Part 3 of 3 - Open Accounts: Phase II - Branch and Call Center
In our last article, "Open Accounts: Phase I - Online"- we introduced the benefits of implementing a phases 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. Enhancing the process of opening accounts improves the customer's experience in the front office. Knowledgeable staff is able to provide guidance, walk through various options and create the best first impression for the financial institution.
With a revised account opening process, uOpen & uFund®, in the branches and call centers, financial institutions can:
- Reduce operating costs and manual errors
- Improve regulatory compliance
- Optimize cross sell and up sell opportunities
- Reduce staff training time
- Grow revenue from more deposit and loan accounts
- Maximize customer satisfaction
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 off the best advice and manage cross selling and up selling?
The traditional method of opening a new account involves manual entry of customer information - sometimes rekeying several times into different systems for various 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 time has limited time to talk to customers. Improving workflow processes - with uOpen & uFund® - will give your staff the time they need to introduce customers to other products and services and build relationships through improved customer service.
With uOpen & uFund® in your branches and call centers, many backend processes will also be automated
- Eligibility Verification
- ID Verification
- Patriot Act Compliance and OFAC Check
- Risk Management
- Cross Sell and Up Sell
- Deposit and Loan Products
- Account Setup in Core System
- Online Funding
- Switch Kit
While many customers prefer the self-service online channel, others still favor a face-to-face visit at a branch or to talk to a person on the phone. Offering friendly service is a key differentiator among financial institutions. With adequate training and tools to deliver such a service, your employees will have the ability to reduce the time it takes to handle each customer and provide valuable suggestions to the customer in selecting the right products and services for their needs.
Simplify Your Customers' Financial Lives with uSwitch®
Would banking not be easier for your customers if their financial relationships were consolidated with one preferred provider? Simplify your customer's financial life by offering uSwitch® - an online switch kit. The switch kit is the process by which a customer can transfer all of his financial relationships from other financial institutions over to your financial institution. uSwitch® allows your customers to switch their direct deposits, credit cards, loans, and automatic payments and to close accounts at other financial institutions. uSwitch® is available for new and existing customers, inside and outside of your internet banking service, fully integrated into your account opening process or as a stand alone service, and online or in the call center.
uSwitch® is a flexible solution that can be utilized in many ways to encourage switching. For example, your financial institution has uSwitch® integrated into its uOpen & uFund® - online account opening process. Julie has just completed the opening and funding of a new account online in only 10 minutes and at the end of the process, she is asked if she would like to switch any existing relationships at other financial institutions. Julie is so impressed with the service that she has received that she decides to switch her direct deposit to her new account. She is provided with a pre-filled form that she simply has to print, sign and give to the HR department at her company. By switching her direct deposits, Julie now keeps the largest percentage of her monetary assets at your financial institution.
Now that Julie has switched her direct deposit, she wants to start paying her bills out of this account. No worries, because she can switch all of her existing automatic payments to her new account with uSwitch®. After switching all of her automatic payments, she has no need to keep her other account at her old financial institution. uSwitch® offers a means for her to close her old account and transfer her remaining funds to her new account.
During the application process, Julie provided her information and in realtime, she was pre-approved for a low interest loan and credit card with 0% introductory APR on balance transfers. She accepted these offers and can now switch these relationships with uSwitch® - paying off her loan with a new lower interest loan, and transferring her credit card balance to her new credit card.
As you can see from this scenario, uSwitch® allowed Julie to switch her direct deposit, switch automatic payments, switch her loan, switch her credit card, and to close her old account by simply printing out the forms and mailing them. She quickly moved relationships from other financial institutions to one convenient place. This provides your financial institution with more active accounts per customer, more deposit inflow, and loyal, satisfied customers.
