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AML/CFT

Woodforest National Bank | BAM+

The Challenge: Adapting to Growth and Increased Risk

Woodforest National Bank® experienced tremendous growth over the last several years, making their needs a bit different from its peers. However, growth is a common indicator of success for financial institutions. It is important that a BSA/AML program can adapt to the changes associated with that growth.

Woodforest sees a high volume of transactions that continues to increase and with 50 people in the BSA department, efficiency is essential. In order to remain successful, the team needed a way to streamline its processes.

The great thing about BAM+ is that we are able to monitor our analysts’ progress so we can see comments from alerts to case to SAR within a snapshot.
Evan Jezek, SAR Manager

The Solution: A Flexible BSA/AML Software Platform that Adapts to Growth

To support Woodforest’s continuing growth and help the BSA department increase productivity, the web-based case management system within BAM+ has been critical.

Evan said it was “a nightmare” when the process was more manual; it was difficult to communicate on the status of alerts and cases both within the department and across the entire organization. However, the case
management system in BAM+ has allowed them to see across their teams’ progress fulfilling their different roles. Simultaneously, one team can prepare SARs while another team can work escalated alerts, making them
more efficient.

“It’s very versatile,” Evan said of BAM+. “It also provides you with detailed reporting instead of the manual process” that the team was accustomed to previously.

Another challenge that many institutions face is the “noise” of false positives – bad alerts that may not even be truly suspicious. According to Evan, BAM+ weeds out false positives so his team can zero in on actual suspicious activity. This is critical for a team of any size to free up resources and do what they need to do in order to remain compliant.

The Result: A BSA/AML Software Partner that Provides Continued Success with Institutional Growth

Having been a part of the Abrigo family for over 15 years, Woodforest National Bank knows firsthand that delighting our customers is our #1 priority. In addition to the results they get from BAM+, Evan’s team values the people at Abrigo.

“At the end of the day, you’re going to do business with good people who understand where you’re coming from,” said Evan, referring to Abrigo’s support. He is impressed by the emails, webinars, trainings and other services that are intended to help our customers continue to be
successful.

Furthermore, Evan said that Abrigo is proactive instead of reactive, like some other vendors. He named an example where he received an email bulletin from Abrigo that he was able to provide directly to his directors and CEO, helping them make a decision internally.

At Abrigo, we recognize that each financial institution is different. There are varying asset sizes, risk profiles, customer bases and needs in general. However, our goal is to provide software and services that help financial institutions adapt to change. Like we did with Woodforest National Bank, we strive to grow alongside
all of our partner institutions while providing success, not just software.

I honestly couldn’t imagine doing my job effectively without BAM+.
Evan Jezek, SAR Manager

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