Centennial Bank was a $1.5 billion institution in 2008, and it was on track for big growth.
As the bank began to grow, it needed to address its BSA/AML compliance process. Previously, Centennial used manual processes in its compliance efforts.
Manual processes can be tedious and inefficient, and they might not even yield the most complete results. This was a big challenge for a bank tracking toward big growth.
Centennial turned to FIS. FIS Prime Compliance Suite transformed a laborious paper-based process into a modern, enterprisewide system that automated onboarding and risk rating of customers, automated regulatory report filing with batch processes for currency transaction and suspicious activity reports, and improved the bank’s capabilities and efficiency in detecting and reporting potential suspicious activity.
FIS cut the chains of manual compliance. Centennial not only saved time and resources, but enjoyed a solution that easily scaled with them. Centennial has since doubled in size – twice – to $7.1 billion. And with each acquisition, one thing Centennial can always count on is its compliance solution.