Sharvelle Washington had spent her entire career working for Fortune 500 companies, Promontory Risk Review and Western Union among them. 2021 became ACAMS certified, Colorado Native, Bachelors from University of Phoenix in Business Administration and project management certification. Next, conduct comprehensive due diligence on the third-party vendors you’re considering. Compare what several companies offer with respect to the data collection process and their methods of verifying the customer. Determine whether the vendor can collect scanned or captured photo IDs and a live photo at the time of enrollment, and find out what you’ll be able to provide when an auditor asks for verifying information. Make sure you’ll have easy access to this information. Never ignore red flags or evasiveness on the part of a vendor. If a potential service provider is unable or unwilling to give you satisfactory answers, it’s not the right vendor for your institution. Don’t forget to create a marketing strategy for engaging new customers to open accounts online. Visual appeal is important today: Showing what the process entails could entice more people to sign up. Referrals from current customers may also draw in more new customers. Finally, stay positive throughout the entire process. Opening accounts online is still a fairly new advancement in the financial services industry. Everyone is still learning and adjusting to changing times. Start by determining your financial institution’s risk tolerance for online account openings. 15
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