LexisNexis® Risk Solutions, a global provider of risk management solutions, has unveiled RiskNarrative™, an end-to-end customer lifecycle management platform designed to help businesses seamlessly integrate multiple data sources, enabling better risk decision-making and smoother customer journeys.

The RiskNarrative™ platform leverages automation and decisioning technology to offer a sophisticated, configurable, and accessible solution for managing financial crime throughout the customer lifecycle. As technology and digital platforms continue to reshape customer-business interactions, organizations face the challenge of instantaneously recognizing returning customers across various channels, while also ensuring quick onboarding and immediate transaction capabilities for new customers. However, this digital transition has also opened doors for criminals to exploit digital ecosystems and evade detection.

To address these challenges, the LexisNexis RiskNarrative™ platform acts as an orchestration tool, eliminating the costly issues caused by siloed operations. By unifying multiple customer onboarding, compliance, and risk-based workflows within a single Application Program Interface (API) and platform environment, RiskNarrative™ provides organizations with a comprehensive, real-time view of customer risk. This holistic approach incorporates various elements such as Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) activity, identity documentation, behavioral biometrics, and enhanced fraud detection.

RiskNarrative™ offers unique features that set it apart in the market. Its end-to-end customer lifecycle management capabilities enable organizations to manage fraud detection, financial crime prevention, and compliance workflows from a single API, providing teams with a unified view of customer risk. This comprehensive perspective facilitates informed business decisions, reduces compliance costs, and enhances fraud prevention measures.

The platform’s no-code configuration feature allows users to fine-tune their strategies with ease, ensuring operational agility while responding to evolving financial crime risks and regulations. Unlike traditional approaches that require technical resources and result in delays and costs, RiskNarrative™ enables users to make changes to rules, models, and integrated application providers without programming skills.

Businesses can leverage RiskNarrative™’s drag and drop interface to connect to a rich ecosystem of pre-integrated, third-party data sources, rulesets, and machine learning models. This seamless integration allows for the incorporation of these resources into customer journeys and workflows effortlessly.

Integration is simplified with RiskNarrative™, as the platform only requires a single integration to access multiple services. With an intuitive and easy-to-use RESTful API, organizations can quickly integrate the platform, enabling availability within days. This streamlines the process of implementing effective anti-financial crime lifecycle management.

Ryan Morrison, Vice President of Platform Strategy at LexisNexis Risk Solutions, emphasized the importance of balancing a smooth customer journey with the ongoing threat of financial crime and fraud. Digital solutions, such as RiskNarrative™, provide businesses with real-time actionable insights and analysis, empowering them to serve their customers effectively while safeguarding their operations. Morrison highlighted the benefits of an orchestration platform in creating a seamless and efficient exchange between compliance, fraud, and information security functions. In a dynamic landscape characterized by shifting financial crime risks and regulations, RiskNarrative™ delivers a unified decision engine, driving high-confidence compliance decisions and optimal customer outcomes.

Previous post Databricks to Acquire MosaicML, Paving the Way for Democratizing Generative AI
Next post LEGO 2K Drive Introduces First Drive Pass Season with Fast & Furious-Inspired Content and New Vehicles from Dodge and Nissan

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Discover more from techcoffeehouse.com

Subscribe now to keep reading and get access to the full archive.

Continue Reading

%d bloggers like this: