The Digital Transformation of In-Branch Account Opening

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What is an omnichannel approach to onboarding?

After the pandemic essentially caused in-branch banking to be impossible for many months, banks were forced to revamp their online account opening processes (among other digital banking capabilities) so that they could still acquire new customers. As a result, many banks turned to companies like Alloy for help automating their KYC/AML decisions and mitigating fraud during the online onboarding process.

Now that banks have reopened their branches, it’s time to bring your in-person onboarding process up to speed with your digital one. Often, Alloy can be looked at as a product that only enhances your digital experience. However, some banks are starting to see the value Alloy Onboarding can bring in-branch too. We recently shared the exciting news that Amerant Bank will be among the first trailblazers to leverage Alloy Onboarding to automate in-branch onboarding decisions in addition to their online onboarding, creating one standardized, omnichannel approach to onboarding new customers.

Benefits to an omnichannel approach to onboarding

  1. Standardized onboarding processes across channels
    If your online and in-branch onboarding processes are different, your decision criteria could be different depending on the entry point of applicants. Using Alloy’s Identity Decisioning Platform (IDP) for in-branch and online onboarding will ensure that all of your customers are held to the same exact requirements.
  2. Instant decision-making
    If your bank does not have an automated IDP in place for in-branch onboarding, it could take anywhere from 30 minutes to a few days to perform KYC/AML checks on your applicants. With Alloy’s IDP, you’ll receive a real-time decision – just like you would for online applications. This provides a better customer experience and frees up time for your employees to work on other things.
  3. Identity and risk profiles for your customers
    When you use Alloy’s IDP for in-branch onboarding, you will start to build out your customers’ identity and risk profiles, tying their in-branch and online activity together and enabling you to see all of their KYC information and financial activity in one place. This information can inform future decisions on applications, suspicious activity, or which new financial products to offer them.
  4. Real-time ID verification
    While it is significantly less common for a fraudster to use a fake form of identification in-branch (as opposed to using a fake ID online), it can still happen. With Alloy’s IDP, your tellers can upload a picture of the customer’s ID and have it verified instantly.

Ready to digitally transform your in-branch onboarding?

There’s a few different ways Alloy Onboarding can be leveraged for in-branch account opening. Some banks set all of their tellers up with access to the Alloy dashboard and have them input their customers’ info directly into our platform to run their workflows. Other banks use a front-end form that the teller fills out that connects to Alloy’s dashboard, runs the customer through the workflow rules, and then provides an instant decision.

Whichever way you decide to use Alloy Onboarding in-branch, the benefits remain the same. Alloy Onboarding brings an omnichannel approach to your onboarding process, holding all applicants to the same approval standards and providing an exceptional customer experience despite their entry point.

Learn more.