Appway for account opening and customer onboarding gives banks the agility to drive revenue growth while controlling costs in complex, changing markets.Ever-growing market and cost pressure, unaltered demand for flexibility and the need for a unique process as cornerstone for prospering long-term client relationsFast-moving markets with changing regulations, decreasing margins, continuous offerings of new products and organizational changes call for highly flexible solutions and new control mechanisms. Front office processes need to be simple and guided in order to enable more time for client handling. Back and middle office processes need to be automated, optimized and legally correct.Your account opening processAs cornerstone for prospering long-term client relations and the basis of your bank’s particularity, your account opening process should be the precursor of process excellence, but today it is fragmented and inefficient. Data has to be inputted manually in different IT systems. Paper circulation for verification and approval are still the norm and laborious PEP and KYC checks have to be carried out ad hoc. Error rates are high, data reliability low and transparency is missing.“Account opening makes up 20% of the manufacturing and processing costs of a bank”Source: IBM Business Services Study, 2007Our Appway Account Opening SolutionA unique and fully electronically guided account opening process is enabled. The customer advisor is guided through a logical sequence of input screens. While gathering customer data in an intuitive way, business rules ensure the generation of a complete and properly filled out set of contractual forms. An integrated name-matching module does a blacklist check on the involved parties. It can be introduced at any stage of the process and in case of a suspect party, the process is escalated via workflow to the appropriate departments (e.g. compliance officer to take action). A correct and complete set of contractual forms including black-list report, personalized task list 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. While contractual forms are sent out to be signed by the customer, the electronic dossier is forwarded to the KYC process. AML ratings are calculated and the account opening request is reviewed (4-eyes principle). The addition of identification documents, the codification and finally the transmission of the data to the core banking system to activate the account are also completely managed by Appway.Benefits
Multiple tested best practice account opening solution
Fully automated and electronically guided process with single manual data input
Minimized administrative time and enhanced data completeness, quality and reliability
Improved operational efficiency with up to 80% time saved per account opened and reduced costs
Minimized operational and reputational risks and improved profitability due to increased customer satisfaction
Context diagram of the Appway platformThe solution architectureThe Appway Platform on which the Account Opening Solution is built can be integrated with leading core banking systems, ERP systems and Databases. The integration is carried out with Appway extensions or through an Enterprise Service Bus in collaboration with our partners.Best Practice exampleDesign and implementation of an end-to-end client onboarding process for a leading Swiss universal bank, throughout all its lines of business such as retail, private and corporate banking, with more than 350 users. Process throughput time was reduced from 5 to less than 1 day, reducing the effort per dossier from 115 to below 20 minutes. Labor costs per dossier were reduced from 182.- to 36.- and total annual savings of up to 1.5 Mio CHF were achieved.
