Process Complexity

Contractual forms that are not filled out properly, changing regulations, laborious PEP-checks, double data entry and lack of data reliability, heavy circulation of paper-based files for verification or approval etc. In many banks these are daily problems. Market studies prove that from an operational point perspective Account Opening and Account Maintenance generate over 40% of the costs of a bank’s activities.

Source: IBM Institute for Business Value, 2007

Solution

Based on the Appway Application Platform Numcom offers a wide variety of solutions to improve efficiency in these processes:

The customer advisor is guided through a logical sequence of input screens. While gathering customer data in an intuitive way, business rules generate the complete and properly filled set of contractual forms. An integrated name matching module does a blacklist check on the involved parties (e.g. based on most recent World-Check list). It can be introduced at any stage of the process and supports the bank already at an early stage in the account life cycle to discover unwanted business partners. In case of a suspect party, the process will be escalated to the appropriate departments such as the compliance officer via a workflow.

A correct and complete set of contractual forms including blacklist report, personalized task lists for the customer advisor, barcodes for the archiving system and a digital trigger for the following KYC-process are the outcome of this account opening process.

Overview Account Opening Process

While contractual forms are forwarded to be signed by the customer, the electronic dossier can proceed to the KYC-process. Calculation of AML ratings, review of the account opening request (4-eyes principle), adding of identification documents, codification and finally sending the data to the bank's host to activate the account is completely managed by Appway.

Benefits

• Single manual data input – data accuracy
  
• Automatic evaluation of rules and decision support
  
• Automated generation of relevant contractual and internal forms
  
• Minimum circulation of paper (approval on screen)
  
• Multi-staff workflow-based collaboration
  
• Back-office/Host automatically synchronized with subset of data
  
• Process adaptations can be effected with little effort (changed documents, rules, screens, workflow etc.)
  
• Up to date process due to versioning and a simple deployment process
  
• Reduced costs and minimized administrative time

Similar to the Account Opening Process Numcom has also introduced Loans, Client Data Review, Client Data Mutation and many other processes at renowned private banks in Switzerland and abroad.