Corporate Account Opening

Streamline the corporate onboarding process by digitizing and automating the end-to-end journey, including onboarding requests, document gathering, agreement management, account setup, tracking, data archiving, analytics, and cross-selling. The AI-powered corporate onboarding solution, built on a low code digital transformation platform, can reduce onboarding friction by ensuring an intuitive and user-friendly onboarding experience. Banks can process applications in minutes, perform tasks at a fraction of the cost, time, and resources, and adhere to every regulatory compliance. By consolidating multiple systems and applications through automation, banks can remove information silos to ensure greater efficiency and drive competitive differentiation. The underlying low code platform enables banks to plug in APIs and launch new automated processes in weeks, enabling faster revenue growth.

Features of Newgen’s Business Account Opening Solution

Unified Solution & Multi-channel Initiation

Automate front- and back-office, enabling a unified onboarding process for a seamless application flow. Integrate with multiple applications to enhance user experience. Offer a single view of the customer to derive data-driven insights and categorize customers. Improve bank user productivity and enhance client experience with credit/deal memos and financial statement spreading automation.

Regulatory Compliance and Risk Management

Meet different compliance and risk regulations with multiple facets in one application. Mitigate risks by automating redundant work steps. Facilitate changes as per ever-evolving compliance and regulatory requirements. Automate risk categorization of the entity through business rule management system.

Effective Financial Analysis

Configure bank’s risk policy using the business rule management system, enabling risk categorization of the entity. Analyze the exposure of the entity and other financial aspects through different financial statement analysis. Get hyper-personalized account offers based on customer profile and requirement.

Reporting Analytics and TAT/SLA Monitoring

Get a bird’s eye view account application across portfolio product and transaction level. Track user throughout a variety of data parameters like case process, TATs, etc. Offer real-time process insights for process improvement and optimization. Get configuration of TAT and SLA escalation, real-time notification to bank user in case of TAT breach.

Document Generation, Verification, and Authentication

Powered by AI/ML capabilities, identify documents, and perform basic fraud checks and document correctness across multiple touchpoints. Use API-first architecture to integrate with third party applications for due diligence, KYC, payment, and digital signature, among other things. Capture and generate a variety of documents throughout account opening application lifecycle.