News & Events

TruNarrative and Oakbrook Announce Financial Crime Partnership

TruNarrative are proud to announce our latest customer… Oakbrook Finance.

 

Oakbrook are a lender on the cutting edge of UK finance.  Led by a tech savvy group of industry experts, Oakbrook’s commitment to innovation, diversity and technology is industry renowned.  TruNarrative is providing a full suite of customer onboarding, compliance and financial crime prevention solutions.

 

Oakbrook have a significant internal tech resource and some cutting edge in-house developed systems, they are certainly deserving of their place on the 2018 Sunday Times Hiscox Tech Track 100 list.

 

Oakbrook recognise that agility is key to success in such a rapidly changing commercial and regulatory environment.  The ability to adapt fraud, risk and compliance processes in the future along with access to a multitude of providers via a single API ensures they can remain agile in their future strategy. This unified approach also promises significant benefits when it comes to reducing the operational costs of handling referrals and cases.

 

A key priority for Oakbrook was removing challenges created by multiple silo based legacy solutions. Through the TruNarrative platform they have brought together reporting and decisioning across the following…

Criteria for robust ID Verification

 

·        Identity Verification

·        PEPs and Sanctions Screening and ongoing monitoring

·        Direct Cifas integration with customisable rules

·        Bank Account Verification

·        Email risk signals

·        Application Fraud

·        Device Intelligence

·        Full Case Management and Customer Journey builder

 

Unifying these services allows Oakbrook to fine tune their customer on-boarding process to reduce false positives and their overall referral queue, whilst improving risk detection, reporting and management visibility.

The TruNarrative Platform enables the building of bespoke journeys and rules around the data sources in the TruNarrative App Store.  Additionally, Oakbrook can now easily waterfall together multiple IDV providers into a single customer journey. This increases customer acquisition rates and reduces the amount of manual referrals requiring investigation. 

 

 

Ryan Morrison, TruNarrative

 

Ryan Morrison, TruNarrative Director

 

“Oakbrook are the forefront of fintech lending and echo a lot of TruNarrative core values, based outside of traditional FinTech centres but with their finger on the pulse of the marketplace. We are looking forward to facilitating their upcoming growth ”

 

 

 

 

 

 

 

 

 

Marc Stevens, Oakbrook Finance Fraud Manager:

“In choosing a partner to handle both our customer verification and fraud detection & prevention activities, we looked at many products to meet our demanding set of requirements.  We recognised the unique features of the TruNarrative product, and how they offered us the flexibility and innovation we were looking for whilst maintaining control of an area of high regulatory control & risk. They mix personal expertise with modern technology suitable for our digital vision.”

 

 

About Oakbrook Finance

 

Founded in 2011, Oakbrook Finance through its main product Likely Loans, offers unsecured loans for people who experience difficulty obtaining credit elsewhere. Applications are completed online at www.likelyloans.com and customers receive an instant decision with their money being paid into the bank the next working day.

 

Oakbrook Finance employs over 120 staff based at its Head Office which  is located in Nottingham city centre. It has enjoyed expediential growth, and has been listed for the last 2 consecutive years on the Sunday Time’s Tech Track 100 list. With a strong focus on its customers, in 2017, Oakbrook Finance was named ‘Non Mainstream Loan Provider of the year’ in the Moneyfacts consumer awards, and has been shortlisted once again for this award in 2019.

 

 

 

About TruNarrative

 

TruNarrative was founded with a single mission: to make safe commerce simpler. With its head office in Leeds, TruNarrative also has offices in London, New York, Hong Kong, Beijing and Singapore.

TruNarrative is transforming the fraud, identity, KYC and AML process by continually providing products built on state-of-the-art technology, bringing the best of data science to ambitious companies of all sizes.

TruNarrative – We Make Safe Commerce Simple