Customer Death Monitoring and Verification
Financial institutions monitor whether their clients have passed away (to close an account, stop offering financial services, etc.). WorkFusion automates the process by connecting to external sources of information (credit bureaus, LexisNexis, government sources) to determine when a customer is deceased. Name, Social Security number, date of birth, and address may all be used to confirm. Initial information on a customer death may kick off multiple other processes, including contacting next-of-kin or joint signers for verification, account freezes, account closure, final payment, etc.