A high-quality risk assessment solution helps anti-money laundering (AML) and customer due diligence (CDD) teams in several ways, but not all benefits are easily quantifiable . For example, the overall “customer experience” that a company delivers cannot be reduced to a single number, as it involves multiple factors that lead to a human response that varies from person to person.
But just because a benefit is hard to measure doesn’t mean it’s worthless. Thomson Reuters recently commissioned Forrester Research to conduct a study of its CLEAR ID Confirm and Risk Inform risk assessment tools to find out what real users are saying about the product’s value to them. Users cited many quantifiable benefits, but they also identified several hard-to-measure yet extremely important benefits.
Some of these unquantified, but no less valuable benefits are:
1. Flexibility of delivery method
CLEAR Suite users have the option of running the software through a web browser, application programming interface (API), or batch processing service. This flexibility allows users to select the delivery mode (or combination of modes) that best suits their organization and specific use cases. In personal interviews, CLEAR users told Forrester that being able to choose a delivery method made it much easier to manage the tasks they needed to complete. The web browser option made the program easy to use right from the start, while the API option made daily due diligence more efficient, and the batch service option helped a client overcome a backlog. due diligence and back up Accelerate.
2. Additional business through faster customer onboarding
In financial institutions, any delay in the onboarding process means the risk that potential customers may go elsewhere rather than wait for approval. According to Forrester, however, CLEAR users said they were able to win additional business due to the increased speed with which they could process and approve customers. By streamlining the due diligence process and eliminating delays, CLEAR users said they were able to make informed onboarding decisions faster and seal deals they would otherwise have lost. In some cases, same-day service has made the difference, and in the long run, faster onboarding means AML/CDD teams can approve and onboard more new customers within the same overall time frame.
3. Improved customer experience
As mentioned earlier, quantifying “customer experience” is difficult because it truly reflects how the sum of the parts of an organization work together to deliver their specific service. By definition, the only person who can assess the customer experience is the customer, so there can be a range of different perceptions and responses. According to Forrester, CLEAR users have said that their customers appreciate the efficiency of their approval and onboarding process, and that faster approvals improve the overall customer experience.
4. Improved employee experience
Quantifying employee satisfaction isn’t easy, but it takes into account talent retention, employee turnover, and the overall costs incurred in hiring and training new employees. And let’s face it, most methods used for manual onboarding processes by AML/CDD employees are time-consuming, frustrating, and boring – and boredom can of course lead to low morale, burnout, and lower productivity. productivity. However, when interviewing CLEAR customers, Forrester found that after implementing the platform, their AML/CDD employees enjoyed their day-to-day work more, which boosted morale. “Employee satisfaction is high,” said one respondent, because the information presented in CLEAR is so easy to interpret and has made things “much easier.”
5. Future flexibility of risk assessment
Certainty about the future viability of a tool acquired today is what some executives might call “peace of mind.” While not exactly measurable, peace of mind can come from knowing that a tool purchased today is flexible and scalable enough to adapt to the needs of the organization as they arise. of its growth. Indeed, according to Forrester, CLEAR ID Confirm and Risk Inform customers appreciated that their current use of these products would make it easier to implement additional CLEAR Suite products as their business needs evolved. For example, after using CLEAR to prevent fraud early in the onboarding process, additional CLEAR modules could help them investigate fraud after the fact. Or, after familiarizing themselves with CLEAR for a while, they might find other ways to use the program. Either way, CLEAR customers told Forrester that their familiarity with the program would likely help them deploy new tools very quickly, improving the overall utility, flexibility, and appeal of the broader platform. .
Again, none of these benefits are definitively measurable, but they underscore the fact that the value and usefulness of CLEAR solutions extend far beyond the platform itself. Indeed, CLEAR users consistently report that their customers and employees are happier when the onboarding process is more efficient and the business itself definitely benefits, even though these “benefits” cannot be reduced to a simple figure on a balance sheet.