US-Based Bank Automates Account Opening Processes on Newgen’s Platform

Overview

The bank has more than 100 years of experience in delivering premium account opening, small business, and commercial lending services. The bank is recognized as one of the strongest banks in America and is committed to providing exceptional services. The bank wanted to continue evolving with the dynamic market trends and offer a superior customer experience. However, its operational shortfalls were holding it back from delivering on its business strategy. This was creating a negative impact on its business goals.

Challenges

The bank wanted to unify its product offerings on a single platform and achieve a faster time to market through agile operations. It had a number of processes that depended on a number of systems. There was no unified platform for commercial loan origination and no common front-end application entry for small business applications. Further, the processes were partly manual and partly automated. This meant that interfaces of third-party vendors had to be referred to for requesting appraisals, generating legal documents, and booking loans. It was leading to lengthy turnaround times and a higher incidence of errors. Human resources of the organization were involved in trivial tasks and did not have access to critical process information. These issues were hampering the productivity of the employees and the efficiency of processes on the whole. It led to customer dissatisfaction and affected the delivery of quality services.

Online Account Opening

The client wanted to offer enhanced customer services and improve the operational efficiency of its Online Account Opening processes for both consumer and business accounts. The bank wanted the OAO solution to support omni-channel initiation. That essentially means, a customer could initiate an application on one channel and complete it on another. The bank also wanted a single interface that could support applications for multiple products. Further, it wanted an interface for its Customer Care Center team to take applications over the phone, and another interface for its back-office team to support both the online and Care Center portal.

The Bank also wanted to open a deposit account for the borrowers to disburse the loan amount. For this purpose, the loan origination system was integrated with the Online Account Opening system. This ensured seamless loan disbursal and enhanced customer experience by getting a loan disbursed into the bank account itself within the loans process.