Safe and sound risk mitigation is at the heart of every successful financial institution. As strategies evolve to expand reach, increase customer acquisition, and enhance the customer experience, organizations must also deal with the increased risks that are an inevitable part of growth. Part of my job is to ensure ARGO’s products mitigate risk throughout the customer journey for our clients, keeping the bad guys at bay. We do this through automation built into the Connects platform, detecting, quantifying, and adjudicating risk exposure for our clients.
Connects automation identifies and mitigates risk in four major areas: Customer, credit, compliance, and operations.
Continually and consistently identifying, validating, authenticating, and evaluating prospects and customers in person and digitally is critical to prevent fraud and attrition. Every day, nationwide, more than 500 financial institutions trust Connects automation to reduce their risk of customer fraud using progressive levels of control, calibrated against specific levels of risk associated with each interaction or transaction, while also providing a seamless customer experience across channels. Connects monitors more than 80 customer events, both good events and bad events, to predict and prevent attrition, initiating tailor-made engagement plans when attrition risk is detected.
Connects automated underwriting evaluates loan applications, collateral offered, and debt exposures, and calculates ratios, risk-based prices deals, evaluate compliance, and decisions loans, providing checklists and stipulations to lenders in a configurable solution that uses the institution’s unique loan policies, procedures, and risk thresholds to replace time-consuming manual reviews.
ARGO’s solutions are automating decisions for more than 7,000 loans a day across delivery channels. Because of the large number of lenders competing for a chance to provide credit to customers in today’s marketplace, the speed Connects offers through automated analysis and decisioning is a critical component to increased productivity, profitability, pipeline velocity, and closing rates, shortening the time to revenue.
Maintaining regulatory compliance with all the laws, rules, and regulations requires gathering, validating, calculating, deriving, and disclosing the right information at the right time in a consistent manner for each new account. Connects ensures regulatory compliance while opening an average of more than 15,000 new accounts a day for our customers, all while ensuring regulatory requirements are met. This includes due diligence around knowing your customers, suspicious activity reports (SARs), TILA-RESPA integrated disclosures, and HMDA, all reducing compliance exceptions without impacting the customer experience, helping our clients efficiently and effectively mitigate compliance risk.
Finally, successful transactional and operational risk mitigation depends not just on the ability to detect and prevent fraud but also on a safe and sound execution of service requests with proof of process and overall operational reliability. Connects automates processes based on attributes like transaction types, product sets, risk levels, skill sets, and approval authorities detecting potential fraud quickly, consistently, and transparently.
ARGO’s Early Detection Monitoring Service (EDMS) reduces the time necessary for diagnosing and resolving operational issues, monitoring more than 250 KPIs to proactively eliminate common disruptions or outages, reduce customer friction, and minimize dissatisfaction, servicing more than three and a half million customers every single day.
The risk of mishandling risks is significant. Overlooking any of the areas we’ve talked about puts an institution’s reputation and revenue in jeopardy to say nothing of the bad publicity or the loss of personnel, partners, or clients. But you can rely on ARGO as a proven partner, trusted for more than 40 years by institutions large and small, nationwide. So make Connects a central part of your institution’s risk mitigation strategy today.
