About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Darlington Building Society Taps LexisNexis’ RiskNarrative to Combat Financial Crime

Subscribe to our newsletter

Darlington Building Society has selected LexisNexis Risk Solutions’ RiskNarrative platform to support its financial crime prevention strategy and improve its existing online member portal experience and customer onboarding journeys.

The implementation is part of the UK building society’s ongoing digital transformation programme to digitalise its overall customer journey, including automated document verification and due diligence checks to enhance customer experience, and financial crime and fraud prevention processes.

Darlington was seeking a technology solution to facilitate low-friction customer journeys while maintaining the highest levels of compliance and risk mitigation. The RiskNarrative platform will allow it to detect fraud and identify risk using a single API to integrates into more than 50 third-party data sources to enrich risk decisioning.

RiskNarrative will allow Darlington to orchestrate document verification, politically exposed person (PEP) and sanctions monitoring, identity and address verification, risk ratings of applications, and deliver the ability to build and maintain internal watch lists.

According to David Bews, Chief Risk Officer for Darlington Building Society, the RiskNarrative platform “will allow us to digitalise and streamline our onboarding journey for mortgage and savings applicants, while also allowing us to take control and future-proof our strategy in relation to financial crime prevention. The RiskNarrative solution allows us to react to fraud trends and amend our criteria as appropriate, so we can mitigate risk for the Society and our members now, and in the future.”

Chris Hunter, Chief Operating Officer for Darlington Building Society, adds: “The rollout out of Digital ID&V, as part of the RiskNarrative implementation, is a step forward in simplifying customer account opening and reducing paper usage.”

Darlington Building Society operates throughout Yorkshire and the North East of England. It had assets of £752 million at year-end 2021.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Meeting the challenges of regulatory change

Regulatory change is constant, complex and challenging, calling on financial institutions to attend to details of change whether relatively minor or large scale. Recent regulatory changes include MiFID II post-trade transparency requirements, including ESMA’s increase in data continuity checks that brokers must prepare for, and trading venues must make, when reporting instrument reference and quantitative...

BLOG

Real-time and Always on: The Benefits and Challenges of Perpetual KYC

Monitoring risks to companies during the onboarding of clients can be time-consuming and costly. Nevertheless, it’s an essential effort, demanded by regulators and expected by stakeholders who want to ensure their investments are protected. By streamlining the process, the impacts of know-your-customer (KYC) monitoring on corporate bottom lines and productivity can be reduced. Technology has...

EVENT

A-Team Innovation Briefing: Innovation in Cloud

This Innovation Briefing will explore approaches to data infrastructure transformation, technologies required and how to make sure processes are optimised to support real time data management. Hear from leading practitioners and innovative technology solution providers who will share insight into how to set up and leverage your data infrastructure to provide user access to consistent data and analytics, and companies the ability to monetise their data.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...