TruNarrative appointed by Suffolk Building Society to digitalise mortgage customer onboarding and prevent financial crime

TruNarrative, a regtech platform in the financial crime and compliance sector and part of LexisNexis® Risk Solutions, has been appointed by Suffolk Building Society to enhance its financial crime and fraud prevention processes and digitalise its customer onboarding. With TruNarrative’s real-time financial crime decisioning and risk rating, the mutual will significantly improve the efficiency and speed of onboarding new mortgage customers.

The Society will be able to access the TruNarrative Platform to verify a customer’s identity, documents, selfie and liveness, as well as screen for politically exposed persons (PEPs), sanctions and adverse media status. This will provide the Society’s underwriters with the information needed to assess new mortgage applications, without needing any additional integrations or resources.

Through TruNarrative, Suffolk Building Society will be able to perform enhanced fraud detection checks using the Cifas national fraud database and can report fraud directly back to Cifas from within the TruNarrative interface, supporting the Cifas community and collectively helping to prevent fraud.

Commenting on future-proofing the Society’s ability to manage risk, Ian BrightonChief Operating Officer of Suffolk Building Society, said “TruNarrative’s Platform is a real game-changer for the Society. Not only will it digitalise and therefore streamline our approach to onboarding, meaning direct mortgage applicants and mortgage intermediaries will benefit from faster response times, it also enables us to take control of our own strategy. By allowing us to react to fraud and market trends and tweak our criteria as appropriate, we are not only mitigating our risk today but have the means to do so in the future too.”

Edward Vaughan, Head of Banking at TruNarrative, said “It’s fantastic to be working with such a forward-thinking and digitally-focused building society in the midst of their digital transformation. We are eager to support the future success and growth of the Society by helping them deliver a best-in-class customer experience for their customers.”

Founded in 1849, Suffolk Building Society was previously known as Ipswich Building Society. Following a vote for by its members, Suffolk Building Society changed its name in November 2021 to both connect to a broader community while marking its commitment to the county it has historically served.

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TruNarrative is a trusted part of many financial service businesses’ compliance, risk and financial crime prevention strategies, with many leading challenger banks, FinTechs and payment services firms choosing TruNarrative’s technology to reduce risk, and safely and compliantly onboard their customers.

About Suffolk Building Society

Suffolk Building Society has approximately 65,000 members, over 80,000 savings accounts, and over 5,000 mortgage accounts. There are nine branches across Suffolk in Aldeburgh, Saxmundham, Halesworth, Woodbridge, Suffolk Town Centre, Ravenswood Suffolk, Hadleigh, Haverhill, and Sudbury. The Society also has one agency in Suffolk. 80% of the Society’s members live in the East of England with the remainder living across the UK. Suffolk Building Society is a national mortgage lender. https://www.suffolkbuildingsociety.co.uk/.

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