106 - How To Select Compliance Tools And Why Not Pricing?

Yana is recording from one of her favorite cities, Dusseldorf. She's talking all about compliance tools, compliance tool selection, and why you shouldn't select your tools based on pricing alone.  We go through a list of questions to ask about the tool to really understand the metrics and amount of false positive checks created. Choosing the lowest price per check can cost you more if the tool creates excessive false positives. You could end up wasting a lot of time and money.  If you found value in this episode, I would really appreciate it if you could leave a review!  My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies!  If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.    Today's episode: [02:11] The purpose of adding any compliance tools to your compliance toolkit should be to improve the experience of internal and external users. [03:43] How many false positives does this tool generate? Ask how many false positives versus true hits I can expect. [04:43] What can the tool do automatically to help reduce the number of false positives? What will make the settings more accurate and improve the number? [06:41] Ask if there is machine learning in place that can help adapt the performance of fraud management.  [07:05] Ask how many customers get approved by this tool at the first attempt. How does the tool differentiate active versus inactive accounts? [09:10] How long on average does it take for an agent or your compliance analyst on an alert or flag to dismiss the alert or come to a decision about the customer?  [10:26] Even if you choose the lowest price per check, if the tool creates a lot of false positives, you will end up paying more.   Show links: Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package! I would love to invite you to sign up for my newsletter. If you are interested, please click here. 103 - How AML and Other RegTech Tools Became the Candy Crush Office Game for the Compliance Department  

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