Hummingbird Reimagines Customer Due Diligence, Bringing Automation and Time Savings to the Manual Review Process

We’re excited to introduce our new Customer Due Diligence solution – designed to speed up the manual review process and streamline ongoing risk management.

Introduction

Today, fintechs and financial institutions are under greater pressure than ever to know who their customers truly are. From increased regulatory scrutiny to the threat of new technologies (such as AI-generated deepfakes) businesses simply can’t afford to get it wrong when it comes to who they onboard and what they know about them.

Despite the many changes happening around us, however, one thing hasn’t changed: the slow, tedious nature of manually reviewing customer information. No matter how sophisticated KYC/KYB tools and systems have become, the need for manual due diligence remains – to make decisions about high-risk customers, opaque ownership structures, and complex cases.

What businesses need is a better way to conduct these manual reviews and manage their due diligence processes. Having to do manual reviews shouldn’t – and doesn’t have to – result in inefficiencies and inaccuracies or hamper the business’s ability to grow.

And that’s where Hummingbird can help.

Want to see our Customer Due Diligence solution in action? Take an interactive product tour.

Bringing automation and AI to the manual review process

Hummingbird’s Customer Due Diligence solution reimagines the manual review process – turning longstanding operational challenges into a seamlessly orchestrated program.

The Hummingbird platform leverages automation and AI to speed up manual reviews and streamline due diligence operations. Analysts and managers both benefit from much-needed efficiency gains and significant time-savings at every step along the process.

Using Hummingbird Automations, you can automate the administrative work of running a customer due diligence program. An easy-to-use, visual builder allows you to quickly set up automations to handle critical yet time-consuming tasks – everything from managing SLAs and assignments to scheduling periodic reviews and updating customers’ risk profiles.

Our new AI tools, meanwhile, make it that much easier and faster to actually conduct reviews. Designed especially for risk and compliance, our AI file summarization feature enables analysts to instantly summarize customer documents. That means more time spent assessing risk and less time spent digging through paperwork. 

A solution for the entire customer lifecycle

Hummingbird brings time-savings to all the stages of the customer lifecycle. From new customer onboarding to the periodic refresh of KYC/KYB information, Hummingbird enables you to orchestrate and automate due diligence processes in one unified platform.

With Hummingbird, risk and compliance teams can:

• Conduct routine manual reviews as part of customer onboarding.
  
  
• Perform additional checks as part of enhanced due diligence.
  
  
• Trigger periodic risk assessments as part of ongoing monitoring.

Faster growth for your business, less work for your team

The result? With Hummingbird, fintechs and financial institutions like yours are able to:

• Accelerate business growth: Review and approve more applications in less time with a 360-view of customers and streamlined workflows. You’ll make decisions faster – without sacrificing accuracy.
  
  
• Drive operational efficiency: Say goodbye to the tiresome, error-prone processes that slow your team and the business down. Purpose-built compliance automation keeps everything running on schedule, while AI tools speed up casework. 

How it works

Speed up manual reviews with flexible, collaborative workflows

Accelerate and standardize your reviews with workflows that can be precisely tailored to match your due diligence procedures. You’ll create and fine-tune your ideal workflows directly in the platform – without the need for engineering help. You’ll also improve collaboration across your teams with shared case context, case comments, and seamless escalations. 

Make more informed decisions with a 360-view of the customer

No more bouncing between tools and tabs to get the information you need. Hummingbird lets you bring all of your KYC/KYB data (across both internal and third-party systems), into one unified view. Need additional information from a customer? No problem. Send and receive requests for information without ever leaving your case.

✨ New AI tools help you complete reviews even faster – without sacrificing accuracy. With AI file summarization, you can get clear, concise summaries of all kinds of customer documents, from onboarding questionnaires to credit reports and legal records. No more sifting through pages of paperwork; all the critical details are right at your fingertips.

Streamline your due diligence operations with automation

Automate the manual processes that keep your customer due diligence program running. Our intuitive, visual automation builder allows you to quickly create automation recipes to handle all sorts of tasks. You can create automations for assigning reviews, setting up ongoing monitoring, updating customer profiles, and so much more. It’s a game-changer for teams looking to save time while making sure nothing slips through the cracks.

Improve program oversight with a single source of truth

Manage all of your manual reviews and due diligence processes in one centralized place. A single source of truth streamlines ongoing risk management, letting you track, monitor, and take action on changes to customers’ profiles over time. Hummingbird also simplifies the audit process, helping you meet increasingly stringent regulatory standards with ease. You get a complete history of customer data and decisions made by your team. 

A complete toolkit for due diligence

Hummingbird gives you a complete toolkit to streamline and accelerate the manual review process, with purpose-built tools to meet all of your due diligence needs.

Key features include:

• Automated processes: Use Hummingbird Automations to speed up reviews and automate manual and repetitive administrative tasks. Using an intuitive, no-code builder, you can quickly create time-saving automations to handle everything from scheduling periodic reviews to alerting for changes to a customer’s risk profile.
  
  
• AI file summarization: Mountains of onboarding documents burying your team in work? Cut through the backlog with AI file summarization. Hummingbird’s AI summaries make reviewing customer paperwork a breeze – ensuring you get all the key details without any of the extraneous ones.
   
• Requests for information: Need additional information from a customer? Send and receive requests for information with Hummingbird’s Requests App. Built directly into the case, the Requests App centralizes communication with fully configurable, branded questionnaires that let you collect the specific details you’re looking for.
  
  
• Beneficial ownership tracking: Meet beneficial ownership requirements for legal entity customers by capturing ownership information on the customer’s risk profile.
  
  
• Thomson Reuters CLEAR & Middesk Apps: Search Thomson Reuters CLEAR and Middesk for people and business records right within the case, then seamlessly document your findings as part of your review.
  
  
• Flexible data integrations: Integrate with top identity and risk data providers, and get all your risk signals in one place. You can even connect Hummingbird to other business platforms, including Salesforce and Zendesk, and automate post-decision actions, such as updating your business systems of record. No-code integrations, along with easy-to-use APIs, make it easy to get your tech stack working as one.

Faster growth and improved efficiency start here

Until now, manual reviews and due diligence processes have been a significant chore for risk and compliance teams. And its impact is felt across the business: slower onboarding and operational inefficiencies. But what if you could change the status quo?

Hummingbird has reimagined customer due diligence, speeding up and streamlining every step of the manual review process. With Hummingbird, your analysts make faster, more informed decisions, while you get the tools you need to automate program operations. That’s more robust due diligence and faster growth – at the same time.

It’s why Plaid, Stripe, Klarna, Evolve Bank & Trust, Stanford Federal Credit Union, and so many more trust Hummingbird to run their customer due diligence program.

Ready to see how you can accelerate and streamline customer due diligence? Take a product tour – or schedule your customized demo today.