The Unicorn to Help Unify Compliance and Customer Goals

Where can customer experience and compliance obligations peacefully coexist?

Digital acceleration keeps redefining customer experience and compliance expectations. Today’s customer anticipates a flawless experience every time they interact with your business. Returning customers want to be instantly recognized on multiple channels without any unnecessary friction. New customers want to onboard quickly and immediately transact. Every customer expects seamless and secure touchpoints across their entire journey. Digital acceleration also amplifies opportunities for criminals to exploit core ecosystems and evade detection with a constantly evolving array of digital threat vectors. Regulators are responding to the upswing in digital financial crimes with expanded focus on digital transformation. How well is your business balancing compliance requirements with the operational realities of digital acceleration? This article discusses how orchestration platforms are quickly becoming the place for compliance and customer experience to peacefully coexist.

Achieving the level of real time responsiveness that fuels digital experiences requires a unified, end-to-end approach across all facets of the customer journey and compliance processes. Unifying the customer journey starts with unifying the teams and policies that support customer experience at its very core. Increasing risk visibility and integrating data points across the functions that drive the end-to-end customer journey helps facilitate event-driven risk transparency that can support compliance decisions and customer interactions at the speed of digital. Platforms are making this level of orchestration possible.

Putting the platform advantage to work in your compliance strategy

While customer experience drives growth in the digital economy—a company’s reputation is the ingredient sustaining long-term success. Risk-based compliance is essential in a world where customer affinity is everything. Orchestration platforms connect businesses to a unified and real time view of customer risk to support a more effective and continuously responsive level of compliance. Understanding risk from a more holistic view incorporating Know Your Customer (KYC), KYB, Anti-Money Laundering (AML) activity, identity documentation, device intelligence and more, helps expedite decisions and keeps customer journeys in motion. The ability to access a unified score and persistent risk scoring keeps the internal teams driving customer experience and compliance decisions in constant synch. Integrated risk perspectives also help eliminate the friction and delays of false positives and help reduce the risk impacts of false negatives. The end-to-end visibility of orchestration platforms also encompass the documentation and traceability of decisions for reporting and audits. An orchestration platform creates an optimal level of enterprise connectivity and overall customer visibility to support confident compliance decisions that assist in outpacing evolving digital threat vectors and foster a level of continuous responsiveness across each customer touchpoint.

Choosing the framework to underpin successful execution

The digital economy runs on agility. Businesses need to flexibly respond to consumer shifts and regulatory changes and be able to easily scale to meet expanding markets. Orchestration platforms deliver the framework to enable businesses to confidently capitalize on new opportunities while managing compliance obligations or secure customer experiences. Top features to look for as you consider an orchestration platform include:

• Single point of contact: Incorporating your customer journey and financial crime compliance processes within a single platform helps reduce the need for multiple integrations and enables your business to access prompt and dedicated support. A platform with a single point of contact helps simplify efficient operations so businesses can focus on execution and growth opportunities.
• Robust data and services: Does the platform seamlessly connect to real time compliance screening data and industry-leading due diligence solutions and customer decisioning tools? Can you easily integrate additional third-party data sources and services to effortlessly leverage extensive resources to support specific policies and risk requirements?
• No-code configuration: Choose a platform that supports setting up a journey with tailored decisioning or making changes using natural language so you can avoid the costs and delays associated with additional programming.
• Autonomy and customization: The platform should facilitate a level of autonomy that allows your team to respond in real time to changes in policies, evolving regulatory requirements and additional use cases. Improve day-to-day workflows with a platform that connects your team to robust solutions and offers easy customization to ensure your journey reflects current requirements and business initiatives.
• Easy Integration: Select a platform that enables a rapid integration by offering an easy and intuitive restful application program interface that helps your business go live within days.

An optimal orchestration platform facilitates an end-to-end exchange across the compliance, fraud and Info-Sec functions by creating the framework for your teams to continuously assess, adapt and execute against policies that drive confident compliance decisions and seamless customer experiences.

The path to peaceful coexistence between customer experience and compliance obligations begins with finding the unicorn that can bring together the risk intelligence, policies and teams that underpin the customer journey. The right orchestration platform delivering a single, unified decision engine to drive high-confidence compliance decisions and optimal customer outcomes can be that unicorn.

Ready to find yours? The LexisNexis® RiskNarrative™ orchestration platform helps solve costly challenges caused by siloed operations by unifying multiple customer onboarding, compliance and risk-based workflows, all within a single API and platform environment. Whether you are a global financial leader or a modest ecommerce startup, RiskNarrative™ provides the right combination of assurances you need to prevent financial crime and stay compliant in today’s digital economy. To find out more, request a demo with one of our experts.