RiskScout, a financial regulation technology company, has officially announced the launch of a brand-new BSA/AML solution, which is designed to help financial institutions grow more efficiently and profitably, while simultaneously keeping their communities safe from financial crime. According to certain reports, the stated new solution comes bearing an ability to streamline BSA compliance tasks and reduces costs, as well as unlock new revenue streams for community banks and credit unions. Talk about the whole value proposition on a slightly deeper level, though, we must begin from the promise of tailored transaction monitoring. This packs together a facility to customize your rules-based system and adjust alert thresholds so to actively align them with your unique customer/member risk profile. Next up, we must get into that user-friendly system which will let the new solution deliver a top-notch experience. You see, conceived by BSA professionals for BSA professionals, the platform makes a point to stay easy to understand, and more importantly, accommodating of all user needs. Then, there are rapid efficiency gains to be availed. You see, users of this new solution can expect to achieve efficiencies within days after signing the contract. Such a setup, like you can guess, eliminates months of waiting that one had to previously go through to achieve a return on their investment.
“While financial crime is growing faster than ever, financial institutions have had to deal with outdated technology, unnecessary complexity, and expensive renewals from legacy providers,” said Justin Fischer CEO and co-founder of RiskScout. “RiskScout has taken direct market feedback and developed innovative tools that fit financial institutions of all sizes so they can focus on serving their communities.”
Moving on to the solution’s real-time communication and collection capabilities, they tread a long distance to ensure that you no longer to have to rely upon front line and unanswered emails for document collection and case investigation. Instead, users of RiskScout’s latest brainchild can directly and securely communicate with customers & members for faster resolutions and documented evidence. Joining the same is potential for expansion. This involves the way users can grow their deposits simply by working in new and underserved markets with greater confidence in the context of their risk management posture. Finally, rounding up the highlights here would be an integrated KYC/KYB mechanism, which makes it possible for you to scan for sanctions, watchlists, adverse media, business structure, and licensing, thus making up a feature largely supported by automated monitoring and onboarding assistance.
“I know that RiskScout’s BSA/AML solution will be triumphant, since the creation comes from masters in the field and the feedback from us bankers,” said Sharon Sabatino, SVP Compliance Officer at WestTown Bank & Trust. “Say goodbye to the ‘one size fits all’ canned systems and hello gorgeous, where have you been all my banking life!”
Founded in 2019, RiskScout’s rise up the ranks comes on the back of its success in increasing revenue and reducing compliance costs, both enabled by new deposit streams and automated BSA workflows. The company’s excellence in what it does can also be understood, though, once you consider it has achieved over 20% new deposit growth for its customers. Alongside that, RiskScout has also managed to bring the time needed for onboarding new accounts down to less than 3 days. This reflects an 80% reduction from where things were before. Thanks to its tailored workflows, the company has also been serving, quite effectively, a total of more than 20 unique markets.
