Arachnys: Unleashing Customer Risk Intelligence

Arachnys: Unleashing Customer Risk Intelligence

Edward Sander, President, ArachnysEdward Sander, President
Despite their long standing disconnect, CROs and CFOs in the global banking industry are teaming up to battle the current regulatory tsunami. With an aim to set the compliance tone from the top, the ferocious guardians of reputation at agile Financial Institutions (FIs) face a crunch time when it comes to effectively ensuring the relevant regulatory controls are implemented and followed. Amid growing rates of financial crimes, frictionless customer on-boarding and determining customer risks without compromising on compliance with anti-money laundering (AML) legislation become pressing challenges. This push towards safer economic environments demands a unique and unprecedented collaboration that focuses on two key objectives: ensuring great customer experience and tapping into new capabilities in the war against financial crime.

While the market continues to change rapidly, FIs have to focus on maximizing revenue and improving customer experience. CROs and CFOs can achieve these goals by on-boarding new business faster, while managing, in an intelligent way, the risk that the new customers may bring. London-based Arachnys is indisputably their best bet, presenting a single view of the client profile and orchestrating the compliance process. The company specializes in Customer Risk Intelligence, which enables the understanding of, and provides insights and intelligence into, risk at a customer level. “With a plethora of client on-boarding systems and multiple lines of business and their specific terms, the challenge boils down to managing the set of these terms, while extracting efficiencies and cost savings,” begins Edward Sander, President of Arachnys. “With a single, comprehensive risk view of the customer, these institutions can determine the risks right from the minute there is a touchpoint and also anticipate and enact the processes needed to bring onboard the customers. This is precisely what we do. We empower institutions to make intelligent decisions that simultaneously grow and protect their business.”

Accurate customer data is crucial in determining risk, and Arachnys Navigator allows analysts within the business to search information across 23,000+ sources in more than 210 jurisdictions.

Arachnys Navigator enables businesses to determine customer risk at the point of client onboarding and accelerate the decision-making process

Using this data combined with other premium source data, the institution can make informed decisions on the appropriateness of the customer in a time-efficient manner. “Navigator enables businesses to determine customer risk at the point of client onboarding and accelerate the decision-making process. What used to take these FIs weeks to perform can now be completed in a matter of hours without compromising quality or integrity of the content and process,” adds Sander.

Arachnys also simplifies customer entity management with its Spotlight solution, enabling analysts to automate the population and validation of entity profile data, including ultimate beneficial ownership. The institutions' analysts work through guided steps that automatically create full audit logs and ensure that their investigative processes are consistently followed. Customer risk can rapidly change. With Arachnys Sentry, FIs can automatically monitor external events that might affect customer risk, thus enabling rapid investigation and determination. Automating this monitoring process means broader coverage of risk at a lower total cost of ownership. Customers with no changes to their risk profile could be reviewed on an extended frequency basis, thus reducing effort, costs and customer friction.

A global bank based in South East Asia approached Arachnys for a solution to standardize and expedite AML investigations and streamline the work of their financial crimes analysts. After a six-week deployment of the Arachnys solution, they were able to underpin research activities of 3,500 investigators, significantly increase their productivity by reducing rework by 40 percent, and lower alert processing time by three days.

Arachnys’s cloud-native and proven solutions enable FIs to achieve customer risk intelligence, so that they stay in compliance while reducing their operational costs. At the same time, their customers have a smoother experience, resulting in more expansive business relationships.