With an online account opening solution, Financial Institutions can expand their footprint at a relative low cost. Online accounts enable consumers to apply for new accounts 24/7/365, attract more profitable digital-first accountholders and members, and reduce the costs associated with opening new branches.
For a digital account solution to be successful, FIs need to understand how to start new or grow existing online relationships. You must support online account development with the appropriate products, social marketing campaigns, and effective risk strategies.
This webinar is designed to help banks and credit unions get smart about opening online accounts and understand the key digital account opening benchmarks.
We will discuss the ways in which online account opening presents both growth opportunities and significant risks for FIs. We will delve into the specific risks associated with digital accounts that are ACH-funded. You will discover how these risks can be controlled with proper due diligence for the online environment, account validation, and enhanced risk controls. We will evaluate practical risk management strategies that your Institution can use to build and implement a program that is appropriate for your risk appetite. This session will cover both new consumer accounts and business accounts.
- Benefits of Online Accounts for Expanding Your Institution's Footprint & Profit
- Risks Related to Digital Accounts, Specifically ACH-Funded Online Accounts, e.g., Risk-Rating New Customers or Members
- How Common Data Breaches Impact Your Ability to Screen and Validate New Digital Accounts
- Methods of Validation for New Online Accounts & Why Common Validation Techniques Fail in This Arena
- Balancing Automated and Manual Verification
- Proper Due Diligence and Best Practices for/Critical Components of an Online Account Solution
- Evaluation of Risk Management Strategies Based on Risk Appetite
- Limiting Risk, Exposure, and Losses
- Digital Account Issues Related to Both New Consumer Accounts and New Business Accounts
Who Should Attend?
This informative session will benefit the following personnel:
- Customer Service Personnel
- Operations Officers / Supervisors and Personnel
- Compliance Officers
- Risk Management Personnel
- Treasury Management
- Product / Service Development
- Loan Officers