eBook: Is it time for risk orchestration?
Technology delivers invaluable insights and intelligence that allow organisations to reduce risk across the entire customer lifecycle
On average, financial services providers rely on five external vendors for data sources or solutions to help prevent fraud and financial crime across their customer onboarding and lifecycle, according to a study by LexisNexis Risk Solutions. Half of these firms (49%) highlighting that having multiple solutions in place helps to increase protection.
In many legacy tech stacks, complex and multitudinous checks are carried out in isolation, using separate systems that don’t speak to each other. Knitting together these results into a unified view of risk can be difficult and time-consuming and usually requires an enormous, combined effort.
Enter: Risk Orchestration
By integrating and automating the customer onboarding process, checks are conducted within a single end-to-end journey, producing a unified risk score that is much simpler to interpret and action. This means quicker decisions and faster onboarding, leading ultimately to happier customers and a competitive edge over rivals.
Many banks and Fintechs are starting to see risk orchestration as a way to achieve a competitive advantage in their operations.
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