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Darlington Building Society Taps LexisNexis’ RiskNarrative to Combat Financial Crime

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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.

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