First Dollar, a technology company that builds healthcare benefits infrastructure, announced the release of its banking operation and customer identity tools today. Integrated within its Health Wallet Manager app, these dashboards give plan administrators the ability to own their customer support experience with real-time data reporting and self-service tools for customer funding and onboarding.
“Benefits administration should be a one-person, one-tool task,” said Erin Barley, Senior Product Manager at First Dollar. “Our goal is to give admins quick, easy access to the tools they need so that they can spend less time in email chains and more time supporting their customers.”
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“Our goal is to give admins quick, easy access to the tools they need.”
Legal and regulatory compliance requires the implementation of know your customer (KYC) and customer identification programs (CIP) for savings accounts. And while important for verifying customer identity and preventing fraud, these protocols have created a metaphorical black box for plan administrators of health savings accounts (HSAs) as most platforms lack an integrated tool for resolving customer CIP failures. First Dollar’s Customer Identity tab solves this pain point by giving plan administrators visibility with reporting tools and the agency to resolve any issues with its self-service tools.
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The Banking dashboard also gives partners complete control and auditability with its ability to view and manage their book of business, including the ability to check balances and create real-time reports. This increased functionality saves First Dollar partners time and money by giving them a one-stop shop for account details, eliminating the need to download multiple spreadsheets for the desired data.
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