US digital-focused community bank IncredibleBank has implemented a new onboarding technology platform to improve its account opening process.

The Wausau, Wisconsin-headquartered organisation has partnered with identity and fraud prevention platform provider Alloy for the rollout.

The bank said that it its account opening platform previously used a single data source and was completely manual, with the organisation needing a platform to automate KYC, KYB, and fraud at an enterprise level.

"Our application volume varied month-to-month, from a few hundred to a few thousand applications, requiring significant back-end resources during spikes,” said Phil Suckow, VP of innovation, IncredibleBank. “Now, everything is instant."

After the tech rollout, the bank's application review time was reduced by 88 per cent, while manual reviews were cut by 90 per cent.

It has been able to reduce account approval times from 2-5 days to instant decisions.

As well as this, the bank has created holistic risk profiles for applicants by combining five different data sources.

It said it has also been able to identify and mitigate fraudulent applications more effectively.

Additionally, a full-time member of staff has been reallocated from application reviews to sales-focused tasks.

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