Account opening process using
1 like1,689 views
As the bank was using a standalone application for opening bank accounts, it faced several challenges such as a cumbersome process, redundant data, time-intensive processing and a rigid workflow. Newgen provided a BPM-enabled workflow platform that integrated with the bank's core banking system and other applications. This streamlined the account opening process, improved turnaround times, enabled easier verification of customer data, and provided a future-ready solution. The benefits have led the bank to plan implementing other processes on the same platform.
Account opening process using
- 1. Case Study BANKING S OLUTIONS F OR B USINESS P ROCESS & D OCUMENT M ANAGEMENT Account Opening Process using OmniFlow and OmniDocs For the Second Largest Bank in UAE Overview The bank is headquartered in Abu The bank is headquartered in Abu Dhabi, having a strong presence in both Dhabi, having a strong presence in Consumer Banking and Corporate Banking. The bank is the leading provider both Consumer Banking and of technology-enabled services, such as Internet Banking, Mobile banking, Corporate Banking. Online Applications, etc., to its customers. The Challenge Prior to implementing Newgen solution, the bank was using a standalone application for opening Current Account, Savings Accounts, Single Account, Joint Account, Minor Account, etc. The standalone application presented the bank with various challenges. Some of the major problems that the bank was facing were: ! Cumbersome process: The application worked in isolation and had no integration with the core banking system. Major effort was required to export/import data to/from the core banking system and other applications. Also, there was no integration with EMPOST (courier company who delivers Welcome Kit) and SDC System. As the bank was using a standalone ! Access to physical documents not allowed: The standalone application application for opening bank was not image enabled. As a result, once an entry has been made into the accounts, it faced several challenges system, there were no quick means to verify its accuracy. such as cumbersome process, redundant data, time-intensive ! Redundant Data: The application did not provide facility to check if certain processing and rigid workflow. information, such as details of an existing customer, is already present. Therefore, over a period of time, the system had accumulated huge amount of redundant data. ! Time intensive: As the application was standalone, it affected the performance of the overall system. The data exchange was not seamless and required users to separately log into the core banking system. ! Inflexible workflow: The hardcode workflow made making process changes difficult. Due to these challenges, the bank required an integrated standard BPM platform. ! BPM-enabled workflow platform for implementing automated Account Opening process The NEWGEN Solution Opening of an account is the customer's first interaction with a bank. ! Integrated with the bank's Core Newgen provided the bank with a BPM-enabled workflow platform for Banking system, SMS system and implementing an automated Account Opening process. The solution Card Management system streamlined the overly complicated process. The customer approaches a Customer Relationship Officer or vice versa for opening an account. The ! Implemented at 43 branches of the officer captures the customer's details, verifies if the customer already exists, bank, and used by 50 concurrent accordingly makes changes, captures the application form image along with And 125 named users the supporting documents and introduces it into the workflow. www.newgensoft.com Page 1
- 2. Case Study BANKING S OLUTIONS F OR B USINESS P ROCESS & D OCUMENT M ANAGEMENT Next, the officer submits the information to Customer Operations Manager for authorization. Once authorized, all the details arrive at the Central Processing Department (CPD), where the checks such as reviewing of customer and account information, verifying supporting documents, etc., are done. If cleared, the customer data is automatically pushed into the core system, else it is sent back to the branch for exception clearing. Information such as Account Information, Customer information including signatures, Cheque Book Request, Account Customer relationship, Account memo, etc., is pushed to the core system. Any new information is updated. CPD also generates a file for courier company for the welcome kits to be delivered. Finally, a Welcome-kit letter along with other documents is generated and sent for dispatching through courier. Once, the kit is delivered, all documents As the bank was using a standalone related to the account opened are archived. If a kit is not delivered till a application for opening bank specified date, it is hand it over to branch for delivery to customer. accounts, it faced several challenges such as cumbersome process, The BPM solution from Newgen has been integrated with the bank's Core redundant data, time-intensive Banking system, SMS system and Card Management system. The solution processing and rigid workflow. also enables generation of complete audit trail to view history of events taken place for any record. The solution has been currently implemented at 43 branches of the bank, and is being used by 50 concurrent and 125 named users. The Benefits The BPM solution from Newgen has enabled the bank to improve speed, efficiency and accuracy of it Account Opening process. The major benefits are as follows: ! Integration with Multiple Applications: Newgen solution seamlessly integrated with multiple applications including the core banking system. Now, all the tasks are completed through a single login. ! Improved Turn around time: The bank has been able to significantly reduce the time required for opening an account. ! Integration with Multiple Applications ! Easier Verification: Whenever customer information is keyed in, if the customer already exists, the changed information is highlighted. This not ! Improved Turn around time only reduces the time in updating the customer information but also addresses the issue of data redundancy. ! Easier Verification ! Future-ready solution: The BPM platform provides the bank a scalable and ! Future-ready solution robust platform that could not only meet its existing requirement of Automating the Account Opening process but would also enable implementing a number of other processes on the same platform that would function together in an integrated manner. Buoyed by the success of the BPM-enabled Account Opening process, the bank is planning to leverage the BPM platform for implementing a number of processes such as Customer and Account Maintenance, Corporate Know Your Customer (KYC) information, Transaction Approval, among many others. In words of Dy. Head - IT System Dev, ADCB, “We found the BPM platform very useful to align our business processes. It will give us a flexibility to amend the business process and improve them further.” About NEWGEN Newgen Software Technologies Limited is a market leader in Business Process Management (BPM) and Enterprise Content Management (ECM), with impeccable track record of implementing mission-critical Workflow and Document Imaging solutions. www.newgensoft.com Page 1
- 3. Case Study BANKING S OLUTIONS F OR B USINESS P ROCESS & D OCUMENT M ANAGEMENT We have global footprints with an installation base of more than 700 customers in over 25 countries. More than 40 of our customers are Global Fortune 500 companies. Having domain expertise in Industry verticals such as Banking, Financial Services, Insurance, BPO, Telecom, e-Governance and Manufacturing among others, we are known as one of the fastest implementers of BPM solutions in the world. Newgen Software is a market leader in Business Process Management Our Sales & Support offices span across major cities in Asia, North America, and Enterprise Content Europe, Africa and the Middle East. Management Winner of several awards such as “Frost and Sullivan's Market Leadership Award for Document Management and Workflow Software & Services for 2006” and “Distinguished Application Product Company” by NASSCOM, Newgen Software is an ISO 9001:2000 certified and CMM Level 4 company. Website : www.newgensoft.com NEWGEN prestigious clients include Mashreq Bank (UAE), AbuDhabi Commercial Bank (UAE), RAK Bank (UAE), United Bank Limited (UAE), United Arab Bank (UAE), First Gulf Bank (UAE), HSBC (India), Bank of Baroda (India), Deutsche Bank (India) , Standard Chartered Bank (Bahrain), Bahrain Saudi Bank, Kuwait Finance House (Bahrain), Central Bank of Tanzania, Bank Al Jazira, and many more. UK Branch Office Technical/Business Services Branch Office www.newgensoft.com Newgen Software Technologies Ltd. Newgen Software Technologies 68 Lombard Street, PO Box 120586 London EC3V, 9LJ Sharjah Airport International Free Zone Contact Person: Ajay Dar Sharjah Tel: +44 (0) 207868 1736 United Arab Emirates (UAE) Mobile: +44-7815496669 Email: intmkt@newgensoft.com Newgen Software Technologies Ltd. Email: emea@newgensoft.com A-6, Satsang Vihar Marg, Qutab Institutional Area, New Delhi 110 067 Tel: +91-11-26964733, 26963571, 26856871 Email: newgen@newgen.co.in