Group OnboardingSolution

The group onboarding process is complex and time-consuming, involving multiple signatories, and requires verification and risk assessment of the business entity. To ensure frictionless and secure group onboarding, financial institutions must automate the end-to-end process across all channels. Newgen’s group onboarding solution, built on NewgenONE—a low code, cloud-based digital transformation platform—streamlines the end-to-end process while maximizing operational efficiencies. The solution helps onboard business entities for all financial products, including deposits, checking accounts, insurance, wealth, and pensions.

Features of Newgen’s Corporate Account Opening Solution

Multi-channel Onboarding

Onboard entities (new and existing) seamlessly via any channel—in-branch, online, desktop, laptop, tablet, and mobile. Offer omnichannel support by auto-rendering and aligning forms based on the device type.

Eligibility and Compliance Check

Calculate entities’ eligibility per the bank’s credit policy while leveraging the in-built BRMS rule engine. Checks, including compliance, internal blacklist, CB blacklist, world checks, MIDAS, CB rating, and fraud checks can be performed.

Document Management

Allow signatories to upload documents on the portal and auto-classify them into various types, such as national ID, passport, and driving license. Business documents, such as financial statements, certificate of incorporation, memorandum and articles of association/incorporation, profit and loss statements, etc., can be uploaded easily. Data can be extracted from different KYC, tax, and business documents.

Robust integration & Reporting analytics

Integrate with third-party and internal applications for pulling and deduping customers’ information and creating/activating their accounts. Get a 360-degree view of all applications. Additionally, gain detailed insights into user performance, products’ service level agreements, application conversion throughput, etc.

Account Funding and Servicing

Perform soft approvals on the portal and enable signatories to deposit money via payment wallets, net banking credit, and debit cards. Leverage the BRMS rule engine to enable other account-related services, including debit cards, check services, e-statements, overdraft facilities, etc.