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A high-quality risk assessment solution helps corporate anti-money laundering (AML) and customer due diligence (CDD) teams in a number of ways, but not every benefit is easily measurable. For example, the overall “customer experience” that a company provides cannot be reduced to a number because 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 isn’t valuable. 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 actual users are saying about the product’s value to them. Users cited many quantifiable benefits, but also identified several benefits that are difficult to measure but are nonetheless extremely important.
Some of these immeasurable but no less valuable benefits are:
1. Flexibility of delivery mode
Users of the CLEAR package have the option of running the software through a web browser, an application programming interface (API), or a package service. This flexibility allows users to choose the delivery mode – or combination of modes – that makes the most sense for their organization and their particular use cases. In personal interviews, CLEAR users told Forrester that being able to choose a delivery mode makes it much easier to manage the tasks they need to complete. The web browser option made the program easy to use right after login, while the API option made daily due diligence more efficient, and the batch service option helped one customer break through the due diligence backlog and backup to speed up.
2. Additional business from faster customer onboarding
In financial institutions, any delay in the onboarding process means the risk that potential customers will take their business elsewhere rather than wait for approval. However, according to Forrester, CLEAR users said they were able to win additional business because of the increased speed at 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 close deals they might otherwise have lost. In some cases, same-day service was the difference maker, and in the long run, faster onboarding means AML/CDD teams can approve and onboard more new clients in the same general timeframe.
3. Improved customer experience
As mentioned above, quantifying “customer experience” is difficult because it really reflects how well the sum of an organization’s parts work together to deliver their specific services. By definition, the only person who can evaluate the customer experience is the customer, so there can be a range of different perceptions and reactions. According to Forrester, CLEAR users said 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 is not easy, but it takes into account talent retention, staff turnover and the overall cost of hiring and training new employees. And let’s face it, most of the methods used for manual onboarding processes by AML/CDD staff are time-consuming, frustrating and boring – and boredom can, of course, lead to loss of morale, burnout and reduced productivity. However, while interviewing CLEAR customers, Forrester found that after implementing the platform, their AML/CDD staff 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 makes things “much easier.”
5. Future flexibility in risk assessment
Certainty about the future viability of an instrument acquired today is what some executives might call “peace of mind.” While not exactly measurable, peace of mind can come from knowing that the tool purchased today is flexible and scalable enough to adapt to the organization’s needs as it grows. Indeed, according to Forrester, CLEAR ID Confirm and Risk Inform customers have liked the fact that their current use of these products will make it easier to implement additional products from the CLEAR suite as their business needs evolve. For example, after using CLEAR to prevent fraud at the front end of the onboarding process, additional CLEAR modules can help them investigate fraud after the fact. Or, after they’ve been familiar with CLEAR for a while, they may find additional ways to use the program. In any case, CLEAR customers told Forrester that their familiarity with the program is likely to help them deploy any new tools very quickly, improving the overall utility, flexibility and appeal of the larger platform.
Again, none of these benefits can be definitively measured, but they highlight the fact that the value and utility of CLEAR solutions extends far beyond the platform itself. Indeed, CLEAR users consistently report that both their customers and employees are happier when the onboarding process is more efficient, and that the business itself definitely benefits, even if those “benefits” cannot be reduced to simply number in the balance sheet.
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