Retail Bank Online Account Opening

Frictionless Online Account Opening

Screen Shot 2016-06-29 at 6.47.51 PMOverview

Feedzai’s machine learning and big data enabled fraud prevention platform helped a Top 10 US Retail Bank significantly improve its new customer account opening process.

The Challenge

The Retail Bank required a risk assessment engine that could sift through new account applications and approve new customers with little to no friction. Before Feedzai, most applications were reviewed manually and many good customers were turned away. In fact, over half of new applications were denied due to the Bank’s inability to assess risk efficiently!

The Results

  • 70% increase in new application approvals
  • Greatly reduced manual verification overhead by cutting false positives by 10x
  • Radically improved online account opening customer experience
  • Zero increase in fraud losses despite increase in approved applicants
  • New data streams now integrate within weeks, not months

Download the full case study to learn more about:

  1. What the main challenges the bank was trying to solve
  2. The full solution that was deployed along the bank’s identity, eligibility and fraud risk verification process
  3. Details of Feedzai’s Integrated Risk Decisioning Platform and Key Features