UK-based Darlington Building Society has partnered with LexisNexis Risk Solutions in order to leverage the latter’s RiskNarrative platform.
The partnership aims to improve Darlington Building Society’s financial crime prevention capabilities as well as its online member portal and customer onboarding experiences. Risk Narrative uses a single API and comprises more than 50 third-party data sources, which can help companies better identify risk and detect fraudulent activity.
Upon implementing RiskNarrative, the Darlington Building Society will be able to perform document verification, monitor PEP and sanctions, evaluate the risk ratings of applications, and manage internal watch lists.
According to Darlington Building Society officials cited by finovate.com, the onboarding improvements will include leveraging LexisNexis technologies to digitise and streamline the onboarding experiences of both mortgage and savings applicants.
Moreover, the RiskNarrative implementation also includes the rollout of Digital ID&V, which will simplify customer account opening while reducing paper usage. The same representatives added that this new partnership can help ‘future-proof’ the Society’s financial crime prevention strategy by helping it react to current threats and prepare for future risks.
The Darlington Building Society was founded in 1856 and has nine branches across the North East, County Durham, and North Yorkshire.
Apart from offering savings accounts and a range of residential and commercial mortgages across England, Scotland and Wales, the financial institution also has an online banking resource named Darlingtononline.
International data and analytics company LexisNexis Risk Solutions was founded in 1997 and offers predictive insights and fraud prevention services. The company’s customers are involved in industries such as financial services and insurance, healthcare, government, and public safety.
In August 2022, a UK-based P2P lending platform named Assetz Capital implemented RiskNarrative in order to further improve its know your customer (KYC) and anti-money laundering (AML) detection capabilities. The system can also with the company’s onboarding process by supporting multiple KYC and AML checks from aggregated data sources simultaneously.
In July 2022, LexisNexis Risk Solutions company TruNarrative partnered with UK-based fintech Recognise Bank in order to improve the onboarding process for its small and medium-sized enterprises (SME) business lending customers.
By leveraging the LexisNexis RiskNarrative platform, the bank will be able to speed up the onboarding of new business borrowers by digitising a wide range of anti-money laundering (AML) and Know Your Customer (KYC) processes.
For more information about LexisNexis Risk Solutions, please check out the company profile in The Paypers Company Database.
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