Financial services industries have made huge investments in identifying and quantifying contractual risk, whether it be insurance loss risk or default risk at origination. They’ve also poured enormous resources into identifying fraudulent transactions or claims. What they haven’t spent much time or money on is separating out the portion of risk at application that is attributable to false information, errors and fraudulent intent as opposed to actual loss or payment experience. Yet once you reflect on it, it becomes obvious that the ability to understand and therefore price risk requires that you operate on the basis of fact. And it further is obvious that if you can use social cues or predictive indicators to infer the likelihood that an applicant has fraudulent intent that you can develop a much clearer understanding of real underlying risk.
- High quality entity resolution at POS
- Large scale predictive social network analytics at POS
- Resulting in a comprehensive fusion of internal loss and payment data with external data sources to deliver the most complete validation the applicant’s true status and risk possible before pricing the risk.
- Continuous ongoing monitoring of critical origination and risk aspects
- Embedded in an end to end improvement process wirh
- Customized workflow,
- Case management,
- Reporting and
- Resolution
- All delivered by a massively scalable SaaS environment
- A sharper pencil – Up front elimination of errors so risk can be priced accurately
- Really knowing who your customer is – not just who they say they are
- The ability to identify customers with an elevated fraud risk
- To exclude them at the point of origination or
- To subject them to higher levels of control and scrutiny during the product lifecycle
- The ability to identify elevated risk during the product life cycle
- By monitoring changes in key origination details
- By monitoring changes in the riskiness of customer social networks
- An end to end management process that empowers employees to See, Act and Learn in a virtuous ongoing process of opportunity identification, innovation and measurement.
- Easy to implement in almost any financial institution environment
