Fractional Finance + First AML

Fractional Finance is a newly formed company by Kat Wellum-Kent that provides fractional finance teams to growing and scaling businesses. They focus on offering operational finance services, similar to what an internal finance team provides in larger organisations, to businesses. Unlike traditional accounting firms, they prioritise delivering data that helps businesses make better decisions, with a client base primarily consisting of ambitious, fast-growing businesses in the tech and service sectors.

The problem 

When Fractional Finance launched at the beginning of the year, they needed to ensure compliance with the AML act, and the guidelines set by the Institute of Chartered Accountants in England and Wales (ICAEW). The founder, Kat, recognised the importance of complying with AML regulations, but was aware of the time and effort typically involved in traditional onboarding processes. Kat wanted to streamline the onboarding experience for her clients, ensuring it aligned with Fractional Finance's core value of delivering smooth and efficient services to clients. The previous systems Kat had experienced at other firms were time-consuming, lacked efficiency, and didn't provide enough support to manage AML risk effectively. 

“At my previous firms, we were spending a lot of time doing something that didn’t add much value - just to tick a box. I wanted to make sure we were doing everything we could to manage risk, in a way that took up as little time as possible,” reflects Kat. “The thing that I sell to my clients is that we are good at ensuring all your systems are slick and efficient, and that we can help you automate. So I needed to make sure that my onboarding process was as slick and efficient, to show that we are skilled in doing so. That’s the first chance that a prospect gets to see what we are about, so I wanted to reflect our value proposition in the onboarding process.”

“The thing that I sell to my clients is that we are good at ensuring all your systems are slick and efficient, and that we can help you automate. So I needed to make sure that my onboarding process was as slick and efficient, to show that we are skilled in doing so."

The solution

Kat discovered First AML and recognised that it aligned well with her company's focus on automation, efficiency, and exceptional customer experience. “That’s what I was looking for in a solution, and that’s when I came across First AML to solve these problems for me”.

First AML offered a platform that simplified the onboarding process and handled the complexities of the AML compliance process for her. “With First AML, I could be confident that my company was adhering to all necessary guidelines without having to spend excessive time understanding what was required, whilst also providing a great customer experience”. The platform's ease of use, expertise, and customer support made it an ideal fit for Fractional Finance's needs.

“With First AML, I could be confident that my company was adhering to all necessary guidelines without having to spend excessive time understanding what was required, whilst also providing a great customer experience”.

The outcome

Compared to her previous onboarding experience, First AML significantly reduced the time and effort required for Kat. She estimated that onboarding a client took about 45 minutes using First AML, compared to approximately two hours or more of admin with the old processes (and that doesn’t include the 2-3 days worth of follow ups she had to do). 

While other AML solutions might appear cheaper on the surface, Kat realised that First AML's comprehensive platform and support offered a better value in terms of time saved and enhanced risk management. “While the other solutions appeared cheaper at a glance, it wasn’t comparing like-for-like. I had to factor in the time I’d spend using this tool, figuring out my next step, and following up without automations. What First AML does is it streamlines that entire process so I don’t have to worry about what’s the next step.”

“As soon as I factored in all the other costs associated with doing it manually, I thought ‘well it’s a no-brainer’, because First AML is a much better value offering than the alternative.” 

The streamlined and automated onboarding process also helped create a positive first impression for Kat’s clients. Fractional Finance's tech-based clients, who valued efficiency and seamless platforms, were happy with the smooth onboarding experience by First AML, which reflected Fractional Finance’s values as well.

The takeaway 

Implementing First AML provided Fractional Finance with an efficient and compliant AML onboarding process, aligning well with their focus on automating operations and delivering an exceptional customer experience. By leveraging First AML's platform, Kat reduced the administrative burden of AML compliance, allowing her to focus on providing top-notch financial services to her ambitious and fast-growing client base. The smooth and efficient onboarding process further reinforced Fractional Finance's value proposition to clients, ensuring they could trust the company to handle their financial needs both effectively and in a streamlined way.