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.
Siloed data and operations are not effectively enabling businesses to meet the financial crime compliance and customer demands of the digital economy. Digital acceleration is exposing significant gaps in traditional compliance and onboarding workflows. Disparate data and systems introduce decisioning delays that impact customer acquisition speed and contribute to customer attrition. Multiple workflows leveraging separated data sources add inefficiencies and friction that can result in missed opportunities to proactively mitigate risk at the beginning of a relationship.
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.
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.
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:
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.
Streamline regulatory compliance, protect your business and increase revenueLearn More
Gain the ability to recognize good, returning customers and weed out fraudsters, all in near real timeLearn More
Reduce financial crimes compliance risk with LexisNexis® Financial Crime Digital IntelligenceLearn More
Redefine how you onboard customers and monitor financial crime risk through a single API and platform environmentLearn More
Robust databases of high-risk individuals and entitiesLearn More