Part 1 of 3 - Streamlining the Account Opening Process
uOpen and uFund® allows your financial institution to streamline the account process in all channels. This service provides financial institutions with a highly efficient process for building new relationships and also expanding existing relationships. It offers both deposit and loan products with complete integration between internal and external systems. Order fulfillment is revolutionized and productivity is enhanced, errors are reduced, and consumer satisfaction is improved.
uOpen & uFund® simplifies data gathering with an intuitive user interface. Once the applicant keys in his information, the system manages the workflow for:
- Eligibility verification
- ID verification and ID authentication with out-of-wallet questions
- Compliance processes including Patriot Act and OFAC check
- Risk management - credit score and credit report analysis
- Account setup in core system
- Online funding to expedite deposits
- Business rules integration to identify additional sales opportunities
- Cross sell and up sell appropriate products
Additionally, the process supports the switching of financial relationships such as direct deposits, automatic payments and loan relationships. Consumers can even close their accounts at other financial institutions. For the applicant, the process is fast and convenient. For the financial institution, overall cost savings and revenue growth opportunities are exponential.
Multi-Channel Multi-Product Strategy
By creating a multi-channel strategy and deploying this seamless process through all delivery channels (online, in branch, in call centers, and self-service kiosks), efficiency can be dramatically improved and consumer relationships can be strengthened.
Instead of being limited with only a few deposit products, financial institutions can offer consumers a full range of deposit products, including CD's, and loans. Financial institutions may even register consumers for online banking services, such as bill payment, overdraft protection and other services.
Industry leaders have realized the benefits of streamlining delivery channels and process improvements. Aligning front office and back end processes improve efficiencies across the board. Branch representative spend less time on administrative tasks like paperwork, data entry, and manual verification, enabling them to pursue revenue generating activities such as cross selling. Complete integration of backend interfaces and compliance processes reduce human errors.
Analyze Results
A comprehensive back office tool enables your staff to view unprecedented opportunities to identify best practices to improve product offerings and better fulfill your consumers' needs. Identify:
- Which products are selling better in each channels?
- What services are consumers choosing?
- Where is your next opportunity to cross sell and up sell in your consumer base?
- Are marketing programs reaching desired objectives?
- How much funding is there by channel?
- From which financial institutions are you receiving funding for new accounts
- Which loan products are more successful?
- Are we the primary financial institution for our consumers?
With uMonitor solutions, financial institutions now have a view of what drives deposits and what makes loans successful. These analytics allows them to stay one step ahead of the competition.
