Account Opening & Maintenance

For Banking and Finance

Based on its robust BPM and DMS platforms, Newgen’s solution for Account Opening enables financial institutions (FIs) to automate the entire Account Opening process.

KYC (Know Your Client) process has now become a regulation and is a mandatory part of the Account Opening process. With Newgen’s solution, KYC compliance is met using diverse rules, ensuring penalty avoidance while enhancing efficiency. The solution also helps in leveraging the information received through KYC.

Newgen’s Account Opening solution has a proven track record and has been successfully implemented by leading banks across the world. Post implementation, it provides the capability to handle high volumes and reduce the total time involved in the process. It can also handle smoother resolution of queries once the accounts have been opened, by providing automated helpdesk and sms alerts. This in-turn enables FIs to forge a long term relationship with the customer and effectively up-sell and cross-sell new products and services.

Typical use cases for partnering with Newgen for improving your Account Opening & Maintenance processes:

1. Installation of an automation infrastructure that can be used to automatically move single pieces of work across various disjointed base systems so as to improve efficiency and provide a way to match operating capacity to the rising demand.
2. Provide visibility to all individual work items that enter the organization right from entry to exit (For e.g. from the time an application is submitted to request is processed).
3. Leverage the visibility and the routing logic that workflow systems provide to de-average demand and provide customized service levels, hence improving customer service and reducing cost.
4. Set best in class operations and productivity standards through analysis of time and motion data coming out of the workflow databases rather than using traditional averages that may be skewed by idle time, low skilled staff and poor practices.