The benefits of a high-quality solution for risk assessment can be quantified in many ways. However, only some of the gifts are easily quantifiable. For example, the “customer experience” cannot be reduced to numbers because it is a combination of factors that can lead to different human responses.

Even if something is hard to measure, it still needs to be valuable. Thomson Reuters commissioned Forrester Research recently to conduct a study on its CLEAR-ID Confirm and Risk-Inform risk assessment tools to determine what users think about the product’s value. The users cited many quantifiable advantages but identified several benefits that are difficult to quantify but still extremely important.

These unquantified but no less valuable benefits include:

Flexible delivery modes

The CLEAR suite allows users to run their software via a web browser, an API, or batch service. The flexibility of the CLEAR suite will enable users to choose the mode or combination of ways that make sense for their organization and their particular use cases. CLEAR users have told Forrester in personal interviews that the ability to select a delivery method made it easier to complete their tasks. The web-browser option was easy to use from the start, the API made due diligence easier, and batch service helped one customer catch up on a backlog.

Increased business through faster onboarding of customers

Any delay in the onboarding procedure at financial institutions could lead prospective customers to take their business elsewhere rather than wait for approval. According to Forrester, however, CLEAR users said they were able to win more business due to the increased speed at which they processed and approved customers. CLEAR users reported that they could make more informed decisions about onboarding and seal deals by streamlining and eliminating delays in the due diligence process. In some cases, the ability to provide same-day services was crucial. Over the long term, quicker onboarding allows AML/CDD departments to approve and welcome new customers within the same timeframe.

Improved customer experience

It is hard to quantify the “customer’s experience” because it reflects the effectiveness of the organization as a whole in delivering its service. The only person that can assess the customer experience by definition is the customer. This can lead to a wide range of perceptions and responses. Forrester reports that CLEAR users said that their customers appreciated the efficiency of the approval and onboarding processes and that quicker approvals improved their overall customer experience.

Employee experience can be improved.

It’s not easy to quantify employee satisfaction, but it is essential for talent retention, staffing turnover, and the overall costs of hiring and training new workers. Let’s be honest; the manual onboarding methods that AML/CDD staff use are often time-consuming, frustrating, and tedious. And boredom can lead to a loss of motivation, burnout, and decreased productivity. Forrester interviewed CLEAR customers and found that their AML/CDD staff enjoyed their work more after implementing the platform. This boosted morale. One respondent said that employees are delighted with CLEAR because it is easy to understand and makes things “much easier.”

Future risk-assessment flexibility

According to Forrester, customers of CLEAR a href=”https://legal.thomsonreuters.com/en/products/clear-investigation-software/electronic-identity”>ID Confirm/a> and a href=”https://legal.thomsonreuters.com/en/products/clearinvestigationsoftware/clearriskinform”>Risk Inform/a> and According to Forrester customers of CLEAR ID Confirm, and Risk Inform appreciated the fact that they could easily implement other products in the CLEAR suite if their business requirements changed. After using CLEAR at the beginning of the onboarding, they may want to use additional modules in order to investigate fraud. After familiarizing themselves with CLEAR, they may find new ways to utilize the program. CLEAR users told Forrester their familiarity with CLEAR would help them quickly deploy new tools, increasing the platform’s utility, flexibility, and appeal.

These benefits are not measurable but show that CLEAR’s value goes beyond the platform. CLEAR users report that their employees and customers are happier when onboarding is faster and more efficient. The business also benefits from this, even though these “benefits’ can’t be quantified.