Europe’s Ikano Bank is looking to advance its digital transformation with help from TruNarrative. To that end, the Bank will be using TruNarrative’s identity verification and risk analytics technology to onboard customers and prevent fraud across multiple banking channels.
According to Ikano, TruNarrative’s solution was appealing because it is both scalable and user-friendly. The bank was able to integrate the technology through a single API, giving the organization the ability to set up custom workflows for each region from a centralized hub. In doing so, Ikano can enable both manual and automated decision making processes to help reduce the amount of friction that new customers face when they open an account.
TruNarrative’s platform references dozens of independent data sources to verify a customer’s personal information. In doing so, it can determine whether or not someone is politically exposed or facing other sanctions, and use that information to calculate the level of risk before authorizing any transaction.
“Working together with TruNarrative is helping Ikano Bank to accelerate our global digital transformation, whilst ensuring the highest levels of financial crime risk management,” said Ikano Head of AML and Fraud Michael Southgate.
“We look forward to being at the heart of their financial crime risk management processes as the bank continues to develop new innovative products and scale into established and new markets,” added TruNarrative Banking Head Edward Vaughan.
The news builds on TruNarrative’s recent success in the financial industry. The company has now added several financial institutions to its client roster in the first few months of 2021, with Ikano joining a list that already includes Juni and the Equals Group. The former is a Swedish banking start-up, which is noteworthy since Ikano is backed by the same family that runs IKEA.
April 7, 2021 – by Eric Weiss