Julien Mabit, Customer Success Director at Muinmos: How Automation Changes Client Onboarding

​Muinmos was founded in 2012 by Remonda Z. Kirketerp-Møller, who foresaw the need to modernize client onboarding by using cutting-edge technologies, that can provide a fast, smooth yet still fully compliant client onboarding. Fazzaco had the honor to have interviewed Remonda back in this March​.

Julien Mabit is the Customer Success Director at Muinmos. Fazzaco covered his appointment earlier in August​. We are very happy to have him here with us today.

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Fazzaco: When did you join Muinmos and what does your role involve?

Julien: I joined Muinmos in August after six years at Global Kapital Group (GKG) and its subsidiaries, including GKFX, where I was Senior Business Development Manager and, before that, Senior Product Development Manager.

As Customer Success Director for Muinmos, my main remit is customer relationship management and providing training and support to Muinmos' clients. My role also involves gathering ongoing client feedback to inform the next stages of product development.

As I'm still relatively new, I am also currently helping to drive sales by leveraging my network of potential clients, letting them know about Muinmos' client onboarding platform and arranging product demos if they are interested in finding out more.

Fazzaco: What attracted you to join the company?

Julien: I first came across Muinmos when I was looking into automating our onboarding process at GKFX and I was so impressed. I had previously reviewed many KYC/AML solutions but hadn't seen any solution that also automates suitability and appropriateness assessments, nor had I seen the level of risk assessment provided by Muinmos.  

So, I joined the firm knowing a lot about the product and the people at the helm of the organisation.

Without a doubt, the two main reasons for joining Muinmos were the product itself and the expertise and professionalism of the Muinmos' team.

In my view, every financial institution trading across multiple jurisdictions needs Muinmos' client onboarding platform – it dramatically speeds up the onboarding process whilst also allowing for an unprecedented level of ease of compliance.

Also, the company's growth potential is huge and I am excited about being part of this journey. I think it's a real advantage that I have previously been a Muinmos client. I really understand the client's perspective and have a great deal of knowledge about the product. I believe I am ideally placed to help Muinmos' clients to maximise the benefits of using its technology.

Fazzaco: Please explain about Muinmos' product offering.

Julien: Muinmos' fully automated client onboarding solution enables financial institutions to onboard any client type in under 3 minutes, safe in the knowledge that they are fully compliant and will remain compliant throughout the client lifecycle.

The platform comprises of 3 distinct and secure modules:  mPASS™ for full financial product, services and cross-border clearances including automated categorisation and suitability and appropriateness checks;  mCHECK™, which covers all relevant AML/KYC/KYB requirements; and mRX™ which is a risk assessment tool enabling financial institutions to risk profile their clients based on their pre-configured risk parameters.

The product offers so many benefits to financial institutions – particularly saving time, saving costs and mitigating the risk of fines from regulatory breaches. The onboarding process is so smooth and easy that the customer experience is outstanding from the outset; and given the speed and ease of onboarding, financial institutions can onboard more clients at a fraction of the cost.

One of the things I like best about giving product demos is hearing how impressed people are when they see the platform's capabilities. They will never have seen anything like it before.

Fazzaco: How does Muinmos' solution differ from other onboarding tools on the market?

Julien: To many people, when you refer to a client onboarding tool, they think of KYC/AML software – but client onboarding is much more than KYC/AML. Muinmos' client onboarding platform is the only solution on the global market that fully automates the whole onboarding chain, from AI powered client categorisation to fully automated risk assessments and KYC/AML checks.

Fazzaco: Can you provide a breakdown of your client base in terms of types of financial institution and geography?

Julien: We have a global client base, with clients consisting of all types of financial institutions. The majority of our clients are in Europe and the US, with licenses in Asia and the Middle East.  

Fazzaco: Part of your role is to gather client feedback to inform the next stages of product development. What client feedback are you typically getting and what are the trends you are seeing in terms of customer needs?

Julien: It’s early days for me still but in terms of feedback, the onboarding and client teams regularly refer to how the platform has made their role so much easier, particularly in terms of saving time and improving processes. What I’m regularly hearing from clients – and I know this from personal experience too –  is that if some daily tasks are automated, then this frees up time to do things you previously didn't have time to do.

In terms of customer needs, we sometimes get requests to modify a specific feature to meet a client's individual needs – and we try to accommodate these requests wherever possible. For example, one client wanted us to add proof of residency to our checks in Africa. We found the best provider for this and integrated it into our platform.

Fazzaco: Does Muinmos have any current plans to evolve its technology? If so, what is the focus and how will this benefit clients?

Julien: The technology we use really is cutting edge. It's AI-based and we continually evolve it in line with client needs. Every month, for example, we add one or two new features – often as a result of client feedback - and we regularly make changes to the back-end to optimise performance.

Muinmos has constantly been developing the product for the last nine years. It's very user friendly but we are currently re-designing the user interface to make it even simpler to use.

Fazzaco: In your view, how do you see the RegTech market evolving?

Julien: I think financial institutions have no option but to embrace RegTech solutions these days. It's a market must-have and a trend which is growing rapidly. Financial institutions operate in a highly competitive market – so if one financial institution has automated onboarding and can onboard clients within minutes whilst also being fully compliant, then their competitors can't get away with taking four or five weeks to onboard clients. The only way forward is to automate key processes using RegTech solutions.

I also think that, in the not too distant future, the regulators will require some evidence of RegTech solutions being deployed in order to ensure a higher level of regulatory compliance. If a financial institution wants a license, for example, they will need to demonstrate that they have a RegTech solution in place.

Given that so many fines are linked to mistakes which have occurred, often inadvertently, during the onboarding stage, I think that regulators will begin by stipulating that RegTech solutions relating to client onboarding should be used by financial institutions operating across multiple jurisdictions. Of course, this would be great for Muinmos.