As fraud continues to evolve, financial institutions are looking for new ways to protect consumers while strengthening customer relationships. For ChexSystems, an FIS company that helps thousands of financial institutions assess risk during account opening, empowering consumers has become an important part of that strategy.
According to Ron Whyte, President of ChexSystems, consumers are often the first to recognize that something isn’t right.
“Consumers are truly the first line of defense,” Whyte said. “Consumers know something is wrong before their financial institution knows something is wrong.”
Rather than relying solely on institutions to detect suspicious activity, the organization wanted to give consumers greater visibility into their accounts through fraud monitoring and consumer alert capabilities. By placing monitoring tools directly in consumers’ hands, ChexSystems helps financial institutions extend protection beyond traditional banking services while giving consumers greater confidence in managing their accounts.
Moving quickly to meet client needs
ChexSystems serves ChexSystems 5,500 financial institutions that rely on its services to evaluate risk when consumers open new checking accounts.
When the company decided to expand its offerings with new alert capabilities, speed was essential.
Whyte said Experian’s ability to scale and execute quickly was a key factor in the decision.
“One of Experian’s greatest strengths for us was really your scale and your ability to perform quickly based on our requirements,” he said.
Delivering more value to financial institutions
While fraud protection remains a primary objective, ChexSystems also saw an opportunity to help its financial institution clients strengthen customer relationships.
Many financial institutions were seeking services that went beyond traditional banking products. Identity theft and fraud monitoring services offered a way to provide additional value to account holders while helping institutions differentiate their checking accounts.
“Our clients wanted more capabilities that were not necessarily linked to financial services,” Whyte said.
By offering these additional monitoring services, financial institutions can create stronger customer engagement while giving consumers another layer of protection against fraud.
For ChexSystems, that combination supports both its clients’ business goals and consumers’ growing expectations for proactive fraud protection.
About ChexSystems
ChexSystems, an FIS company, is a nationwide consumer reporting agency that helps financial institutions evaluate risk when consumers apply to open deposit accounts. The company provides account verification and reporting services by maintaining information related to checking and savings account activity, including account openings, closures and other account history. Financial institutions use ChexSystems’ information to support account opening decisions and help manage risk while expanding access to banking services.
Learn more at https://www.chexsystems.com/
