This piece of technology from the regtech specialist is currently used by wide range of industries such as banking, lending, online gambling and payment service providers from across the globe. Ikigai holds considerable market share and popularity in the market regardless of having been active in the industry for just one year despite the intense competition in UK challenger bank industry. It has achieved this level of success thanks to its unique method of product and service offerings. While it is known as a challenger bank, the firm actually provides both wealth management service and banking service combined in a single intuitive app. Ikigai provides an innovative, easily accessible product service with a flat fixed monthly fee allowing its clients to unlock their full saving potential while also staying in touch with their investments in real time with relative ease of operation.
The challenger bank’s intuitive and sleek app allows its user to handle their finances with better care. The users can set up a pre-defined budget and automatically invest at end of the month based on their spending. Given the fact that both wealth management and savings are integrated in one application the clients can always stay on-top of both their spending and investments at the same time. The bank has also introduced a flat monthly fee of 20 GBP which is unlike the traditional practice where the service provider charges their clients a percentage fee for managing their investments. The real noteworthy fact of this deal is that, Ikigai now gains access to an onboarding and monitoring system in a quick live route which also allows managing client risk simultaneously. The robust process is achieved via strong ID and biometric verification, multi-bureau eKYC, PEPs and sanctions and anomaly fraud detection which facilitate compliance, financial crime prevention & money laundering detection.
Commenting on this deal, Edward Vaughan – Head of Banking at TruNarrative said “ikigai are innovators in the digital banking space. I am delighted that they are now one of our customers and that TruNarrative can support their onboarding processes and ongoing compliance”.
Speaking on same note, Ina Browning – VP of Operations at Ikigai added “We are excited to partner with TruNarrative so our customers can experience a fast and frictionless onboarding process. TruNarrative will help us ensure that our customers’ investments and accounts are safe and protected from financial crime”.