Paperwork is a challenge, even when it's digital

Documentation and administration eat up time

Countless studies across industries show that administrative effort is out of proportion to time, money and quality. Bureaucracy has always been a burden for businesses and entrepreneurs, regardless of industry.

Advancing digitalization offers new opportunities and tools today, but it also comes with new risks and guidelines. For documentation and administration, this brings some superficial improvements, but it simply shifts many familiar problems into the digital world. ‍

"Paperwork" is a challenge, even when it's digital

The "paperwork" and the usual hurdles of cooperation between multiple parties usually remain.

Communication is inefficient and redundant, information can't be found, and workarounds take hold that bypass applicable compliance rules. Despite a multitude of tools – or precisely because of them – it remains extremely difficult to get on top of the situation.

What's more, a large share of employees feel overwhelmed by growing demands on IT skills, compliance with policies and managing digitalization processes.

In a legal tech survey of lawyers, for example, 68% of respondents named the growing demands on IT skills – and almost half named the difficulty of keeping track and managing transformation processes – as their biggest challenges. Easy-to-use IT collaboration and administration solutions are therefore in high demand and, given the underlying legal obligations, urgently needed.

Collaboration with regulated businesses

This particularly affects collaboration with regulated businesses in legal, tax and finance, which is additionally characterized by high formal hurdles.

While the volume and complexity of compliance requirements – including the increased demands from implementing anti-money laundering legislation (GwG) and the associated Know Your Customer (KYC) process – continue to rise rapidly, a constant feeling of being overwhelmed has crept in.

How BetterCo delivers a "single source of trust" as the solution

To counter the "chaos" in collaboration between regulated businesses and their stakeholders – customers, clients, investors and buyers – the "single source of trust" concept offers an easy-to-implement and highly practical solution.

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BetterCo provides a reliable, intuitive single-source-of-trust platform.

The obligations that arise anyway from the GwG, among other things, are put to good use and turned into an advantage for all users involved through the BetterCo platform.

KYC and identity verification, risk management, and the associated contracts and administrative work are bundled centrally in one platform – the single source of trust.

Through shared access for regulated businesses and all parties involved to recorded data, verified parties, contracts and documentation.

This form of collaboration – efficient for everyone and simple because it's intuitive to use – significantly reduces effort and costs.

What's more, BetterCo makes tedious work processes in collaboration with regulated businesses easier.

Particularly advantageous: BetterCo is a ready-to-use solution that requires no implementation and no IT effort.

Taken to its logical conclusion, it even offers a strategic competitive advantage

In our whitepaper "Strategic differentiation through KYC", we go deeper into the benefits and implementation. You can download it for free here.

Interested in getting to know BetterCo better?

Feel free to book a free product demo and find out how BetterCo delivers a clear, shared and unified vision for regulated businesses and everyone involved – while measurably reducing effort, time and costs.