We’re pleased today to announce the availability of Accelerated Insight 2.0, the latest version of our real-time account-screening and identity verification service for financial institutions. A major new component of AI 2.0 is an optional extension we’re calling AI Workbench. This extension provides a live data feed of account-screening data from branches to the back office. Why is this important?

Many Customer Identification Program (CIP) solutions in banks and credit unions today were put in place after the passage of the USA Patriot Act over 10 years ago. In those days, branch IT operations largely depended on batch processing. During the day, branch personnel would meet with potential new customers and collect CIP data as part of the account-opening process. At night, that data would be collected and processed in batches on central computers. Back-office staff would review the data the next day (on the so-called Day 2) or later. If there were errors or discrepancies in the data, they would be discovered only on Day 2. If there were spelling mistakes, they might already be in the process of being printed on cards or checks. If the applicant was a fraudster, he or she already had a day or two to be get to work with a temporary debit card or temporary checks. When banking depends on batch processing, sometimes the barn door closes too late.

Our Accelerated Insight solution brings account-screening and back-office CIP processing into the second decade of the 21st century. Beyond our Big Data analytics which enable AI to deliver high match rates and real-time segmentation, AI now connects branches to back-offices with a live secure data feed.

 

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

AI Workbench creates a live data feed between branches and back office operations, shown above.

AI Workbench gives banks and credit unions the option of moving Day 2 processing to Day 1.

Here’s an example:

Old Batch Process

Monday, 1:06 pm: Branch employee collects DDA application from a customer.
Tuesday or perhaps Wednesday: A CIP-trained back-office banker begins reviewing the data.

New Dragnet AI Process

Monday, 1:06 pm: Branch employee collects DDA application from a customer.
Monday, 1:07 pm: A CIP-trained back-office banker can begin reviewing the data.

A mid-tier bank with a multi-state branch network has been using Accelerated Insight since November 2012 to improve account-screening match rates, to streamline account-opening, and to prevent fraud in a market with many unbanked and underbanked customers. The bank recently began using AI Workbench to streamline and accelerate its back-office processing of CIP data.

From the example above, you can see how AI Workbench can help this bank streamline and accelerate its processing of CIP data.

More rapid review of CIP data can also help catch and reduce fraud. And centralized real-time collection of CIP data also helps banks and credit unions ensure that account-opening policies are being consistently enforced across branches.

With the addition of AI Workbench, our account-opening solution has broadened to encompass Day 0 (moment of application), Day 1 (day of application), and Day 2 processes. Here’s a diagram showing how the services meet financial institutions’ needs for account screening.

IDV, Non-Doc IDV, account screening, and compliance for banks and credit unions.

You can learn more about Accelerated Insight Workbench here,

If you’d like to learn how Accelerated Insight 2.0 can help your institution, please contact us.