Ensuring Consumer Access to Banking by Embracing Better Data
The Federal Deposit Insurance Corporation (FDIC) classifies 70 million adults as either "unbanked" or "underbanked;" Javelin Strategy & Research estimates that "just over one-in-four Americans" fall into these categories. Regulatory bodies have made their expectations clear: They want more of these consumers given access to traditional financial services. Banks must ensure that all consumers are treated fairly when seeking to open a new checking account and that applicant screening services utilize accurate, complete and up-to-date information. Is your financial institution doing everything necessary to remain compliant?
From this white paper, you will learn the following key takeaways:
- How to expand your customer base and onboard new customers with confidence
- How to utilize screening solutions to tailor product offerings and account privileges while managing risk
- How to improve operational efficiencies and compliance requirements
