A $10 billion regional bank has consolidated16 local banks into a regional institution with more than 220 branches. It operates with a customer-focused goal to deliver the convenience and technological advantages of a large super-regional bank, but with the local commitment and decision-making of a local community bank.

The bank recognized the need for online account opening in 2008 and by May, 2009, the company selected uMonitor's uOpen & uFund^® service. uOpen & uFund^® is an online account opening solution that streamlines the account opening and funding process and offers an integrated switch kit to assist customers in bringing more relationships to the bank. The bank selected this service for its unique ability to develop workflow and processes that best meet bank's requirements, including offering loans online. uMonitor's experience with other leading financial institutions and its ability to offer a paperless application process also played key role in the bank's decision.

Without any special promotion or attractive interest rate promotions, the bank received more than 3,900 completed applications in its first eight months live with uOpen & uFund^®, 1,420 of which were approved. The solution brought in 781 new customers, and added additional solutions for 641 existing customers. The bank totaled 1,600 new accounts with an average balance of $400. Best of all, not a single fraudulent customer has been able to open an account through the process.

"Having compliance and risk involved from the very beginning is what made our process move so smoothly," noted a project manager at the bank. The bank worked with uMonitor to follow a set of best practices that would mitigate loss and ensure compliance standards were met. Best practices from the application include:

• An initial account-opening minimum of $100, which met the bank's branch standards, and a maximum of $1,000. These amounts are easy to require without negatively affecting the customer.

• The bank offered internal account transfers to existing customers and streamlined the entire account opening and funding process for them to enhance efficiency and service.

• All new account customers have to go through PATRIOT Act and OFAC Compliance requirements. Integrated ID verification and out-of-wallet question based ID authentication allows to improve process and reduce fraud.

• The bank does not offer check cards or any other secured access until customers have funded their accounts. This prevents people from over drafting new accounts and then disappearing.

• Emails to customers are all routed through the bank's server so there is no customer confusion with emails or potential for phishing. Additionally, uMonitor's easy subject lines help the bank to monitor and properly direct return emails.

• Overdraft protection opt-in is offered at all the proper places, helping the bank to be completely compliant with Regulation E while maintaining cash flow.

"We have a solid set of compliance and loss mitigation practices in place, all of which run smoothly – and without any slow-down for the customer," the project manager added. "We are delighted with the success of this offering will be promoting the online channel to grow deposits with full confidence in systems ability to meet current and future regulatory and security guidelines."