Flagstone automates due diligence questionnaires with Platformed’s powerful AI

Discover how Platformed’s AI-powered knowledge base has opened up easy collaboration internally for Flagstone, and enabled its teams to complete security and regulatory financial questionnaires in a fraction of the time

The customer: About Flagstone

Flagstone is an award-winning, fast-growing fintech, and the UK’s leading cash deposit platforms. Flagstone has more than £16 billion in client assets and today, its innovative and secure platform provides access to hundreds of savings accounts – including exclusive and market-leading interest rates – from 60+ banking partners. Flagstone’s clients range from individuals to business leaders, charities, entrepreneurs, and guardians of family wealth.

The challenge: Easy collaboration between internal teams on due diligence questionnaires

Flagstone serves both consumers and businesses, ensuring compliance with a number of industry-related regulations as well as those policies and security obligations of its business customers as a supplier. Operating in the highly regulated industry of financial services while becoming one of the fastest growing financial institutions in the country had led to Flagstone balancing multiple security and regulatory financial questionnaires from customers and partners per month.

In addition to responding to DDQs, Flagstone’s growing commercial team needed access to completely up-to-date product and business information within seconds, without the bottleneck of waiting for subject matter experts or updated policies.

With a manual process in place, Garry Leacock, Head of Business IT at Flagstone was keen to find a solution that would reduce the amount of time spent on admin, automate responses to DDQs with high accuracy, and enable its internal teams to have access to a self-maintaining and always up-to-date knowledge base of information.

The solution: Platformed selected by Flagstone to enable easy collaboration across the business and minimize administrative burden with questionnaires

Following a successful pilot, Platformed was selected by Flagstone as its partner of choice to accelerate its paper process and allow for more collaboration internally without adding administrative friction.

Through Platformed Respond, the AI-powered questionnaire platform, Flagstone has been able to respond to DDQs in a fraction of the time previously spent. The team uploaded historical questionnaires via Platformed Graph, an ever-learning and automatically maintained knowledgebase that feeds into Platformed Respond and generates responses to DDQs in the company voice, learning and adapting to changes so that the latest information is always used.

“One of our core values at Flagstone is to drive and embrace change, forging new ways to better serve our clients and prospects. Using Platformed’s powerful AI has allowed us to streamline our processes internally by automating responses to DDQs without compromising quality or accuracy. Not only has it enabled us to shake off onerous and repetitive admin, it’s also enabled our teams to collaborate even more effectively internally.

“We champion agile ways of working that enable self-autonomous teams to thrive and make a real impact to the business and almost fifteen percent of our company has onboarded with Platformed as users, enabling easy collaboration with subject matter experts. Having access to a library of information that we know is always up-to-date and doesn’t require manual maintenance has been an absolute game changer for our teams.”

Lee Provoost, Chief Technology Officer, Flagstone

Through Platformed, the teams across Flagstone are also able to access features such as ‘Ask Question’. This allows employees to ask individual ad-hoc questions, and receive immediate and precise answers without spending time searching through internal documents or relying on internal subject matter experts. Built into the existing Platformed Graph infrastructure, this feature taps into the extensive knowledge Graph holds about an organization and delivers insightful responses in seconds.

The product: Platformed Respond automates questionnaire responses with powerful AI

Platformed Respond automates RFPs, RFIs, DDQs and SAQs - in whatever format they come. Get onboarded in less than a day:

• Accelerate your paper process - Import and export data and questionnaires in any format. Spreadsheets (e.g. Excel and CSV), documents (e.g. Word and PDF), online portals (e.g. OneTrust). If you find something Platformed can’t automate, our support team will handle it for you
• Automated, consistent, and high-quality responses - Fully automate your questionnaire responses while retaining control over word count, tone, and format. Save core responses for information that is unlikely to change (e.g. key business information and specific signed-off wording). Assign, notify, collaborate, and report with multiple teams within the platform
• Self-maintained and searchable knowledge base- Search and respond to full questionnaires or one-off questions with information that never goes out of date. Platformed plugs into multiple sources of truth and continuously learns while providing a comprehensive evidence trail

Trusted by innovative brands globally, Platformed is your integrated toolkit to navigate procurement and risk management processes. Platformed automatically builds and maintains a live graph of trust information about your organization, and empowers your team to showcase your trust credentials, respond to trust enquiries, and build trust with enterprises faster than ever before.

Interested in learning more about Platformed and our product suite?Check out our demo for Respond, and explore more of our features

If you sell to enterprise organizations and have to balance multiple RFPs and questionnaires per month, Platformed can help to put your procurement pains to bed. Sign up for a demo with our team of experts, or get in touch to find out more.