6 Lessons in Customer Onboarding in Credit Unions

 

Kerry has spent nearly 15 years assisting Credit Unions with addressing fraud, IDV, KYC, and AML.

 

In that time, I’ve learned a few things:

TruNarrative Application Fraud

 

There is a very large span in how each firm utilizes data and technology. Some are using the most sophisticated multi-layered authentication approach available. Others are still operating out of the 90’s. It has less to do with cost or budgets, and more to do with a culture that’s adverse to change.
 

TruNarrative Partner Apps

 

Most firms are using many different data/technology vendors, and typically there is quite a bit of overlap. The result of this is a significant rate of overspend per transaction. Additionally, at times these data sources provide conflicting information, making it a challenge to know how to decision an applicant. 
 

 

TruNarrative Behavioural Monitoring

Many are relying on systems that were deployed 10 years ago or more. It’s a common (and mostly true!) belief that it’s laborsome and time consuming to make a technology change, however EVERYONE seems to know that a change needs to occur. Rather than investing in technology that can automate some or all of the onboarding process, many firms choose to add staff. I had a C-Level contact recently tell me they had 8 technology vendors respond to an RFP. They turned them all down because “no one could do precisely what we needed”. That same firm just hired extra staff to process manual reviews…
 

TruNarrative Greater Knowledge

 

EVERYONE agrees they need to adopt AI. But, they also believe they need to get this next system upgrade just right before they move forward. They know they’ll know the right system when they see it.
 

TruNarrative Application Fraud

 

Most small banks and credit unions are currently forced to pay up to 25K to implement a new data source or system change, and it’s simply not affordable. So, they add staff instead of making frequent changes. The reality is, nobody really wants to continue to operate in this way.
 

 

 

What we all seem to be looking for is;

 

  1. Moving most of our transactions online,
  2. Being compliant and make quick decisions without adding risk or customer friction and
  3. Learning from each customer interaction without the reliance of a third party or IT to make changes in strategy. Learning includes AI, as well as human intelligence.

 

If you can relate, then we should talk.

 

Accessible Machine Learning and Robust Compliance

Reach out to Kerry

Adopting new technology is the key to achieving success in today’s highly competitive lending marketplace. 

If you work in fraud, risk, lending or compliance in a Credit Union, reach out to Kerry to learn more about how our groundbreaking technology could greatly improve the operational efficiencies of your Credit Union’s customer onboarding process, while reducing fraud and false positives, and ensuring regulatory compliance. 

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