Faced with fulfilling the same "know your customer" obligations required of any financial institution, Five Points Bank was looking for a way to spot potential fraud risks during account opening while also streamlining the process. The bank found its answer in Onboard Advisor from Fiserv.
Five Points Bank was already using Business Process Manager from Fiserv to facilitate account opening. The solution provides automated workflows that simplify dozens of tasks. "We always look for ways to make processes more efficient, so we can continue to meet our customers' needs at a high level of quality without a lot of added overhead costs," said Vikki Daily, vice president of systems and operations for Five Points Bank.
In the area of fraud prevention, however, account opening was still getting bogged down. "Between researching 'red flags' information for new account applications and importing the information into Business Process Manager, our frontline personnel were having to jump through quite a few hoops," Daily said. "We implemented Onboard Advisor to streamline the account opening process."