Overview
The client is a top-ranked national bank of International Standards committed to augmenting stakeholders’ value through concern, care, and competence established in 1908. With a global presence in 23 countries, they are a universal bank, offering a well-diversified portfolio of financial services. As they are growing widely in offering security products and other wide range of services, the account-opening environment is grown more complicated.
The Challenge
Bank users were facing -great difficulty to maintain updated customer data in the core system. It was time-consuming to maintain hard copies of Account Opening forms in Branches and retrieve them when required.
Following are a few challenges faced by Bank:
- Incomplete date: At branches, due to time scarcity users never filled complete customer data in the core system. Bank faced the biggest hurdle while maintaining customer relationships and updating customers regarding the latest Bank Products and new schemes.
- Intensive retrieval of Account Opening Forms (AOF): The existing Core system was not image enabled. As a result, branch users were wasting a lot of time in searching AOF for that particular account.
- Welcome kit delays: There was no track of courier details in the core system which led to the delay of welcome kits for new customers.
- Less time for customers: Users at branches spent a long time in data entry -. As a result, the customers in branches remained un- attended-which affected customer relationships.
- Data redundancy: The core system didn’t facilitate a check for an existing customer. This resulted in a large amount of redundant data.
- Inaccurate data: There was no check-in in the core system, whether data entered by end-users is defective. The address entered were improper resulting in inconvenience to customers.
Due to these difficulties, the client implemented a workflow-based, automated Account Opening Process to streamline their cumbersome process. The bank decided to implement the complete product suite from Newgen that could handle the end-to-end document life cycle from scanning to document management, to document archival.
The Newgen Solution
Opening an account is the first step of the bank towards acquiring new business. This is the first point of interaction with the customer. The customer approaches the branch to open an account. The branch user opens an account in the core system with minimum data entry required for account opening and introduces the account in the workflow.
Branches generate a report of a total number of accounts opened in a day in OmniFlowTM and then couriered along with AOF to the Regional Back Office (RBO) of the Bank for complete data enrichment in the OmniFlowTM application. The courier details are captured in OmniFlowTM to maintain the track.
The RBO official scrutinizes the physical copy of AOF and submits it for scanning. If any discrepancy is found in AOF, the user will raise an exception and send it back to the Branch for clearing exceptions in the system. – The Scanning Official will then scan the clear AOF using Newgen’s product OmniScanTM. The Signature portion on AOF is cropped separately so that it is pushed into core system.