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| Reduce the Lines and Smooth Out the Wrinkles |
By Tara Hector |
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The time has come to take a closer look at your new account opening process optimization options. Is your institution ready to take on this project? Are you seeking a seamless process that delivers all the potential benefits from day one? Are you looking for start to finish capabilities including usability, overall cycle time, security and compliance, and multi-channel delivery optimization with a unified account opening process – online, in any branch, and in the call center? The right tools integrated into your existing online strategy can reduce the wait time and frustrations with day-to-day operations, as well as smooth out the obstacles that slow down productivity with staff and your target users. A little automation can go a long way in paving a smooth path to efficient service delivery, but where do you begin?
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Evaluate Needs
Let’s begin with an evaluation of your business drivers and organizational priorities. If your online service is managed separately from your branch operations, there may be different priorities for different projects. Has your charter or membership base expanded beyond your branch network? Are your customers requesting you to provide more services online? Has competition in your market begun offering advanced services online? Do you wish to take the lead and do better than others with your online services? You should assess your business needs and set reasonable goals. It may not be practical to improve the entire account opening process across all delivery channels at the same time. A phased strategy with small victories along the way may be more suitable for your organization.
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Phased Approach: Leading with Online Channel
From our experience, we can tell that while most benefits are gained with the most comprehensive solution, there are many situations, which may be better served with a phased approach.
Financial institutions already have varying degrees of automation in their branches to handle new account openings. There are more people, training, and processes established on that side of the house. Most of the time, an existing online service for account opening has a static form or at best a dynamic form with instructions to ‘mail in your application’, and your account will be setup in 10 days. So, why not make an easy choice and begin with your new improvements in the service online? You will make your services more attractive with a new approach and more choices. Many customers prefer the self-service channel over visiting a branch. Online account opening offers 7x24 service hours. Customers can apply for accounts anytime, anywhere without being restricted by branch hours or locations. You basically have a ’virtual branch’ everywhere, ready to serve all the time. This approach is less disruptive to your branch operations. With success here, it will be easy to evaluate benefits for the branch service later.
With the new online account opening service, you now will have the following back end processes integrated for better user experience and higher efficiency:
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Eligibility verification - is the applicant able to be your customer or member?
ID verification - is the applicant’s personal information valid?
ID authentication - is the applicant who he says he is?
Patriot Act compliance and OFAC check - meet your compliance requirements
Risk management - what is the risk profile of the applicant?
Cross sell - Up sell - what are the best products for this applicant?
Deposit and loan products - real-time decisioning on all the products you offer
Account setup in core system - real-time setup in your host system
Online funding - real-time funding of accounts
Switch kit - online switch kit to improve your rating as the primary financial institution -
initiate the switching of other financial relationships including direct deposits and
automatic payments as well as closure of other financial institution accounts
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With the online account opening process, decisions and approvals are made in real-time, and accounts are created instantaneously; therefore, it speeds the time it takes to complete an application. With a faster process, applicants are less likely to abandon the application process.
Also, by integrating an automated process with your business rules, customer data is analyzed in real-time, and the customer information can be used for cross sell and up sell opportunities by making the right offer to the right customer.
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Benefits of an Online Account Opening Process
Financial institutions can realize benefits of a streamlined online account opening process even if it has not been deployed throughout all delivery channels. With a more efficient online account opening process, financial institutions can:
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Attract and retain customers
Minimize operating costs
Improve regulatory compliance and fraud protection
Optimize cross sell and up sell opportunities
Grow revenue from more deposit and loan accounts
Maximize customer satisfaction
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Moreover, customers enjoy a fast, easy, and convenient service.
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To learn more about the uMonitor New Account Setup and Online Funding with Switch Kit solution and other innovative financial technologies such as Account-to-Account Funds Transfer Service to move your money, call 901.757.1212 to speak with a uMonitor representative today or visit www.umonitor.com.
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