LexisNexis® Risk Solutions doesn’t usually come up in conversations about canines, but in one small way, it is helping dogs to find permanent homes. Maybe that’s a bit of a stretch but stay with me. In these times, we need to appreciate the little things, right?
This year has seen quite an increase in newly formed businesses. With the pandemic negatively impacting employment in numerous industries, many people have decided to take matters into their own hands, venture out into the U.S. economy and start their own small business. Good for them!
America has been built on the backs of ambitious entrepreneurs who began with little more than an idea, a passion and the drive to see it all through. These entrepreneurs need all the help they can get. We are all pulling for them to succeed. We admire their drive and determination, especially in times of adversity.
My bride of 25 years recently joined their ranks. Last year, she decided to strike out on her own and start a dog training business. Kimm is academically talented and does her research. She also has a great passion for making rescue adoption dogs work out in their newly adopted homes.
The number one reason why these pets are brought back to the shelters post-adoption is behavior issues; behavior issues that could be addressed and resolved with the right kind of training. So with her passion for fur babies and an abundance of experience working in shelters and training companion animals, Kimm Hunt Dog Training was born.
Kimm is smart about training dogs; really smart. One time she trained our dog to play Three Card Monte and won a trick contest that gave us a year’s supply of dog food. I was in my last semester of school, and that month the dog contributed more to the family budget than me!
So, when Kimm decided to launch her business, I had no doubt that she was qualified to train dogs. But there was one other not-so-small issue: Kimm had never run a business before. And unfortunately for her, she is married to someone in the business data industry, a person who is keenly aware that the number one reason small businesses fail is that entrepreneurs often lack experience with the ins-and-outs of running a business.
New business owners often get bogged down in the details or rely too much on their passion and don’t develop an expertise for good record keeping, expense control and the other operational tasks that are a part of becoming profitable. They may be great butchers, bakers, candlestick makers, and even dog trainers, but do they know how to run a business?
Once Kimm got her first few paying clients, she decided it would be smart to get some insurance, file an LLC and open a business bank account. After all, this wasn’t going to be a hobby; it was going to be a real business. But doing the legwork to formally establish her company consisted of exactly the kinds of activities that Kimm preferred to avoid.
She understood that they were required and also necessary, but who among us has enthusiasm for tedious tasks like registering with the Secretary of State or filling out the paperwork to open a bank account? Nonetheless, Kimm plowed her way through these chores.
At some point, I asked Kimm what bank she was using for her business account. She told me the name, and I immediately recognized it as a LexisNexis Risk Solutions customer. I then asked her if she recalled the process to open her business bank account.
“What do you mean?” She said. I answered, “Was it difficult to do? Did you have to go into a branch with paperwork? Did you have to answer a bunch of questions? How was your experience of opening your business bank account?”
Her response? “I think I set it all up in 10 minutes on my phone. I’m not sure. Maybe I was on my laptop but whatever it involved, it was super easy, so much so that I honestly don’t even remember doing it!”
My first thought was that this was almost magical. My wife had no idea of the technology, KYC and KYB regulations and all that was happening behind the scenes to make opening a bank account an easy process for her. And that’s a good thing. As the bank’s customer, she shouldn’t have to know all that.
But permit me to tell you what was really going on. As a LexisNexis Risk Solutions customer, Kimm’s bank knew and relied on LexisNexis® InstantID® Business to take her application and verify that:
- Kimm Hunt Dog Training is in fact a real business.
- Kimm Hunt is a real person.
- Kimm Hunt is the owner of Kimm Hunt Dog Training.
All of those verifications took place seamlessly and in mere seconds. Then, having met its compliance obligations, the bank was free to open the account for Kimm in a nearly frictionless environment.
Even though the bank relies on InstantID Business to open accounts for people like Kimm, most employees probably don’t know what goes into being able to do those verifications. So let me pull back the curtain a bit farther and explain, because there’s a lot more to it than you’d think.
- Leverages more than 10,000 proprietary and public data sources to link people and business entities
- Covers 25% more businesses than any other provider—including more small/new businesses
- Uses built-in intelligence to detect mis-keyed/incomplete information and corrects it on the spot, reducing false positives
- Applies the Business Verification Index (BVI) to rank risk propensity (0-50); completes watchlist checking; and flags other potential risk indicators (i.e., prison address, FEIN associated with another company, and more)
- Applies the Authorized Representative Verification Index to rank risk propensity (0-50); completes watchlist checking; and flags other risk indicators (i.e., SSN of deceased person, invalid phone number, etc.)
- Presents relationships between the business and its authorized representatives
- Compares input data against verified data and presents any supplemental data that was found
As you can see, a lot goes into verifying the Kimm’s of the world. And with all those processes and verifications taking place in the background, without creating any customer friction, the bank realizes many benefits beyond compliance with regulations.
The bank is able to safely grow its business, standardize its decisioning process, and build consistency between front- and -back-end account workflow. And because the entire process doesn’t use manpower, bank resources can be directed to somewhere else they’re needed in the organization.
Now in truth LexisNexis Risk Solutions didn’t save a dog from being returned to the shelter. That’s Kimm’s job. But because Kimm’s bank worked with LexisNexis Risk Solutions to onboard her as a new business account, Kimm had one less thing to think about.
She was able to cross that task off her to-do list without going to the bank to meet with a customer service representative and without even picking up the phone. She had a few more hours to invest in her passion, training dogs, and none of the aggravation that often comes with tedious tasks like opening a new account. Fast, easy, hassle-free.
From the bank’s perspective, things couldn’t have gone better. It landed a new customer without requiring the direct attention of a single bank employee. That customer was able to accomplish the task she set out to do quickly, simply and happily.
Best of all, Kimm’s positive customer experience could pay dividends to the bank for years. Kimm wouldn’t hesitate to open additional accounts in the future if needed or bring other business to the bank, such as applying for a business loan. And she’d gladly recommend the bank to a friend who needed similar services. Bottom line, everyone was a winner in this situation.