BIRMINGHAM, Ala., May 17, 2021 /PRNewswire-PRWeb/ -- REDi today released a new case study detailing their work with Alabama One Credit Union, which resulted in an 84 percent reduction in fraud loss.
As an institution that prides itself in providing superior service to its members, Alabama ONE Credit Union required a fraud solution that would allow for a high degree of control over the member experience, and better support than traditional providers could deliver.
Having worked with REDi in the past, Alabama ONE Payments & Digital Fraud Risk Manager, Jackie G. Davidson III, knew that their fraud solutions gave his organization the control and increased member engagement they were looking for.
"We find that by approving more transactions and having our cardholders tell us if the purchase was fraudulent, we can offer a better member experience - and not only that, we have reduced our false-positive declines by over 80%, which translates into more interchange revenue for Alabama ONE," said Davidson. "Combined with the reduction in actual fraud charge-offs, the increase in interchange revenue ends up resulting in a net positive benefit with REDi."
Beyond the measurable results, Davidson praises REDi's own commitment to excellent client service.
"On Christmas day, I had a question. It wasn't an issue, nothing pressing, just a question. I did not expect an answer, I thought after Christmas when they receive my ticket, they'll get back to me. It was less than an hour until I heard back from two people at REDi. It blew me away! That is what they do and continue to do every day."
About REDi: REDi Solutions are used by more than 100 banks and credit unions to reduce losses from financial crimes, improve user experience, and manage regulatory compliance.
REDi software leverages artificial intelligence, machine learning, and expert rules to achieve the optimal balance of real-time risk mitigation, interdiction, and user experience for banks and credit unions.
About Alabama One: Alabama ONE was chartered in 1951 as the TRW Federal Credit Union. Today, Alabama ONE Credit Union is a full-service financial institution serving the residents of Tuscaloosa, Pickens, Mobile, Jefferson and 18 other counties across Alabama.
Alabama ONE merged with Alabama Rural Electric Credit Union in July 2020. This merger serves over 65,000 members with the potential to expand to over 500,000 households and 100,000 businesses.
Alabama ONE's mission is to maintain a foundation of trust with their community and members, as well as provide excellent service, and provide financial security for all.
Media Contact
Aaron Blevins, REDi, +1 (205) 533-6425, [email protected]
SOURCE REDi
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