Account Opening in a New York Minute
How Apple Bank modernized account opening, reduced manual reviews and gave their bankers time back with Terafina.
The Key Results
3x productivity
& growth
Significant
time saving
Manual review reduced
from 80% to 30%
Apple Bank is a storied New York institution, renowned for its strong branch presence and unwavering commitment to customer service. With more than 75 branches across greater New York and recent expansion to New Jersey, Apple Bank delivers a full range of retail banking services to individuals and businesses, both in-branch and through robust online and alternative channels.
Client Overview
The Opportunity
Account openings took 45–60 minutes
Customers frustrated by delays; employees bogged down in manual work
80% of applications required manual review
Fraud remained a top concern in a highly regulated market
The Solution
Apple Bank partnered with Candescent to implement a next-generation account opening platform designed with extensibility, automation and fraud prevention at its core.
The Deployment focused on:
which required automation of operational tasks including application analysis, document archiving and automation of data to monitoring systems.
Extensible integrations
with 110+ APIs, enabling configurability, compliance and business process improvement, doubling throughput without increasing resources.
Scalability for expansion
powered by Candescent’s ecosystem to identify risk earlier without slowing legitimate applicants down.
Built-in fraud detection
The Impact
50 minutes
saved per application
3x
productivity
~800 apps/month without more staff
80% to 30%
time saved on manual reviews
3 months to
2 weeks
Reduction of training time
50%
of frontline staff time reclaimed
Most Successful implementation
as described by Apple bank in the last 6 years
