DSi Accelerated Insight delivers data-driven insights that help financial organizations of all kinds grow profitable accounts while supporting financial inclusion.
Growing Profits and Improving Customer Experience at a Mid-Tier Bank
Accelerated Insight and Accelerated Insight Workbench (our back-office Day 2 CIP workflow solution) helped a U.S. mid-tier bank:
- Streamline Customer Onboarding
Accelerated Insight was able to verify applicant data even for unbanked or underbanked applicants and delivered discrepancy data to branch staff in real time. As a result, more CIP verification took place at account opening rather than in the back office. Account opening became simple and straightforward.
- Keep More Accounts Open
Accelerated Insight enabled the branch staff to have more informed interactions with customers. Most CIP issues were resolved in the branch, rather than having to be investigated days later by the back-office staff. As a result, fewer accounts were closed by the back office staff, and sales results for the branches improved.
- Reduce Costs
By adopting Accelerated Insight and Accelerated Insight Workbench, the bank was able to reduce its back-office CIP staff from 5 FTEs to 2.5 FTEs, achieving an annual cost savings in salaries alone of over $110,000. In addition, because Accelerated Insight returned current mailing addresses for the roughly 30% of applicants with outdated address information on their identity documents, less mail was returned because of wrong or outdated addresses. Accelerated Insight helped the bank communicate with its customers more promptly and affordably.
- Reduce Errors
Accelerated Insight Workbench also reduced documentation errors by providing a systematic, queue-driven system for managing, examining, and annotating CIP dossiers.
- Monitor New Account Opening Policies
Even with real-time front-end support, institutions may find it difficult to ensure that branches are consistently making account-opening decisions in accordance with corporate policies. Accelerated Insight Workbench provides the bank’s management team with an easy way to monitor branch decisions, ensuring consistent application of policy enterprise-wide for both loss prevention and revenue generation.
- Support Compliance
Through its higher match rates and more accurate CIP results, even for unbanked and underbanked applicants, Accelerated Insight and Accelerated Insight Workbench help this bank ensure that they are compliant with KYC regulations.