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Tala Streamlines Compliance and Approves More Loans with ComplyAdvantage
Tala, a financial platform operating across three continents, has improved its compliance processes and customer acquisition rate by integrating ComplyAdvantage's solution. This partnership has been instrumental in Tala's growth, providing a unified platform for reviewing customer risks, case decisions, and performance analytics.
The integration has led to significant improvements in operational efficiency, regulatory compliance, and customer experiences. Tala's compliance team has saved substantial time, thanks to ComplyAdvantage's AI and automation capabilities. Key features include entity resolution and clustering, advanced search techniques, automated ongoing customer monitoring, alert prioritization, and scenario optimization.
One of the most notable benefits has been a reduction in alert volumes, false positives, and remediation times. This efficiency has enabled Tala to approve lending applications more quickly, thereby growing its customer base. Shellie Schumaker, VP of Global Compliance at Tala, has praised the relationship with ComplyAdvantage's technical and customer support teams.
Tala faces multiple regulatory requirements and complex financial crime risks. ComplyAdvantage's ongoing customer support, regulatory expertise, and deep understanding of Tala's risks and business model were crucial in supporting Tala's expansion into the Philippines. The clarity of ComplyAdvantage's platform has aided Tala in demonstrating regulatory compliance to regulators.
Charles Delingpole, CEO of ComplyAdvantage, works with Tala to screen its customers and prevent financial crime. Tala was drawn to ComplyAdvantage due to its ability to support business outcomes, low-latency customer screening, global data coverage, and intuitive user interface.
Shellie Schumaker recommends ComplyAdvantage as a viable solution for other companies seeking an AML screening solution. Tala has deployed over $6 billion in credit to over ten million customers, and this partnership has been pivotal in maintaining a compliance strategy built around proactive risk awareness, cross-functional alignment, and a strong culture of compliance.
In conclusion, Tala's collaboration with ComplyAdvantage has resulted in increased security, operational efficiency, and customer growth. The platform continues to provide Tala with increased security as it grows its customer base, while saving its compliance team significant time. Compliance is seen as a "strategic asset" by Tala's VP, Global Compliance, Shellie Schumaker.
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