LEEDS – Darlington Building Society, the 160+ year old Northeast-based mutual, has procured compliance technology from LexisNexis® Risk Solutions. As part of the Society’s ongoing digital transformation, Darlington will initially use the LexisNexis® RiskNarrative™ platform to deliver their financial crime prevention strategy and improve their existing online member portal experience and customer onboarding journeys.
The mutual went to market for a technology solution to facilitate low-friction customer journeys whilst maintaining the highest levels of compliance and risk mitigation.
The RiskNarrative™ 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, Darlington have the ability to further digitalise their overall customer journey, including automated document verification and due diligence checks to enhance their customer experience and financial crime and fraud prevention processes.QUOTES
Edward Vaughan, Banking Expert at LexisNexis Risk Solutions, commented: “Darlington Building Society has shown their commitment to digital transformation by working with LexisNexis Risk Solutions. We look forward to helping them deliver a 21st century member experience.”
Chris Hunter, Chief Operating Officer for Darlington Building Society, said: “The partnership with LexisNexis Risk Solutions demonstrates the Society's commitment to improving application processes for our members. The rollout out of Digital ID&V, as part of the RiskNarrative implementation, is a step forward in simplifying customer account opening and reducing paper usage.”
David Bews, Chief Risk Officer for Darlington Building Society, also commented: “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.”About Darling Building Society
Darlington Building Society operates throughout the North East and Yorkshire and had assets of £752m at 31 December 2021 (£702m at 31 December 2020). The Society’s head office is in Darlington, where it has been based since 1856.
In 2022, Darlington Building Society was recognised as an ‘outstanding’ employer for the second year running by independent employee engagement firm, Best Companies. The Society was also rated as the third best financial services company to work for in the UK, 12th best company to work for in the North East and 19th best overall mid-sized company to work for in the UK.
The multi-award winning Society was also named Building Society of the Year at the MoneyAge Awards 2021 and the Mortgage Awards 2021.
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.