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:
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:
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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