Unqork + MongoDB: Use a Single View of the Customer to Enhance the User Experience

To remain competitive in financial services, companies must find new ways to optimize the customer experience as a means to boost loyalty and capture market share. One of the biggest challenges companies of all sizes face is unifying disparate data sources to create a single view of the customer.

Unification enables companies to efficiently surface relevant customer information and data-backed insights to inform strategies, and build personalized customer experiences to delight end-users and optimize processes.

Unfortunately, unification is easier said than done. Many firms struggle with disparate data in siloed systems across the organization. That is where MongoDB and Unqork can be a game changer.

With the combination of Unqork’s industry-first no-code application platform and MongoDB’s flexible application data platform, financial services are able to ingest data from multiple upstream and legacy sources at scale, unify them into one central data platform, and push them downstream to internal applications or specialized third-party services.

Unify your data, enhance the customer experience

With MongoDB, you can build a single view of anything faster with a smaller investment. A single view application aggregates data from multiple sources into a central repository to create a holistic view of anything.

You can integrate data across the enterprise, whether to provide a firm-wide view of asset and counterparty exposure or a single view of your customer for fraud detection and Know Your Customer (KYC) requirements. MongoDB provides:

  • Data agnosticism: MongoDB can incorporate any type of data, no matter the source, while providing all the features needed to build a powerful application.

  • Accelerated development: Your teams move faster with MongoDB because its dynamic schemas let them iterate changes quickly. They spend less time prepping data for storage, and more time pushing the project forward.

  • Improved search and filtering: MongoDB's expressive query language, indexing, and aggregation capabilities make it possible to find and filter the data, no matter how the business needs to access it.

The Unqork platform empowers organizations to rapidly build custom applications in complex, highly regulated industries such as financial services. With Unqork, organizations can:

  • Integrate disparate ecosystems: Seamlessly connect new custom applications with third-party solutions and legacy systems to streamline the entire client experience — from onboarding to transacting — improving risk decisioning while reducing costs by up to 30%.

  • Orchestrate complex business processes: Create, connect, and automate complex, customized workflows to design unified, omnichannel experiences for clients, reducing manual processes by up to 50%. This is particularly apt when it comes to complex, multistep processes such as lending, transactional workflow hubs, onboarding, and KYC.

  • Create branded digital experiences at scale: Today, clients expect Amazon-like, digital-first experiences that are intuitive and easy to navigate. Unqork’s digital portals for retail and institutional clients empower firms to create compelling, on-brand experiences for all end-users, delivering enhanced reporting and self-service capabilities to address the expectations of a new digital age.

By combining the accelerated development of Unqork with the unified single view functionality of MongoDB, companies can effectively use data to enhance user experiences and secure market share.

Success story

Faced with exponential growth, one of the world’s largest crypto-currency exchanges found itself unable to effectively manage demand with its current technology stack. Other legacy solutions were unable to help it optimize the onboarding of new institutional clients, resulting in a queue of nearly 2,000 investors, 200 of whom the company considered VIP.

To effectively address this peak in demand, the exchange tapped into the power of Unqork + MongoDB to reduce its KYC verification process from weeks to days (and in some cases mere hours for low-risk clients). This acceleration was made possible through the automation and orchestration of integrations across multiple vendors and internal systems.

Using the two platforms, the exchange transformed its customer onboarding function complete with:

  • Enhanced digital client experience: Modern, intuitive client portal with integrated chat and video tools to boost collaboration between clients and agents

  • Intelligent workflows: Dynamic workflow engine supporting customized client journeys based on entity type, product, and jurisdiction

  • Improved transparency: Seamless information flow, handoffs, and real-time tracking across internal teams and clients

  • Integrated ecosystem: Integrated ecosystem of best-in-class technologies to prefill/validate data, enabling exception-based processing

  • Risk-based compliance: A risk-based approach to optimize compliance approvals with fully integrated audit trail

Key benefits:

  • Platform integrations: Seamless integration with various KYC/AML vendors into the app

  • Real-time analytics: Any variety of data type analyzed in real time without excessive infrastructure, such as warehouse loads, and auto-scaling to adapt to whatever size (increasing/decreasing) of data the moment demands

  • Speed-of-delivery: Custom KYC verification solution delivered in 16 weeks

  • Flexible compliance: A flexible tech stack to empower the organization to future-proof against evolving regulations and compliance concerns since crypto is vulnerable to misuse and other KYC/AML challenges

And this is just the beginning. With the exchange’s firm-wide customer-first initiative, Unqork + MongoDB will become the central orchestrator across all products and locations to create a unified, end-to-end client onboarding experience.

The potential with MongoDB + Unqork

The potential business value is enormous. When correlating shareholder value with its customer-experience benchmarking, McKinsey found that, between 2009 and 2019, digital leaders delivered 55% higher shareholder returns than customer-experience laggards. Benefits include:

  • Lower administrative costs. The potential to reduce costs via digital self-service is enormous. In addition to driving down costs-per-transaction by up to 99%, Gartner estimates that 40% or more of today’s live-call volume could be handled via self-service channels.

  • Increased customer loyalty and retention. Today’s customers have little patience for slow, opaque processes that require lots of back and forth with intermediaries. The vast majority (67%) of customers prefer self-service, according to a Zendesk study. With MongoDB + Unqork, organizations can rapidly build powerful self-service functionality that provides their customers with 24/7 access to information and services.

  • More granular customer insights. By centralizing customer interactions and the data they produce, firms gain valuable insight into customer behaviors to help improve the client experience, unlock cross-sell and upsell opportunities, and guide future iterations of digital experiences to further enhance customer experiences and, ultimately, retention and customer lifetime value.

With MongoDB + Unqork, financial firms gain the flexibility required to unify client experiences and resulting data to future-proof firms to agilely pivot to address changing client and regulatory needs — at speeds that outpace their competitors.