Radius Bank goes branchless with Oracle Cloud

Radius Bank, which manages $1.3 billion in assets, supports clients across the United States as a digital bank, offering online financial services to consumers and small businesses. The bank also works in targeted markets such as equipment, construction, and real estate loans to small businesses, and treasury services for larger companies, unions, and nonprofits. Radius’s crown jewel is its internally developed banking-as-a-service platform, which customers use to manage their accounts and transactions, and to access a curated marketplace of fintechs that offer insurance and other financial services. The bank also licenses its platform to fintechs to let them provide white-label banking services.

Radius needed to replace its legacy on-premise customer management software, which didn’t do enough to help Radius staff truly understand customers and anticipate people’s needs as they called in for assistance.

Radius Bank considered other technology suppliers to help it migrate its on-premise customer service applications to the cloud, but turned to Oracle CX Service because of its ability to ingest multiple data sources and deliver one platform to automate all of the bank’s customer-facing activities.

By using Oracle CX Service to spot customers likely to leave the bank, Radius has saved millions of dollars in customer deposits. The bank’s retention, service, and marketing staff can monitor phone, email, and chat questions and comments moments after customers submit them, and they can immediately communicate directly with customers about their concerns.

Radius customers also can now access a self-service, searchable knowledge base, an automated email response form, and a digital assistant chatbot named Rae. When customers ask Rae how to open a savings account or find their tax documents, Rae sends links to instructional videos or FAQs. If Rae can’t answer customers’ questions, Oracle CX Service automatically escalates the conversation to a live agent. Within a few months of launching the digital assistant, Rae was solving 15% of customer inquiries coming in through chat, and the bank had reduced by one minute the average time customers spend with a live agent. And the bank’s Net Promoter Score, a measure of customer loyalty, had increased by 20%.