CUSTOMERS BANK

Customers Bank was founded in 2009 as a super-community bank and now has over $19.2B in assets. With banking services across 10 states and customers nation-wide, Customer’s vision for the future of lending pairs excellent customer service with deep expertise – and a passion for cutting-edge tech.

In 2018, the Customers Bank team saw an opportunity to better support customers by consolidating their fraud and risk detection tools. At the time, the banking team used a mix of systems – including 21 separate vendors, 7 dashboard, 8 databases, and 36 integration paths – to access key data sets when creating new accounts, approving loans and investigating fraud. This approach slowed processing time, increased costs, and limited their ability to scale.

Customers partnered with InfernoRed to build a custom cloud-based platform to integrate third-party data, produce a risk score, and provide other critical information to bank staff in real-time – all in one easy to use tool, and delivered in under 4 months. Our software developers worked side-by-side with the Customer’s team to create a cloud-based platform built on an open API that quickly evolved from a risk-scoring tool to a multi-functional financial product serving practically all groups within the bank, fintech partners and independently operating partner companies.

Since its launch in 2019, the Verification Services Platform or VSP, has developed over 67 applications from financial scoring and reporting to trend analysis and investigation. It consolidates key functions like credit underwriting, required SBA checks, and business-risk scoring in one system with embedded tools that work with other enterprise platforms, online, in-branch and mobile customer experiences.

The VSP is a unique Fintech fraud and risk automation platform, built by financial experts for financial institutions. With InfernoRed’s support, E2E implementation of new partners ranges from 2 to a maximum of 30 days, which represents an improvement in Customers Bank’s agility by an order-of-magnitude. A platform which can grow and change with the bank’s needs, the VSP represents the future of BAAS.