Case Study

Navigating OCC Compliance in Digital Transformation: A DAO Journey

A regional bank, operating under OCC and catering primarily to local residents in one state, sought to expand its appeal to the younger demographic. The bank embarked on a digital transformation journey, focusing on implementing a Digital Account Opening (DAO) system to modernize its account opening process and align with the digital preferences of a growing customer base.

Key Challenges

Compliance with OCC Regulations

Navigating stringent OCC guidelines to ensure full compliance of the Digital Account Opening system.

Technological Integration

Integrating new digital solutions into the existing infrastructure posed significant technical challenges.

Risk Management in a Digital Environment

Adapting the risk management framework to address cybersecurity and digital fraud risks associated with online account opening.

Customer Data Security and Privacy

Ensuring the security and privacy of customer data in the digital account opening process was paramount.

Scalability and Future Proofing

Developing a DAO system that was not only scalable but also capable of adapting to future technological changes and customer needs.

How Did EntityVector Help?

Readiness Assessment

We conducted an in-depth readiness assessment for the Digital Account Opening (DAO) procedure using best industry practices, identifying key gaps from compliance and risk management perspective. This included BSA/AML, Fraud Risk, Security Architecture, Third-Party Risk and other related areas.

Addressing identified gaps

In response to the findings, a strategic plan was developed to address the gaps. This included working with cross functional teams, updating the procedures, and seeking approval from senior management. It also included coordinating with vendors and creating necessary training material for the staff.

OCC Approval & Final Outcome

These enhancements were pivotal in securing approval from the OCC, following the preparation of comprehensive documentation and active collaboration with senior management to address OCC inquiries. This brought signficant efficiencies and improved customer satisfaction.