How USAlliance Federal Credit Union Reduced Manual Decisioning by 50%
USAlliance Federal Credit Union is a not-for-profit financial cooperative based in Rye, New York. Since its inception in 1966, USALLIANCE Financial has grown to over $3 billion in assets, proudly serving over 180,000 members nationwide.
How USAlliance Federal Credit Union Reduced Manual Decisioning by 50%
USAlliance Federal Credit Union is a not-for-profit financial cooperative based in Rye, New York. Since its inception in 1966, USALLIANCE Financial has grown to over $3 billion in assets, proudly serving over 180,000 members nationwide.
Use Cases
- Customer Onboarding
- Case Management
- SAR Filing
- Rye, NY
- Credit Union
Challenge
Solution
Result
USALLIANCE Financial found several aspects of Effectiv’s platform to be highly beneficial for their operations:
Customization
Effectiv’s platform offers a high level of customization, accommodating USALLIANCE Financial’s specific requests. Decisions could be customized based on data and rules specific to the organization’s needs, such as using data from one of USALLIANCE’s partners to refine their risk assessments.
User-Friendly Reporting
Effectiv provided user-friendly reports for quality checks, making it easier for USALLIANCE Financial representatives to read and understand the data, ultimately improving their decision-making process. As Monica Kendall, Compliance & Risk Specialist at USALLIANCE Financial said, “I really like how customizable Effectiv’s platform is. Effectiv was able to give us a user-friendly dashboard report that we could easily understand and use for improved business decisions.”
Dashboard and Data Integrations
The Effectiv platform offers a comprehensive dashboard with features like linked cases, geolocation, and device tracking. These features enabled USALLIANCE Financial to streamline its fraud detection and decision-making processes, which resulted in a sharp reduction in fraud losses, time saved through automation, and a decrease in total costs of managing risk.
Scalability and Future Integration
USALLIANCE Financial is exploring the potential of using Effectiv for other products and services, demonstrating the platform’s scalability and adaptability to meet their evolving needs. These include expanding KYC checks and leveraging Effectiv’s KYB screening solution for member business account applications.
“After implementing Effectiv, USALLIANCE Financial experienced a reduction in manual reviews from 50% to 25%.”
- Michael Duffy, VP of Audit & Risk
When asked if they would recommend Effectiv to other credit union executives considering a fraud and risk management solution, the team emphasized the platform’s flexibility, customization, and capability to handle the majority of the work, as major reasons they would recommend it as an efficient solution. USALLIANCE Financial praised the Effectiv team’s partnership, willingness to customize the platform, and active collaboration with problem-solving and optimization.
USALLIANCE Financial’s transition from its previous solution to Effectiv has substantially enhanced its ability to make data-driven risk decisions and streamline its fraud detection process. The tailored and flexible nature of Effectiv’s platform, as well as the collaborative partnership between the two organizations, has allowed USALLIANCE Financial to meet its evolving needs and efficiently manage risk.
