Finance applications can be made in store, online or even pre-approved before going to store, the challenge for Ikano Bank was the ability to blend speed with frictionless customer journeys. Fin crime prevention and an onboarding user experience that accompanies the IKEA day-out experience was the aim.
Ikano Bank considered the biggest risk it was facing was in ID fraud and document verification. With a view of providing efficient, first-class digital onboarding and fraud risk management, they needed a supplier that would give instantaneous decisions.
"With RiskNarrative, the onboarding process is smooth from the customers point of view but is also a deterrent for fraud, the number of fraud attempts has definitely reduced. We can see that this new way is more optimised, and we’re seeing less referrals. The referrals we do get are high-quality referrals."
– Matthew Riches, Financial Crime Manager, Ikano Bank
LexisNexis® Risk Solutions was able to supply Ikano Bank with an orchestration platform that integrated with their existing data to grant them the ability to run ID and document verification, address checks, internal and external fraud rules. Along with this, the platform provided increased Cifas screening – before, Ikano Bank would only check an applicant address, whereas now they could match additional information such as email addresses, mobile telephone numbers, and sort codes, reducing their false positive rate.
The integration itself was completed “in good time” recounted Matthew Riches, Financial Crime Manager for Ikano Bank, “we felt prepared to go at launch. So, from my perspective, being within the team, it went well.”
A year on from going live with the LexisNexis® RiskNarrative™ platform delivering their digital transformation, Ikano Bank have onboarded over 70,000 customers.
Matthew Riches comments that the automated decisioning has removed many referrals and freed up time for staff: “it’s made a significant difference to what we used to see.
“We are in charge of the fraud rules we set so we only see the referrals that we want to see, and the ones that we don’t or the ones we want to decline are taken care of. We feel like we have greater control.”
Whilst the RiskNarrative™ platform is currently only used in the UK, Ikano Bank is also looking to introduce the platform across their Sweden branches and beyond.
“The implementation of RiskNarrative at Ikano Bank has been fantastic for both parties. Ikano’s digital transformation has improved their financial crime prevention strategy, but also their customer’s experience. As the bank continues to develop into established and new markets, we’re looking forward to being part of the journey.”
– Edward Vaughan,
LexisNexis® Risk Solutions