Alogent Webinar: Unify for Corelation Clients

Good morning. Thank you for taking the time to to join us for, the webinar this morning. My name is Tak Johnston. I'm VP of sales for Alligent. In addition, we also have Mark Bixel on the line. Mark is our VP sales engineer. He's gonna be the one who is going to take us through, part of the live solution today. But, thanks again for taking the time to join us this morning. Today, we're gonna be focusing specifically on our unify our next generation check and deposit processing solution, Unify, and how we're working with correlation, as well as our credit union partners to simplify and modernize, your day one and day two check and deposit processing suite. So here here are four common goals that that we hear from both customers as well as prospects. It's something that we're gonna really focus on during the webinar this morning. The first being, how can we increase automation through our software solutions. The second is deposit consistency, and the third being proactive fraud prevention as well as minimizing risk, with the end goal of of cost reduction. Mark, can you add to those four bullet points, a bit more? Yeah. Tech. Yeah. Tech. Sure. And good morning, everybody. Yeah. Increased automation. There's consumer demand for making deposits easier and quicker, and that means also, the members are requesting, faster funds availability. Right? In the back office, there's a demand for creating efficiencies. Let's eliminate manual processes. Let's make them, be automated. Okay? For deposit consistency, when a member makes a deposit at the teller line, the mobile phone, or the ATM, currently, it's it's it's inconsistent. Right? A check is handled one way in one channel, a different way in another. Within Unify, we've eliminated that. We've created a common API for all channels so that deposit experience, is consistent. You know, fraud is on on top of everybody's mind today. We leverage some of the industry, leading fraud services. We have a a scoring model in Unify to help, be proactive and predict, abnormal, member deposit activity. Right? And we also have, features in the solution about having robust limits, rules, and tier capabilities. So we classify those members in the right categories and and in the right tiers and and basically apply the right actions based on their deposits. And the last one is huge rate cost reductions. How do we gain efficiencies, through workflow, automation, vendor consolidation, and also cloud initiatives? Thanks, Marcus. Yeah. And as we get started, Shurtak, as we get started, right, why did we create Unify? Our goal was to help create to help credit unions achieve these goals. Unify also establishes strategies for payment modernization, faster payments, data strategies and warehousing, and also cloud initiatives. Unify is a complete check twenty one platform. As we continue to talk about Unify, we mentioned the the single API, but why is why is a single API important? Right? One is obviously consistency of that member making the deposit at a variety of different channels. The other is to increase deposit, frequency. Right? You don't wanna deter the member to go either to the teller line or to the ATM or to another channel. You want them to make it seamless and you wanna make sure that that experience is consistent. Right? You wanna make sure it's it the there's reduced friction, and there's obviously reduced risk. The other thing we wanna do is also make sure we have consistent data. Right? Data is the key. You know, there's, you know, data warehousing. There's data lakes. There's other things around reporting that that all financial institutions are looking to do. Having consistent data across all points at that capture point is extremely important. Yeah. Thanks, Mark. And, so a little bit about fraud prevention and and detection. You know, something that we, commonly hear from our credit union customers as well as prospective, customers that we're speaking with is, you know, the challenge that they're running into with fraud. So, you know, we really take a proactive approach for how we handle fraud with Unify, and it's something that, you know, we added some additional feature functionality when building out the solution based on the feedback we got from the market. And, you know, one of the first things being, we're leveraging, you know, third party integrations with leading fraud providers such as AFS, TrueChex, Orbograph, Mitek, Verifin, as well as many others. And then to add an additional layer to that, when building out UNIFI, we, we also built out a member scoring model. And what this does, it allows you to determine any abnormal member deposit activity, or behavior and a lot and allows you to make decisions based on that behavior. Really, with Unify, we wanted to take more of a proactive approach, and and have an added layer on top of those, you know, third party fraud providers. Mark, could you provide us with a few kinda real world scenarios of how the scoring model is is utilized in in the day to day, at a credit union? Yeah. Absolutely, Tech. Yeah. So the unified scoring model, consists of of imported data from the core around available balances, age of the account, and any negative activity such as NSFs, or checks that can't be paid. We also look at historical data around deposit frequency, number of items, amounts, and things like that. And the goal basically is to come up with a score of of how probable that member is making a deposit. In in this example of let's say a member, makes a deposit on a consistent basis twice a month for for about fifteen hundred dollars, then all of a sudden they increase their deposit frequency, they may increase their deposit amounts, or it could just be an increase in frequency. That score is going to be generated, it's going to be low and that can actually trigger, a deposit review. Most times around fraud, the account is dormant or there's low activity, then we see a ramp up of activity and deposits and then all of a sudden we get these items back that can't be paid and the credit union takes a loss. The scoring model will actually generate that low score and trigger that review before the deposit is actually posted, to the member's account. Therefore, the the credit union is is getting ahead of this abnormal behavior. The second way that the scoring model can help is really by automating the deposit review process. Right? In in an example, if the member goes over the deposit limit, say, by a hundred dollars, today that automatically goes to review. Tomorrow using the scoring model, we basically, again, will take, data from the core, available balances, HOD account, and we'll also look at historical data. And if we generate a score that's high enough, right, let's say over nine hundred, there could be a rule set, hey. Any member score over nine hundred, skip review because we know they have high high available balances. They've been a member of the at the credit union for a while, so we're automated. The goal is basically to speed up the deposit process, but not deter not introduce additional risk, and that's really the role, of the scoring model. If we look at the next bullet point, we talk about limit, rules, and tiers. Right? In Unify, we've created a robust feature around all three of these. The goal is to basically have limits depending on, you know, dollar limits, deposit limits, daily limits, rolling number of day limits. Also rules around, you know, age of the account. Right? Are they on a special list, that requires review? Has your account been dormant? Things like that. And the last thing is around tiers. Right? It's to basically able to look at the members, put them in the right tier, and that way the amount of deposits that actually go into review and whether it be mobile or it be another channel, they're accurately being flagged and then being reviewed by by the staff within the the credit union. All of these combined actually can create additional workflow processes to protect the credit union, things like payee name verification. Right? Validating the the name on the check to the to the member or the account holder, right, that's a process that can be invoked. Deposit review, right, traditional review is over the limit, duplicates and fraud, we've obviously added additional capabilities there. And the last one is balancing with with deposit adjustments, right? Today, when we need to, adjust the deposit, a lot of times you go back into the quarter to do that. Now within Unify, we'll go ahead and and adjust the deposit. We'll update the the core based on those rejected or adjusted items. We also have the ability to apply holds within this module as well. That way, the credit union associate stays in the in Allegiant the entire time to review, adjust, and then create the posting event for that member all within Allegiant. Alright. One more slide and then we're gonna get into the live live system. We talk about, data consistencies, we talk about meaningful reporting. By having a single API right, we're creating a situation where we're capturing the deposit, consistently across all all capture points, whether it be ATM, TeleCapture, mobile, your business remote deposit or commercial remote deposit, whatever term, you wanna use right. It's the same API. It's the same validation. It's the same way. There that creates efficiencies for you as a credit union to have less rules and and and and and tasks to manage, but it also creates consistencies around data. And when we get data, we can transform that data and we can basically have that data, basically become powerful information to make key decisions based on how do we address numbers, what tiers do we put them in, how do we associate funds availability. Okay? And the the other thing also around the data is, right, the goal basically is to streamline the events of all check twenty one, processing within the credit union and that is something Unify can do, for you. And then from from from there, we're gonna go ahead and move into, the live system. Alright. Alright. Couple of things we're gonna go through, today within the, within Unify. Right? Here we have the portal. This is all your Check twenty one activities in one dashboard. Right? It's your deposit consolidation. It's your image exchange. It's your in clearance. It's your in going and outgoing returns. This is all on a single page. This is a a browser agnostic solution. In fact, all of Unify is browser agnostic. So whether, you know, you're on a Windows machine, you're on a Mac, you're on a Google Chromebook, right, OS or operating system is independent. Basically, for me to drive the application here, I stay on this page. I never have to go to another page to log in. I don't have to go to a different URL. If I actually need to go do corrections, let's say we had ATM items come in and we need to go ahead and correct this item, The look and feel is there. Right? We have, buttons up here for the image, and we're also prompt to, key the amount or excuse me, to key the check number here. And this is all business rule, triggered to basically assist you and automate that. I'm gonna go ahead and get out of this and I'm gonna go back to, the portal itself here, and then and from there, right, we can go ahead and and see all of our actions. If I wanna go ahead and drill down and see more detail, right, I get now all my channels. Right? I have my ATM. I have my mobile. I have my remote deposit. I have my teller capture. I also have many of my files coming in. This could be inkling files. It could be return files. It could be, you know, different types of depository x nine files as well. As I drill down here and I wanna see more about the individual workflow, I can see where my ATM is located, I can see additional information about the statuses of those deposits, and basically see what workflow, has to be has to be performed, before I end my day. Right? This is all web based again. Like I said, true browser native application as part of this solution. I'm gonna go ahead and move back here. And, Mark, one one thing just to add to that. You know, today, we're focusing specifically on Unifi and our integration with correlation. We aren't gonna show the actual teller capture part of that, but would you mind touching on that briefly, Mark, just as far as, the the integration that we do have with correlation on the tele capture piece and how deep that integration is before we move into the next part? Yeah. Absolutely. So, basically, the way Unify has been integrated into Keystone is they're calling the Allogene API. So from a teller capture perspective, you never actually see Allogene. You start the transaction within Keystone and, basically, you perform the entire transaction. You do all the scanning, you do all the correction, and any other actions such as verifying, you know, did an item need to be reviewed for image quality? Did the item go out to a fraud service and get hit back saying, it's a fraudulent item. Do you wanna deny, accept it? Right? Or it all stays in the core and Aligin gets updated by, by the API in the background. There's no more screens popping up and minimizing. It's all done directly in the core. It's a faster experience. It's a more efficient experience, and it also requires less training for the teller staff at the credit union. Ab absolutely. Thanks thanks for going through that. And just to add to the attendees on the call, more than happy to set up a follow-up demo if you'd like to, you know, see how that works and everything. It's a very strong integration, and we've worked really closely with correlation to build that out. So thanks, Mark. Yep. Yeah. Good good good points, Tak. Let me go into, the next part here. And, really, what we wanna do is talk about deposit review and what enhancements, we've made, to the solution here. And so we're gonna go ahead into our our balancing module, today, which also can consist of review. Because we have new modules within Unify such as payee name verification, again, which verifies the name on the check to the depositor, right, if, to match that up. We also, you know, have the transaction review, and we also have the the the balancing with the deposit adjustments and holds, that can be performed within the solution itself. And this is a new module to many of our current customers that use our ImagePoint suite. As I'm gonna go ahead, I'm gonna click in here, and I'm gonna move into a deposit here. And this is just an ATM deposit. But what's important here is that this it's the same API. It can be the same workflow for regardless of of channel. Right? So when we talk about that, you know, we're talking about ATM, we're talking about mole mobile. We also support multi check-in a mobile deposit. Right? So if the member has five checks, they go to the ATM, it's normally one deposit. They go to the teller line, it's one deposit. Now within Unify, in a mobile deposit, five checks is a single deposit. Right? That depends, a little bit on our integration with our third party vendors, but that is a supported feature as multi check, mobile deposit. As you can see up here, we have a deposit, that needs a bunch of work that needs to be done here. And some of this we'll go ahead and do, and walk through this. Right? So let's go ahead and look at the credit here. So, basically, we're using our scoring model that we talked about. This deposit for the member is outside of its normal range and this is above the threshold. Right? So, you know, again, we're looking at the scoring model. We're being proactive. We're basically assessing these items and saying, hey. This is out of range. This is abnormal. Right? In this case, I'm just gonna say, hey. This is not a suspect just to walk through it. I may need a little bit more information, but let's just go ahead and go through this. Right? Then we have a few more items in here. Right? Duplicate is pretty self explanatory. One thing we do do within Unify, we do duplicate detection up to a hundred and eighty days. We can also look at the date range, right, for post and still data check, to cover that whole one hundred and eighty days. At this case this case, we'll say, the items are different, just from a demo perspective. Again, this item is above the threshold. We can have a lot of tools on here. We can go ahead and and flip it and look at the back as well. We also can zoom in through the magnifying glass. The other feature that I'm gonna talk about here is the ability to capture the grayscale images. Depending on the check scanner, depending on the ATM and the ITM, many of them do support grayscale images. We can pull those in, and capture those images as well. Obviously, the image you're seeing up here today, is the is the check fed, spec. Right? You know, it's a black and white image, but for more detail, we can show you the grayscale. For mobile deposit, we can show you the color image. This case, we'll go ahead and and say not a suspect. And as we go through here, we have an item here and we'll click on that. And this is fraud. Right? We do have integration with with, the industry's leading fraud providers, you know, such as, AFS True Checks. That also includes early warning. There's others out there such such as MyTech, and a few others. Right? So we've integrated with those. We're doing that at real time. Tell our line, it happens real time with a member in front. For other deposits, it could happen, real time, but a an associate at the credit union may need to decision this. So in this point, we do actually have a deposit that we're gonna or an item that we're gonna deny based on the recommendation from AFS true checks. So we'll go ahead and hit deny. And then the last one here, we'll go ahead and and look at this one. It's above the threshold. Right? Again, we're looking at past member deposit history. We're looking at the past items that this member has deposited in their account. And, again, you know, we can inspect the front and the back, you know. But in this case, what we're gonna do is we're gonna go ahead and say, not a suspect, but because we're not sure here, we're gonna go in here and we're gonna extend the hold here. So I'm gonna go in here and I'm just gonna say next day hold, and I'm gonna say release a specific amount. And in this case, we're just gonna go ahead and give them three hundred dollars, and the hold amount is gonna be twenty seven it's twenty seven hundred dollars, and we're just gonna put a five day hold on this. And the reason we're gonna place the hold is because it's a large item in the deposit. Now I'm gonna go ahead and and save this. Right? And now we're ready to adjust the deposit accordingly. Right? So we've gone ahead and we've eliminated the fraud item, and the members went ahead and made a deposit for fifty eight sixty and fifteen cents. So at this point, I'm gonna go ahead and insert a deposit adjustment just basically for that fraudulent item, four thousand dollars, and we're gonna go ahead and save that, include that as part of the deposit and also as part of the history. Now in this case, the deposit is now in balance. We can go ahead and update the core, but also what we can do is we can create a deposit adjustment notice that can be either email, sent via via email, text message. Obviously, the text message has less information, and we can also create a notification to send to mobile banking to let them know of the update on their deposit. But importantly is the credit union doesn't need to do anything to let the member know we've adjusted their deposit. It's all being done by the notification module within within Alligent. Right? At this point, I'm gonna go ahead and hit commit. The core goes ahead. We obviously may have timed out here, but we would go ahead and hit commit. We would update the core. And at this point, we're done and we go on to the next deposit. From here, I'm gonna move into our research tool, and this is basically, the long term archive. It could be for a hundred and eighty days, or it can be up to seven years depending on how you use Unify. It could be for tele capture or mobile and and, ATM, or it could be for the full blown, Check twenty one needs. And and as we go through this, right, an archive has a lot of information. Right? And there's multiple ways to display that. We have, dashboards, which is gonna come up here in a second. We have the ability to run, searches right. We can have predetermined queries, whether they be public or private, based on the individual. And then we also have, our reports. The first, visualization or or dashboard you see is around item processing. This is what happens, you know, throughout the day. I actually have my date range set per week just based on, you know, I'm not writing demos every day, but just to show you data. If I actually move to the scoring model, I would be able to see the summary data of my different tiers, my channels, my test performed, and my overall scores. Right? Oh, there's a lot of data here. Not we don't have time to go through it today. But basically, we're storing off everything that happened to that deposit around, you know, who looked at it, who changed it, what was the score on that for any historical data we need and trending information which is important because, again, powerful data, basically, is important to make big and important financial decisions. We also have a search in here. Not gonna go through it. Just gonna pop this up here real quick. And at a high level, a search is like a search is important based on the data you enter in here. There's a lot of different data we could enter in here. I'm just gonna choose my branch channel, and I'm gonna go down here and hit search. And as you can see, we've brought back a bunch of a bunch of items. You know, again, we store off the sixty pieces of data. We know the the full audit trail, of who touched what, how it came in, how it went out, etcetera. Right? And we also can go ahead and extract this data if necessary. So I'm just gonna view a transaction here. And as you can see here, we have an item here. And I'm gonna go ahead and click on, the item data here. And as you can go through this here, you can see that this item wasn't a suspect for a deposit review, but it was a suspect for duplicate review. And, obviously, it was reviewed by me as as I'm the owner of the demo system. But, importantly, you can create the full audit trail of what happened to an item working backwards. The last thing we're gonna cover within here from within the live system based on time is the reporting. Right? There's reconciliation reports. There's item history reports. And for example, if I just needed to know, the total of the deposits or the of all the items we've processed at the credit union for for the current day, and I'm actually gonna use, yesterday's day because I'm in the middle of the current day, you'll be able to to see that. And this will just take a second to run here. We're gonna change the date back to yesterday. We're gonna go ahead and and hit apply. And we have our basic our our basic summary report of all our inputs, around that. We also have output reports, item history reports, and other outputs. But importantly, Unify is a complete check twenty one system. Again, the scoring model is is a proactive approach, web based single API, obviously, can be put into the cloud and also with Aware being able to show you the visualizations and dashboards and able to do, you know, analytics and things like that, it's important to successful Check twenty one shop. Yeah. And and, Mark, do you mind, going back to the dashboard, real quickly? There was one point I I did just wanna highlight. You know, one kinda consistent, theme that we've heard amongst our our our customers and prospects. As you know, they have all this data, and they don't really know what to do with it. Kinda paralysis by analysis. And, really, the reason we built out Unify is to capture that data and to allow you to, you know, better serve your members and to make business decisions based on the data that you're capturing. So these dashboards, these reports, you know, we built that out, you know, with those specific use cases in mind. But we are coming up coming up on time. So, Mark, thanks for taking us, you know, through the live software. I believe did did we have any questions that came through, in in the chat? Yeah. Actually, we had quite a few. Let me go ahead and pick one. Yeah. The first one is, my credit union is only interested in tele capture and mobile deposit. Is Unify an option, or do we need the entire solution? Yeah. So so that's a great question. So, you know, Unify can be your single, day one and day two check and deposit processing solution for, you know, your day one capture points, your long term archive, and your day two processing in clearance and returns to the Fed. However, you do have the flexibility of, you know, just running tele capture, mobile deposit, keeping your day two provider in place. So, yeah, it, it certainly has the flexibility to handle, just mobile deposit and tele capture if that's your, priority. Thank you, Ted. Let's go one more question. Alright? We're using a corporate provider for my check twenty one processing today. Can Unify replace that vendor since it sounds like there are many efficiencies gained by using Unify for all check twenty one processes? Yes. So the the short answer to that is yes. You know, a lot of our customers really like the idea of being able to go direct to the fed, instead of having to go through a middleman or a corporate. So, yeah, Unify, if, you know, could certainly be that full day one and day two, check and deposit processing suite. So absolutely. Thanks, Zach. Yeah. And so I think that, you know, we have a few minutes left, so I think we're gonna wrap things up there. I just wanna thank everybody for taking the time to join us this morning. Mark, thanks for taking us through the live software. If you have any questions about what we went through or if you'd like to do a deeper dive demo, more than happy to, you you know, to set that up at your convenience. But once again, thanks for everybody's time this morning, and we'll look forward to, being in touch sometime soon. Thank you. Great. Thank you.