Unifying Customer Lifecycle Management for Enhanced Risk Decision-Making and Seamless Customer Experiences

3 mins read

27 June 2023

Discover a powerful solution for businesses seeking to streamline risk decision-making and elevate customer experiences.

In today’s rapidly evolving business landscape, where technology and digital platforms shape customer interactions, organizations face the dual challenge of meeting customer expectations and mitigating financial crime risks. Recognizing this critical need, LexisNexis® Risk Solutions has unveiled RiskNarrative™, an end-to-end customer lifecycle management platform designed to effortlessly integrate diverse information sources, enabling better risk decisions and ensuring smoother customer journeys.

Leveraging advanced automation and decisioning technology, LexisNexis RiskNarrative offers a sophisticated, configurable, and accessible financial crime lifecycle management solution. By harnessing the power of this innovative platform, businesses can proactively address the shifting dynamics of the digital economy, safeguarding their operations from criminal exploitation while delivering enhanced customer experiences.

Siloed operations and fragmented workflows often pose significant challenges for businesses, resulting in inefficiencies and increased costs. However, LexisNexis RiskNarrative’s comprehensive orchestration platform resolves these issues by unifying multiple customer onboarding, compliance, and risk-based workflows within a single Application Programming Interface (API) and platform environment. This integration empowers organizations with a holistic, real-time view of customer risk, facilitating more effective and continuously responsive end-to-end financial crime management.

A key advantage of LexisNexis RiskNarrative lies in its ability to expedite risk decisions through a comprehensive view that incorporates crucial elements such as Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) activity, identity documentation, behavioral biometrics, and enhanced fraud detection. By incorporating these critical insights into a single decision engine, businesses can make well-informed risk-based decisions, optimize compliance costs, and outsmart fraudulent activities.

Notable Features and Benefits of LexisNexis RiskNarrative:

  • End-to-end customer lifecycle management: RiskNarrative empowers organizations to manage critical fraud detection, financial crime prevention, and compliance workflows seamlessly through a single API. This unified view of customer risk facilitates informed business decisions, reduces compliance costs, and enables proactive fraud prevention.
  • No-Code Configuration: Adapting to evolving financial crime risks and regulations requires operational agility. With RiskNarrative, organizations can fine-tune strategies without relying on technical resources, eliminating delays and associated costs. Users can easily modify rules, models, and integrated application providers without the need for programming skills.
  • Drag and Drop Services and Apps: By leveraging RiskNarrative’s user-friendly interface, businesses can seamlessly connect to a rich ecosystem of pre-integrated, third-party data sources, rulesets, and machine learning models. This drag and drop functionality simplifies the incorporation of these resources into journeys and workflows, enhancing operational efficiency.
  • Easy Integration: Effective anti-financial crime lifecycle management necessitates access to best-in-class insights and services. RiskNarrative streamlines this process by requiring only one integration to access multiple services. Leveraging an intuitive RESTful API, businesses can rapidly integrate RiskNarrative within days, enabling prompt availability.

Ryan Morrison, Vice President of Platform Strategy at LexisNexis Risk Solutions, emphasizes the significance of striking a balance between seamless customer experiences and robust fraud prevention measures. Morrison notes, “An orchestration platform helps to create a smooth and efficient exchange between the compliance, fraud, and infosec functions. In a world where financial crime risk and regulation are constantly shifting, LexisNexis RiskNarrative delivers a single, unified decision engine to drive high-confidence compliance decisions and the best customer outcomes.”

As businesses navigate the evolving landscape of financial crime risks and regulatory demands, LexisNexis RiskNarrative emerges as a game-changing solution. By providing organizations with real-time, actionable insights and analysis, this comprehensive platform empowers businesses to serve their customers effectively while safeguarding their operations. With RiskNarrative, businesses can make confident compliance decisions, foster operational efficiency, and ensure exceptional customer outcomes in a dynamic and increasingly digital world.

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