Paperwork is also a digital challenge

Documentation and administrative work are time wasters

Countless studies from various sectors show that the administrative burden is not in proportion to time, money and quality. The bureaucratic burden has always been a burden for companies and entrepreneurs, regardless of the industry. 

Advancing digitalization offers new opportunities and tools, but also comes with new risks and guidelines. On the surface, this brings some improvements in terms of documentation and administrative effort, but simply shifts many familiar problems to the digital realm. ‍

"Paperwork" is also a digital challenge

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

Communication is inefficient and redundant, information cannot be found, interim solutions are established that ignore valid compliance rules. Despite a variety of tools, or precisely because of them, it remains extremely difficult to become the master of this situation.

What's more, a large proportion of employees in companies feel overwhelmed by the growing demands on IT expertise, adherence to compliance guidelines and the management of digitalization processes. 

In a legal tech survey of lawyers, for example, 68% of respondents see the growing demands on IT expertise and almost half of all respondents see the difficult overview and management of transformation processes as the greatest challenges. Easy-to-use IT cooperation and administration solutions are therefore in great demand and urgently needed in the context of the underlying legal obligations.

Cooperation with regulated companies

This applies in particular to cooperation with regulated companies from the legal, tax and financial sectors, which is also characterized by high formal hurdles.

While the quantity and complexity of compliance requirements, including the increased requirements resulting from the implementation of the Money Laundering Act (GwG) and the associated Know-Your-Customer (KYC) process, continue to rise rapidly, a permanent feeling of being overwhelmed has crept in.

How BetterCo realizes a "Single Source of Trust" as a solution

To counteract the "confusion" in the cooperation between regulated companies and their stakeholders - customers, clients, investors and buyers - the "single source of trust" concept is an easy-to-implement and extremely practical solution. 

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BetterCo provides a reliable and intuitive single source of trust platform. 

The obligations arising from the GWG, among other things, are utilized and transformed into an advantage for all users involved by the BetterCo platform. 

For example, KYC and identity checks, risk management, the associated contracts and administrative expenses are bundled in a centralized platform - the Single Source of Trust. 

Through shared access by regulated companies and all stakeholders to registered data, verified participants, contracts and documentation.

This efficient and simple form of collaboration, which is intuitive to use for everyone involved, significantly reduces effort and costs. 

What's more, BetterCo simplifies annoying work processes when working with regulated companies.

Particularly advantageous: BetterCo is a directly usable solution that does not require any IT effort.

Consistently taken further, it even offers a strategic competitive advantage

In our white paper "Strategic differentiation through KYC", we go into more detail about the benefits and implementation. You can download it free of charge here.

Interested in getting to know BetterCo better?

Book a free product demo and find out how BetterCo realizes a clear, common and consistent vision for regulated companies and all stakeholders. And on top of that, measurably reduce effort, time and costs.