Automate Your Account Opening Process

March 15, 07
Vamshi Marpadaga, Parsam Technologies

The traditional account opening process is an extremely labor-intensive, instruction-driven procedure taking days, at times weeks to complete. The process usually varies quite widely across organizations depending upon the risk and compliance. Most times within the same organization, different products such as deposits, certificates of deposit, and mortgages are handled by several departments. However, each department handles each type of product in a different way. As a result, this process leads to complication, inconsistency, confusion, higher drop-off, delay in approvals, increased costs, and the inability to cross-sell other products. This process often involves multiple systems to approve and process an application that also leads to higher operational risk. It is also error prone due to the amount of manual labor and number of systems involved which leads to lower approval rate and ultimately reduction in attraction of financial assets.
A fully automated, streamlined online account opening application resolves many of the problems that we have identified with the traditional system and also promises additional benefits to financial institutions. A financial institution can start off by streamlining the process which enables customers to open a basic set of products that are mostly in demand. This application delivers the basic needs for a customer in a more efficient way. The streamlined process also includes the following features: 24/7 availability, simplicity, real-time decisions and security. Additionally, the process is complaint with all the rules and regulations of the financial institution.
Please write to to learn about our enhanced account opening process that we have implemented for more than 50 banks and credit unions.
Grill our sales team with the following questions:
1. Can you describe your simple seven step approach to online account opening?
2. Are identity verification and authentication, OFAC, USA Patriot Act, risk management, real time decisioning, account funding, and electronic signature part of the account opening process?
3. Can you automate our business process within months?
4. Why shouldn't I ask my development team to automate this process?
For more information on how uMonitor can provide you with the best in online solutions, go to or call 901-757-1212 to speak with a sales representative.

New Account Opening & Funding
Account-to-Account Funds Transfer Service
ID Verification Service
World Class Account Aggregation
Bill Presentment & Payment
uMAdvisor for the Financial Professional
Online Switch Kit

Call: 901-757-1212

Parsam Technologies
3197 Players Club Parkway, Memphis, TN 38125

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