The customer onboarding process is fraught with risks.

First, there’s the very real risk that your latest customer is a fraudster. Financial institutions expect to be hit with more fraud this year, including credit card fraud, check fraud, and account take-overs. Every time your institution opens an account, there’s a chance—too big a chance—that the account holder isn’t who he or she says she is and will attempt to defraud your institution.

Second, there’s a chance that in your organization’s drive to grow accounts and hits sales numbers, branch staff will take shortcuts, violating company policies and jeopardizing your institution’s compliance with OFAC, CIP, and other Know Your Customer laws. For example, a banker might accept a government ID that’s expired or take some other shortcut, reasoning that the customer doesn’t seem like a fraudster and that new sales targets must be met. Unfortunately, shortcuts like this are taken all too often.

Third, there’s a risk that the institution will fumble the account opening and customer onboarding process. Names might be misspelled or other CRM data entry errors might occur. Wrong offers might be suggested, and real opportunities overlooked. That’s a pretty substantial risk. Since the majority of a customer’s lifetime sales occur in the first three months, mishandling the onboarding process can be costly.

One of the best ways to reduce these risks is to streamline and automate data collection and identity verification during customer onboarding. By deploying real-time identity verification services in branches and integrating those services with CRM systems and other account services, risk management teams enable branch staff to:

  • Quickly and accurately name, address, and birth date information from a government-issued ID, either through a magstripe reader or a 2D barcode reader
  • Automatically detect whether a card is expired or an address is out-of-date
  • Query consumer records and instantly retrieve a risk/confidence score for the customer
  • Identity fraudsters before they strike
  • Input customer data directly into a CRM system without keyboard errors
  • Automatically record the results of the identity verification process for every new account, ensuring that your institution can demonstrate compliance with all relevant internal policies and state and federal regulations
  • Streamline the account creation process, leaving bankers free to discuss the customer’s needs and possible products and services to sell them


To learn about how Accelerated Insight can help improve your institution’s onboarding process, please contact us.