitoringHow to process applications quickly, while maintaining stringent checks
It may only take minutes to fill up an application form, but processing that form — whether it’s an account opening, grant application, certification or something else — could take days or even weeks.
Your customers don’t understand what’s the reason for the hold up, but you do. It’s the many checks that your team has to perform before an application is approved, rejected or sent back from additional information.
This lost time equates to more than just excess manpower costs, it can also result in lost customers and business opportunities.
Common issues during application checks
1
The information submitted by applicants can be false or fraudulent.
2
Verifying this information will require your team to obtain reference data, which may be difficult to procure if it’s outside of your organisation.
3
Manually processing applications is time-consuming, error-prone and possibly subject to human bias. Moreover, some checks (such as connection checks) are simply not practical to perform without technology.
The solution: Automating application processes with Fuse
Let us take over your time-consuming manual processes with Handshakes Fuse, to free up your team to focus on more valuable activities (instead of eyeballing data fields).
Here’s what will happen when you connect with a Handshakes consultant:
We’ll identify areas in your workflow that can be automated
Our data experts will walk through your entire workflow, understanding every aspect of it. After analysing your process, they will advise you on the specific steps that can be automated with Fuse, and how the solution will improve your team’s efficiency and accuracy.
We’ll connect you to the data you need
Understanding the nature of your checks will help us identify which data points you need – whether it’s SGX’s database, ACRA’s records, your private data, or other data sources.
We’ll fuse your data into one easy-to-access location
Our Fuse solution will integrate all the data sources you need into a single platform – giving you easy access to all relevant information, and eliminating multiple cross-references.
We’ll implement the solution for you
With the plans drawn up, our team can implement the technologies you need and deliver a customised platform that works for your team, quickly and easily.
What a typical application process looks like, versus what your application process could look like
With the entire process automated, the approval process is now shortened to minutes or even seconds.
Unusual cases are flagged by the system, so your team can check each of these applications in greater detail to ensure compliance.
The Handshakes difference
Our proprietary data analytics technology
Handshakes is the only ACRA data reseller with advanced graph analytics tools. Our tools allow users to generate interactive, visual maps that unwrap shareholder relations and reveal deeper connections between entities and persons of interest in a matter of seconds.
Our deep knowledge of data’s role in due diligence checks
The Handshakes team comprises of data and business experts who truly understand the needs of organisations that use data on a daily basis. Our technologies help you perform checks with ease, and make informed decisions that are grounded in accurate data.