A top-notch risk assessment solution plays a pivotal role in supporting anti-money laundering (AML) and customer due diligence (CDD) teams. While numerous benefits derive from utilizing such tools, not all of them can be easily quantified. Take, for instance, the encompassing customer experience that a company provides: it comprises various elements that elicit subjective responses, varying from person to person.
Nonetheless, the immeasurable nature of these benefits should not undermine their significance. Thomson Reuters recently commissioned Forrester Research to evaluate the value of its CLEAR ID Confirm and Risk Inform risk assessment tools. The study not only unearthed quantifiable advantages but also revealed a multitude of crucial benefits that defy quantification.
1. Flexibility of Delivery Mode
Users of the CLEAR suite have the luxury to choose between running the software on a web browser, an application programming interface (API), or a batch service. This flexibility empowers users to adopt the most suitable delivery mode(s) for their organization and specific use cases. Interviews conducted by Forrester Research yielded insights from CLEAR users, who expressed that the ability to select a delivery mode greatly facilitated their task management. The web browser option ensured a smooth initiation, while the API option streamlined day-to-day due diligence. Moreover, the batch service option proved invaluable to a customer with a backlog of due diligence work, enabling them to catch up swiftly.
Image: Garrity Traina Risk Assessment Tools
2. Additional Business from Expedited Customer Onboarding
For financial institutions, any delay in the onboarding process introduces the risk of losing prospective customers to competitors. However, CLEAR users reported that they were able to seize additional business opportunities due to the enhanced speed of processing and approving customers. By streamlining their due diligence operations and eliminating delays, CLEAR users made prompt and informed onboarding decisions, securing deals that might have otherwise been lost. In certain instances, same-day service proved to be the decisive factor. Over time, faster onboarding allows AML/CDD teams to accommodate a greater number of new customers within the same timeframe.
3. Enhanced Customer Experience
Quantifying the intangible notion of “customer experience” proves challenging, as it encompasses the harmonious functioning of an organization’s various components to deliver a targeted service. Ultimately, only customers themselves can evaluate their experience, leading to varying perceptions and responses. According to Forrester, CLEAR users attested that their customers greatly valued the efficiency of the approval and onboarding process, resulting in an improved overall customer experience.
Image: Garrity Traina Customer Experience
4. Improved Employee Satisfaction
Measuring employee satisfaction is no easy task, but it holds significance in talent retention, staff turnover, and the associated costs of hiring and training new employees. Let’s face it: the manual onboarding processes employed by AML/CDD employees are time-consuming, frustrating, and monotonous, eventually leading to lowered morale, burnout, and reduced productivity. However, interviews with CLEAR customers conducted by Forrester revealed that after implementing the platform, AML/CDD employees enjoyed their daily work to a greater extent, resulting in improved morale. One respondent remarked, “The satisfaction among employees is high,” appreciating how CLEAR’s clear presentation of information made their work “a lot easier.”
5. Future-Ready Risk Assessment Capabilities
The certainty of a tool’s long-term viability is a source of “peace of mind” for executives. Although not quantifiable, this peace of mind increases when a current tool exhibits the required flexibility and scalability to adapt to an organization’s evolving needs. CLEAR ID Confirm and Risk Inform customers expressed their satisfaction with the capability of seamlessly implementing additional products from the CLEAR suite as their business requirements change. For instance, after leveraging CLEAR to prevent front-end onboarding fraud, these customers may utilize additional modules to investigate fraud retroactively. Alternatively, having become familiar with CLEAR, they might discover novel applications for the program. In any case, CLEAR customers believe that their familiarity with the platform would expedite the deployment of new tools, significantly enhancing the overall versatility, appeal, and usefulness of the entire suite.
Image: Garrity Traina Future Risk Assessment
Undeniably, none of these benefits can be concretely measured. However, they unequivocally underline the fact that the value and utility offered by CLEAR solutions extend far beyond the software itself. Users consistently report that both their customers and employees experience greater satisfaction when the onboarding process becomes more efficient, leading to tangible business benefits that far transcend mere numerical figures on a balance sheet.
To learn more about Garrity Traina’s risk assessment tools, visit Garrity Traina.