Early Warning Blog

Robin Love

Recent Posts

Has Your New Account Screening Evolved?

Posted by Robin Love on Oct 27, 2016

Balancing New Account Growth and Risk Mitigation

Although financial institutions (FIs) have been screening new account applicants for decades, guidelines for how to best utilize that decision-making data has become increasingly scrutinized in an effort to ensure consumer fairness and financial inclusion. Not only have the variety of data sets available to FIs today versus even five years ago advanced significantly, but so too has the sophistication of the consumers applying for new accounts.

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Topics: Authentication, Identity

Fostering Financial Inclusion While Combatting the Growing Risks of New Account Fraud

Posted by Robin Love on Jun 29, 2016

Urged to open their doors to more consumers, banks are simultaneously under pressure to reduce the impact of rising fraud. Combatting new account fraud while working to foster financial inclusion is a tall order. As banks continue to search for the best way to keep fraudsters out of the banking system while bringing more consumers in, they should consider solutions that address these two seemingly distinct challenges in unison. The methodology and the technology that banks use to screen and validate new account applicants should have a dual purpose, identifying consumers worthy of deposit accounts and also uncovering criminal intent.

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Topics: Authentication, Identity

Predictive, Analytical Scores Drive the Future of New Account Screening for Financial Inclusion

Posted by Robin Love on Mar 01, 2016

While regulatory scrutiny around serving the unbanked and underbanked population has grown, so has financial institutions’ (FI) desire to provide these consumers with meaningful financial services. The objectives of banks and credit unions are increasingly focused on ways they can serve more consumers, foster new account growth and continue to minimize risk.

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Topics: Identity

New Account Applicant Screening That Mitigates CFPB Concerns

Posted by Robin Love on May 27, 2015

According to a recent FDIC study, one in thirteen U.S. households are classified as “unbanked,” meaning they don’t work with an insured financial institution [FI], while another one in five households are categorized as “underbanked,” meaning they have an insured FI account, but use “non-FI alternatives” for their banking needs.

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Topics: Identity