Resolve Customer Identification Program (CIP) Discrepancies Faster than Ever at Account Opening

Accelerated Insight WorkbenchSM is an extension of Accelerated Insight that enables financial institutions to send selected new-customer data to CIP-trained back-office staff responsible for investigating account opening situations that management would prefer not be handled by branch personnel.

AI Workbench enables institutions to resolve CIP questions on Day 1 instead of Day 2.

 

By creating a real-time data feed of applicant data from branches to back offices, AI Workbench enables financial institutions to resolve account-screening issues more quickly in the appropriate venue, eliminating the need for overnight batch processing and streamlining the onboarding process. AI Workbench helps financial institutions reduce fraud, support compliance, and improve customer experience.

Benefits

AI Workbench offers financial institutions the following benefits:

Streamline Customer Onboarding

Discrepancies in CIP data can be resolved more quickly with AI Workbench. For new account situations that are determined to be too sensitive to resolve in the branches, Day 2 processing can become Day 1 processing, occurring within seconds after the customer has provided their information in the branch.

Reduce Errors

AI Workbench helps institutions catch inappropriate accounts openings (e.g., accounts opened in the branch in spite of high-risk responses). It will also help them to close or restrict accounts, thereby reducing exposure to losses.

Reduce Costs

AI Workbench helps institutions detect and close fraudulent accounts and cancel access (e.g., check orders, debit cards, online access) immediately after account opening instead of waiting for Day 2 reviews. Cancelling accounts on Day 1 significantly reduces the risk of losses from overdrafts and fraud that might occur by Days 2 or 3.

Monitor New Account Opening Policies

Many financial institutions have learned that, even with real-time front-end support, it is difficult to ensure that their branches are consistently making account-opening decisions in accordance with corporate policies. These policies are intended to ensure that branches open all accounts that are likely to earn revenues and not open accounts that are likely to cause losses. AI Workbench provides an easy way to monitor branch decisions, ensuring consistent application of policy enterprise-wide for both loss prevention and revenue generation.

Support Compliance

AI Workbench helps institutions ensure they have accurate customer data for their CIP.

Learn More

Read the AI 2.0 press release.

Read the AI Workbench Data Sheet (PDF).

To learn more about Accelerated Insight Workbench and Dragnet’s complete solution for account-screening and identity verification, please contact us.