InBank drastically reduced the amount of time to open a commercial account while providing an impressive experience for new clients — creating the ability to quickly onboard $30M in new deposits from a single client relationship.
“With DocFox, we have been able to streamline our onboarding process, provide a great client-facing experience, and help our back office manage all we need to open new commercial accounts.”
The Challenge
Following their success with supporting new clients with PPP loans during the pandemic, InBank realized they needed to digitize and streamline their commercial account onboarding process.
After acquiring their first community bank with $320M in assets in 2018, InBank grew quickly during the COVID-19 pandemic through assisting business clients in their market with Paycheck Protection Program (PPP) loans. By the end of the program, InBank had grown to just under $700M in assets, more than doubling their size in just three years.
At this point, however, InBank realized they needed help. With just two full-service branches supporting 12 commercial bankers in the Denver/Boulder metro area, InBank didn’t have the staff available to help with what was frequently a weeks-long onboarding process for new commercial clients.
While InBank would provide their new clients with a list of documents required to open an account, they’d frequently discover — days or even weeks later — that documents were missing or hadn’t been properly executed. The back and forth was painful for both the customer and banker, with customers frequently asking why it was taking so long to open their accounts.
The Solution
After implementing DocFox in the spring of 2022, InBank now has a streamlined portal for new customers to know exactly what is needed to move the process forward. Likewise, anyone involved in the onboarding process has visibility into exactly what is happening, providing bankers and support staff the ability to reach out and make requests if needed.
According to InBank, DocFox has provided three key benefits for their commercial business:
- Improved Client Experience. By providing an excellent client experience up front, InBank has not only improved their relationships with current customers, but has seen an increase in referrals and recommendations for new business.
- Streamlined Back-Office Process. With DocFox, InBank no longer has to ask additional staff to assist with commercial account opening.
- Deposits, deposits, deposits. With their new, accelerated timeline for commercial account opening, InBank sees a huge benefit from receiving deposits in a matter of days, not weeks.
The Results
Clients account opening
In new deposits from a single client relationship.
Account opening time from 2 weeks to 2 days
As one of their first use-cases, InBank used DocFox to onboard a company that offers their customers self-directed 401Ks. Each of their customers needed checking accounts as part of their relationship, and DocFox helped to onboard more than 2,000 clients, leading to $30M in deposits — just from a single relationship.
With just over a month to implement, and with 30 associates using DocFox today, InBank is now able to support new commercial account opening in a matter of days, not weeks, with a customized experience at a cost that has already paid for itself.
