World-Check Customer Risk Screener on Salesforce speeds up onboarding and helps clients to comply with KYC, AML and other regulations. Our recent on-demand webinar highlighted the benefits, including significant time savings on customer risk screening.
- World-Check Customer Risk Screener has been developed in partnership with Salesforce to speed up onboarding times and make customer risk and third-party screening faster and more efficient.
- A recent webinar revealed how companies are able to merge third-party and customer risk screening checks into their existing onboarding and monitoring workflows.
- Customer Risk Screener removes extra steps and eliminates the need for dual entry. Once contact data is entered in Salesforce, it doesn’t have to be re-entered in third-party systems.
Together with Salesforce — one of our strategic technology partners — we recently hosted a webinar exploring the current onboarding landscape and how Refinitiv can help clients comply with KYC, AML and other customer risk screening regulations quickly and efficiently.
Holly Sais Phillippi, Director of Partnerships, Risk, and Maria Sanchez-Marin Melero, Market Development Manager, led a discussion and Q&A about how to deploy the World-Check One API on the Salesforce platform to simplify and accelerate customer and third-party risk due diligence.
Creating flexible solutions to meet customer needs
A key part of any solution is the use of technology that allows companies to merge third-party and customer risk screening checks with their existing onboarding and monitoring workflows.
The World-Check Customer Risk Screener app provides an easy and intuitive way to connect customer data within the Salesforce customer relationship management platform (CRM) using trusted World-Check Risk Intelligence.
Previously, turning a prospect into a lead and managing customer risk were two separate processes. Connecting them required expensive third-party bespoke solutions or highly complex manual processes.
That’s why we developed the World-Check Customer Risk Screener in partnership with Salesforce to speed up onboarding times and make customer risk screening faster and more efficient.
Quicker onboarding times
The period of time immediately following a sale is critical to the long-term profitability of a customer. This includes the journey to prospect verification, pre-cursory screening, account opening and account maintenance, as well as account closing.
Process challenges often arise during the onboarding phase that can delay the time it takes to generate revenue and lead to customer dissatisfaction.
On average, it takes about four weeks to onboard a customer. One customer of the app recently commented how they improved onboarding efficiency of prospects to customers by decreasing the time to screen by 75 percent using the app.
Not having the correct technology can slow the process down. Organizations often deploy multiple platforms and have disparate systems barricaded in silos, where they can’t properly interact.
Prospects and customers want speed, the capacity for self-service, and better visibility during the sales process.
Our solution automates and simplifies the workflows that underpin onboarding a customer, creating a positive experience for all parties involved in the process. The webinar highlighted how we make this happen.
Customer Risk Screener in a nutshell
During the webinar, Holly talked participants through some of the key client benefits of our solution:
- Clearly demonstrate compliance due diligence
The pre-built functionality seamlessly connects Salesforce and World-Check.
By connecting World-Check data to Salesforce, you can quickly decide whether to onboard the vast majority of entities being screened, or if further due diligence is required.
The ability to carry out complete and accurate due diligence helps firms meet regulatory requirements.
- Be prepared for unanticipated or sudden risk
CRM workflow is at the heart of day-to-day business for most companies — it’s the motor powering the way they interact with clients. Refinitiv extends the reach of a CRM platform by integrating World-Check, making it less onerous for users to monitor risk and help reduce compliance costs.
A key takeaway from the webinar was that clients should avoid the use of disparate systems that don’t communicate, or communicate only with difficulty. Leveraging the power of a CRM workflow to manage risk is an optimal solution for keeping risk at bay.
- One step covers the bases for multiple tasks
Customer Risk Screener removes extra steps and eliminates the need for dual entry.
Once contact data is entered in Salesforce, it doesn’t have to be re-entered in third-party systems. This eases the burden on relationship managers and account managers, as well as back-office staff such as legal and compliance.
Status updates among teams can be seen by all, requiring fewer of them and eliminating duplicate efforts, freeing up staff to focus on their core tasks and confidently embrace new business challenges.
- Meeting our customers where they want to be
A Refinitiv client was previously not equipped to screen risks, and usually did checks manually against asset freeze lists. This process was not as in depth and regular as necessary.
When they learned we have a “plug-and-play” solution with Salesforce, the World-Check Customer Risk Screener app became their first choice.
They recently purchased a database of potential new clients for priority screening. The World-Check Customer Risk Screener helps this company efficiently perform this process.
Focusing on security, it’s key for them to have the application built in Salesforce. This is a great example of Refinitiv meeting our customers where they want to be — by making World-Check data available directly on the CRM platform – where they need it most.