KLUSTR Platform

KLUSTR Platform
KLUSTR Platform
KLUSTR Platform
KLUSTR Platform

KLUSTR Platform is the latest product of Lundegaard, which addresses the issues of innovative ONBOARDING (acquiring and identifying new clients) and UNDERWRITING (assessing the client's creditworthiness including obtaining credit registers information) such as key activities in financial companies dealing with credit issues. Where necessary, this product can be extended by ACCOUNT MANAGEMENT solution and thus cover the whole life cycle of a credit application.

The solution is also conceived as a "framework" for the issues above (combination of ONBOARDING-UNDERWRITING-ACCOUNT MANAGEMENT), and serves as a basis for customizing the solution to the end customer's requirements.

When designing KLUSTR Platform, we draw on our more than 20-year experience in designing and operating systems for financial institutions. Why KLUSTR? Here we borrowed and a slightly "edited" general term, which, in one of its meanings, stands for the alliance of several suppliers and institutions specializing in the issue at hand and delivering together products and solutions with high added value to the final customer.

Who does KLUSTR Platform focus on, and what issues it typically addresses for the customers?

The KLUSTR Platform product or solution is designed for a wide range of financial institutions that can be broken down, for illustration, into the following areas:

  • Area 1: Microloan providers: The most common end-user requirements in this area include the innovative solution for client identity verification in accordance with the Know Your Customer (KYC) and Anti-Money Laundering (AML) process requirements, an effective Anti-Fraud Management system (AFS), and an easily modifiable tool for application of lifecycle management
  • Area 2: Non-banking provider, medium or larger-scale consumer loans: Partially or completely obsolete consumer journey represented by entry forms or onboarding channels is the typical issue. New design of customer experience often requires large interventions in the information system, which are not easy to execute. Deploying KLUSTR Platform, which includes a pre-configured set of solutions for both front-end applications and the back-office part of the system can address this problem effectively.
  • Area 3: Banking institutions: Rapid implementation of the system with minimum requirements for integration into banking systems allows for introducing a new product and verifying its viability in a real environment.
  • Other areas: KLUSTR Platform is also conceived as an open solution that can be deployed also outside of financial institutions, including, in particular, the Automotive sector (acquisition of new clients in the context of applications for financial services such as operative lease, vehicle insurance or car rental), Telco segment (identity verification and pre-scoring of the applicant for complementary services connected to the Telco segment) and last but not least, Utilities (tariffs for electricity, gas or other services of similar nature).

For more information on the platform and the partners involved in the KLUSTR Platform, go to www.klustr.eu . 

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  • Acquiring and assessing of applications for credit products using innovative methods.
  • Reducing costs needed for acquisition of new clients
  • Enables opening new business channels and verifying the viability of new products.
  • Seamless integration into the existing information system of the financial institution

Benefits

Acquiring and Adapting New Clients

By linking to digital performance marketing services, it is possible to pre-score applicants from the campaigns and significantly increase the likelihood that the client will respond positively to the product offer, thus be prepared and the application will be transformed into a contract.

Reducing Administrative Burdens and Back-office Costs

OCR and automated identity verification methods do not require manual control by a back-office worker. An advanced application evaluation process allows for a timely rejection of an application without the need for additional manual check by the institution's staff. This results in reduction of tele-verification costs, queries are not made to external paid registers etc.

Online fraud management 

Combining "Device Fingerprint" collection and user behavioural data together with machine learning over these data makes it possible to create models and behavioural profiles in order to track deviations in applicants' behaviour in real time, which enables early identification of potential fraud.

"Paper-Free" Process

The entire process of acquiring and evaluating an application is designed to be fully online and "paper-free".

"10-minutes time to money"

In terms of KYC and AML requirements, the customer journey is designed to make it possible to finance the application in the shortest time possible.

Innovative Methods

The innovative method of applicant identity verification (ID Verification and Face Resolution) considerably increases the likelihood that application will be completed by the client and will not require manual intervention by the financial institution’s staff.

Behavioural Biometrics

Fraud-to-Sales (FTS) ratio is reduced due to collection of behavioural data throughout the entire customer journey with wider data entering the evaluation process than just the application data itself. This allows for immediate involvement of other decision-making rules.

Psychometric Scoring

The creation of a psychometric profile unique to each applicant combined with the standard risk analysis allows for assessing clients without credit history (e.g. 18-year old applicant).

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