Darlington Building Society, the 160+ year old North East mutual, is to partner with global data specialist LexisNexis – which last year acquired Leeds financial fraud specialist TruNarrative – to assist with the society’s ongoing digital transformation.
The Darlington will initially use the LexisNexis RiskNarrative platform to deliver its financial crime prevention strategy and improve the existing online member portal experience and customer onboarding process.
The mutual went to market for a technology solution to facilitate low-friction customer journeys, while maintaining the highest levels of compliance and risk mitigation.
The RiskNarrativeTM platform enables businesses to detect fraud and identify risk using a single API and integrates into over 50+ third party data sources to enrich risk decisioning. RiskNarrative will allow Darlington Building Society to orchestrate document verification, PEP and sanctions monitoring, identity and address verification, risk ratings of applications, and deliver the ability to build and maintain internal watch lists.
With the platform in place, The Darlington has the ability to further digitalize their overall customer journey, including automated document verification and due diligence checks to enhance their customer experience and financial crime and fraud prevention processes.
David Bews, chief risk officer for Darlington Building Society,said: “We are delighted to be partnering with LexisNexis Risk Solutions. Their 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.”
Darlington Building Society operates throughout the North East and Yorkshire and had assets of £752m at 31 December 2021. The Society’s head office is in Darlington, where it has been based since 1856.
