In our last article, “Open Accounts: Phase I – Online” we discussed the benefits of implementing a phased strategy for automation of your account opening process. Now, it is time to move to Phase II and take a look at your account opening process in your branches and call centers.

Is your branch offering the best customer experience? How long does it take to open an account in your branch or call center? Do you have people waiting in line at lunch time? Do your front line representatives offer the best advice and manage up sell?

Branch Evolution

As there is a renewed focus to make your branches more inviting to customers with appealing décor and a desire to give them a “Starbucks Café experience”, service remains a big differentiator. Offering friendly service with a knowledgeable staff on an expedited basis is key to such experience. With adequate training and tools to deliver such service, your employees will have the ability to reduce the time it takes to handle each customer and provide valuable insight to the customer to select the right products and services and make you their primary financial institution.

Second Phase with Branch & Call Center Deployment

The traditional method of opening a new account involves manual entry of customer information - sometimes rekeying information several times into different systems for various banking services, generating paperwork, and waiting on decisions and approvals from several departments. Manual processes contribute to errors and unnecessary costs. Additionally, more time is being spent on compliance with Patriot Act - ‘know your customer’ and OFAC check requirements. It is hard to focus on building customer relationships, cross selling, and switching additional financial relationships when your staff has limited time to talk to customers.

Most financial institutions already have some level of automation in their branches and call centers to handle account openings, so it may be logical to start with the new services online first as described before and then bring that success story to the branch. Improved workflow processes create an easier and faster banking experience for customers. With single information entry and real-time decisioning, your staff is now free to focus on the customer. This optimizes staff productivity, significantly reduces errors, and improves the customer experience.

Benefits of New Process in Branch & Call Center

With a new improved account opening service deployment in your branches and call centers, you will automate many back end processes as well:

• 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

A simplified workflow speeds the process of opening an account, reducing backend processing time to just minutes. Customers are introduced to other products and services through guidance of your staff rather than just reading flyers in the lobby. While many customers prefer the self-service online channel, others still favor a face-to-face visit at a branch or use a call center. With automated product selection and step by step up sell guidance, staff training time is reduced with better results for customers.

Benefits of uMonitor Account Opening Service in Branch & Call Center

With a revised account opening process in the branch and call centers, financial institutions can:

• Reduce operating costs and manual errors
• Improve regulatory compliance
• Optimize cross sell and up sell opportunities
• Increase operational efficiency and productivity
• Reduce staff training time
• Grow revenue from more deposit and loan accounts
• Maximize customer satisfaction

Enhancing the process of opening accounts improves the customer’s experience with the front office. Knowledgeable staff is able to provide guidance and walk through various options and create the best first impression about the institution. For existing customers, the same process makes it easy to bring more business to you.

For more information on uMonitor’s industry-leading New Account Setup and Online Funding with Switch Kit solution and Account-to-Account Funds Transfer Service, call 901.757.1212 or visit www.umonitor.com.

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