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Home News Tech

New Fintech Customer Risk Tool Could Present Opportunity For All Industries

While tools such as Ondato’s are typically reserved for the financial industry, adapting these tools for other companies could help improve the client vetting process.

Aayat AlibyAayat Ali
August 5, 2022
in Tech
Reading Time: 2 mins read
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New Fintech Customer Risk Tool Could Present Opportunity For All Industries

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Fintech firm Ondato has announced the launch of a new tool that aims to help businesses address potential client risks. 

Through its Ondato Risk Scoring tool, users can easily identify their AML (Anti-Money Laundering) risks across their client portfolio. By doing so, companies can review a customer’s risk scores, giving them an upper hand when it comes to onboarding new clients.  

“Part of the challenge preventing better AML compliance is that the majority of current risk assessment and risk management tools are still based on spreadsheets, such as Excel, or static reporting platforms,” said Liudas Kanapienis, CEO and co-founder of Ondato.   

“Ondato Risk Scoring eliminates the need for spreadsheets, automates the risk assessment process, and generates a more fine-grained picture of risks.”   

While tools such as Ondato’s are typically reserved for the financial industry, these tools can be adapted for other companies to help improve their own client vetting process. 

Improving the process in onboarding clients can help companies identify risks before being impacted by them. For instance, a flexible workspace firm could use such a tool to ensure that a new member of their workspace doesn’t present any financial, community, or any other type of risk that could put the operator’s reputation in jeopardy. 

Source: Ondato
Tags: Technology
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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