A New Zealand law firm client adopted Spinika’s end-to-end AML/CFT module when it became evident that their business was suffering and at risk due to the impact of AML compliance.Download this case study >>
The quality of the firm’s client service and productivity levels had decreased, with staff identifying AML tasks as time-consuming and stressful, directly impacting efficiency and either interrupting or delaying transactions. Inconsistent AML compliance rates meant the firm was exposed and at significant risk if audited.
Since integrating the AML/CFT module into their existing system the firm has experienced a complete turnaround.
- Increased revenue and profit opportunities as time saved is put into higher value, billable tasks
- Higher staff satisfaction and improved task ownership as stress and frustration associated with AML alleviated
- Increased client service quality and satisfaction
- Pre-population functionality has significantly reduced the volume of time-consuming repetitive tasks
- Reports are available and completed faster, settlement delays from AML tasks have been eliminated
- Confidence in AML compliance, with significantly improved compliance rates
Cost benefit analysis
The firm had several pain points around AML and undertook a cost benefit analysis of AML automation using Spinika:
They started by looking at their figures based on the time to complete AML matters on a standard Trust
They then looked at figures based on time to complete other AML matters, both simple and more complex
Following this they multiplied these figures based on an average 85 captured AML matters per month
Then they multiplied these figures out across 12 months
Lastly, they calculated that by using Spinika’s AML/CFT module, they would potentially increase revenue and save 60% of their time and associated costs.
Using Spinika’s AML module means the firm will potentially increase income and profit by reallocating saved time to higher value billable tasks, rather than wasting the time on lower-income-generating matters. The time saved and extra income earned means the cost of Spinika is effectively zero. Spinika truly does make it easier to do more
Further benefits from Spinika
- Increase revenue and profit
- Spend time gained on higher value billable tasks
- Reduced cost associated with few staff required
- Reduced risk
- Confidence in compliance
- Increased firmwide visibility
- Be an industry leader and innovator
- Business scalability
- Provide todays tools for today’s challenges
- Improved staff satisfaction
- Reduced need for more staff in a competitive environment
- Better client experience
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