A complete package of services to help you grow without the risks

Although Britain's Building Societies are regarded well by their members and commended for bringing consumer choice to the banking market, they are not immune from the economies woes. It is therefore essential that they meet regulatory compliance and manage risk effectively to ensure a solid growth plan for their members. The major risks affecting mutuals today are financial and are focussed around consumer debt and financial crime.

TransUnion have a range of sophisticated online solutions that help build a stronger resilience against these risks:

  • Credit Referencing - helping you to reduce credit risk at the outset by providing you with all the credit reference tools you need to make responsible lending decisions
  • Due Diligence - helping you meet your 'Know Your Customer' and anti-money laundering obligations
  • Member Tracing - providing you with the tools to trace debtors or dormant account holders with ease

Effective due diligence for account opening and ongoing management

Knowing your customer is a requisite of modern banking, not only laid out in regulation but also now embedded in good customer practice. Whether you have an account application from an entirely new member or you're managing existing member accounts it is vital that you have highly effective anti-money laundering and fraud prevention tools in place. TransUnion's online Identity Verification systems provide exactly this, helping you to instantly comply whilst saving money and admin overheads. Where clients are remote, from a foreign address or simply deemed higher risk, our tools can give the added benefit of bank checks and associated challenge and response questions to build an extra level of confidence in the due diligence process.

Lessening the credit risk at the outset

You no doubt already work with a credit referencing agency, but any of the leading lenders will tell you that a second or even third wash multi-bureau approach is by far the most effective when reducing credit risk. Our range of Credit Reports and embedded credit scores will help you make smarter credit decisions about your members. With the added value of SHARE membership you can also gain insights into their account performance from all contributing lenders.

To find out more about our Solutions for Building Societies please contact us and one of our experts will contact you shortly.

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