Capital Bank’s OpenSky puts CRIF’s CreditFlow & StrategyOne to the test
"What CRIF built was seamless. The hardest part of the project is the one part that is going very well, and that is the CRIF part. We have almost quadrupled our application volume since we launched and are on a completely new growth plan. Having CRIF as a partner enabled that."
All lenders have a process to determine the creditworthiness of borrowers, but not all have an efficient and effective way to do so. CRIF's technology helps lenders maintain growth and agility while managing risk.
CLIENT: OpenSky, a business line of Capital Bank, N.A.
NEEDS: Multichannel solution to automate workflow and risk management, improve applicant approval rates, integration with internal and external systems, increase booking rates while decreasing funding time.
SOLUTIONS: CRIF Credit Management Platform configurable products, CreditFlow for credit process management, StrategyOne, for decision management and CreditBility for Business Intelligence & Reporting.
RESULTS: Increased credit card application volume of 80% in a single day.
OpenSky is a business line of Capital Bank, N.A., a Washington, D.C. a based private bank with more than $600 million under management. It approached CRIF for help updating a system received as part of an acquisition. The system is for online card application and management of the OpenSky Secured VISA Credit Card. While the existing system had a complicated, manual process for verifying applicants' identity and gathering security deposits, the new one furnishes Capital Bank's management team with data from the application process to facilitate compliance checks, creating one of the most automated end-to-end secured credit card origination process in the market.