Finance Monthly - November 2022

checks into a single, unified, digital platform (46%); and creating riskbased financial crime and fraud screening bespoke to varying risk appetites (41%). Risk orchestration in practice – Ikano Bank Ikano Bank was founded in 1995 by Ingvar Kamprad – part of the family behind global retailer IKEA. The bank offers direct-toconsumer products including loans and store cards. In the UK, the bank opens hundreds of new interest-free loan accounts per day. The 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. LexisNexis® Risk Solutions was able to supply Ikano Bank with the orchestration platform, RiskNarrative, that integrated with their existing data to grant them the ability to run ID and document verification, address checks and 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 can match additional information such as email addresses, mobile telephone numbers, and sort codes, reducing their false positive rate. A year on from going live with the RiskNarrative platform delivering their digital transformation, Ikano Bank have onboarded over 70,000 customers. The financial crime manager at Ikano Bank commented that the automated decisioning has removed many referrals and freed up time for staff. The solution has made a significant difference to what the bank used to see. RiskNarrative has enabled the bank to be in charge of the fraud rules the organisation sets, so it only sees the referrals it wants to see, with the ones the bank does not want to see, or the ones it declines, taken care of. This has enabled them to 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 future role of risk orchestration With banks and the wider financial sector leaving no stone unturned in the ongoing battle to beat the fraudsters and reduce crime, risk orchestration is set to play a significant role in tackling fraud while supporting financial organisations with ongoing compliance requirements and customer acquisition targets. Ingvar Kamprad For further information, visit RiskNarrative™ Platform | LexisNexis Risk Solutions. References Half-year fraud update 2022.pdf (ukfinance.org.uk) Fraud The Facts 2021- FINAL.pdf (ukfinance.org.uk) Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 25

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