We had a great time at this year’s BAI Retail Delivery Conference, which was held at the Denver Convention Center from November 5 through 7.
The sessions were informative, and the conference well attended. The importance of innovation was a common theme in conference sessions and in our conversations with bankers.
Mobile banking gets a lot of attention, but the institutions we talked to also recognize that there’s a great need for innovation in traditional banking channels, as well. In most institutions, 70% or more of new accounts come through branches. A growing number of unbanked, underbanked, and millennial households are interested in opening accounts, and they’ll most likely apply for those accounts in branches.
Institutions can grow in-branch revenue by verifying the identities and likely profitability of every applicant in real time during account opening. By delivering better customer analytics in real time to branch staff, institutions can make time-consuming application processes quick and easy, while at the same time segmenting customers sensibly for profitability and risk. Ensuring that each applicant is offered the most appropriate type of account—a full-featured checking account, a “second chance” account with no overdraft protection, or some other type of account—is an excellent way to grow profits and to reduce risks of charge-offs and customer churn.
To help institutions improve the in-branch account-opening experience, Dragnet announced Accelerated Insight 2.0 on November 4. This new version of our real-time account-screening and identity verification service includes an extension, Accelerated Insight WorkbenchSM, which creates a live data feed of applicant data from branches and Web applications to an institution’s back office, where CIP-trained staff can resolve discrepancies that could not immediately be cleared in the branches on Day 1. AI Workbench includes workflow tools for examining, correcting, and tracking new customer records.
AI Workbench offers financial institutions these important benefits:
- Better Data Faster
Remaining discrepancies in applicant data can be resolved on Day 1 (the day of account opening) rather than on Day 2 (the next day) or even later.
- Better Customer Experiences
Institutions can fix errors and resolve questions on the day an account is opened, potentially even while the applicant is still in the branch. Debit cards, ATM cards, checks, and “welcome” letters can be printed with the customer’s correct name and address, improving the onboarding experience, and eliminating problems that often end up being resolved through heated calls to customer service.
- Better Oversight and Control
Institution management gains a powerful, centralized system for managing and monitoring account applicant CIP and other risk-related data to ensure that account-screening complies with company policies and industry regulations.
- Reduced Costs
Institutions can eliminate applicant-data errors and streamline back-office processing to reduce labor costs, costs from returned mail, costs related to IRS B Notices and potential fines, and lost opportunities for cross-selling.
To learn more about Accelerated Insight Workbench, visit our new AI Workbench page.
To request a demo, contact us.