Large Financial Institution Case Study

Identify Relevant Compliance Risks with Targeted Attributes

Explore this case study to learn how targeted risk intelligence supports efficient, risk-based Customer Due Diligence without adding friction to key onboarding processes.

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Customer Due Diligence Case Study
When a multi-national Financial Institution (FI) entered the consumer banking sector, they turned to us to design a more effective Customer Due Diligence (CDD) strategy. Our case study explores how we delivered targeted risk intelligence and innovative solutions to help this large financial services firm quickly screen large volumes of customers, automate decisions and avoid costly compliance risk. 

This case study illustrates how the FI was challenged to quickly differentiate within an already crowded retail banking sector and outlines their goals of capturing significant market share gains to realize immediate returns on their investment in their consumer banking business. 

The client needed a CDD solution that enabled them to complete real-time due diligence screening, make well-informed decisions, avoid risk and minimize friction within the applicant experience. The bank was searching for a CDD solution that could easily integrate into key compliance workflows at both onboarding and across the customer relationship to enable the institution to effectively: 

  • Complete baseline due diligence for all customers and automatically scale up through more thorough enhanced due diligence and investigations as customer risk warranted
  • Perform ongoing adverse due diligence screening on a subset of customers
  • Conduct dynamic due diligence as changes in a customer profile or behavior occur across the lifecycle of the relationship
  • Minimize delays and costs associated with false positives
  • Reduce duplication of due diligence efforts by internal compliance teams
  • Support a scalable and integrated Know Your Customer (KYC) ecosystem and drive enterprise efficiencies
  • Maintain a complete audit trail to meet regulatory requirements and assess performance metrics on a regular basis

We delivered a CDD solution that helped the FI to immediately ramp up their presence in the consumer banking space without incurring unnecessary risk. By closely partnering with the financial services firm, our team customized a CDD solution that accurately reflected the firm’s risk appetite and was built to effectively scale as the financial services firm captured additional market share across the consumer banking segment.  

The case study details how LexisNexis® Due Diligence Attributes played an integral role in the financial services firm’s CDD strategy by simplifying real-time screening and helping their compliance team make risk-based decisions and actively avoid potential, and costly, customer risks. The LexisNexis® Due Diligence Attributes enabled the institution to focus on targeted risk categories and tie specific risks back to customers/applicants by leveraging LexID® and personally identifiable information (PII) to precisely resolve actionable data insights back to a specific identity. The solution increased onboarding efficiencies while building better decisioning consistency by highlighting relevant risk information that enabled internal compliance teams to: 

  • Verify specifically-defined elements of the customer risk profile, including criminal history, high-risk professions, high-risk industries, wealth, residency information and geographic risk
  • Uncover hidden risks like incarcerations, parole information or convictions for money laundering, trafficking and other crimes
  • Access details on high-net worth individuals

The case study demonstrates how LexisNexis® Due Diligence Attributes improved the effectiveness of the financial services firm’s Customer Due Diligence program by enabling them to easily and efficiently identify relevant compliance risks with targeted attributes at the outset of the customer engagement and complete ongoing monitoring as the customer relationship progressed. To find out how we can help your business achieve more effective customer due diligence, please explore the complete case study.   

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