New Account Opening (NAO)
Infosys' New Account Opening solution helps consumer banks, private banks and brokerages open accounts centrally across multiple product types and channels. Our solution is ideal for deposits, loans, brokerage and managed investment accounts as well as mutual fund accounts.
Our New Account Opening solution reduces the time to open new accounts, improves customer satisfaction and reduces the risk and costs associated with customer abandonment during account opening.
Our solution enables faster on-boarding of High Networth Individuals (HNI) and Non-HNI customers. It allows modifications to business process and business rules enabling implementation of regulations and compliance in the shortest possible time, thereby increasing business operational efficiency.
Our New Account Opening solution is supported by a streamlined, automated business process model with BPM suite and uses a decisions engine to calculate your risk score. The different components of our solution are integrated through a loosely coupled Service-Oriented Architecture.
Features
- Loosely-coupled Service-Oriented Architecture and Business Process-driven reusable services (BPM/SOA)
- Integrates with existing core banking applications easily
- Segregation of Rule Engine (calculating of risk score) and BPM Engine
- Integration framework connects with different Enterprise systems
- Easy inclusion of regulatory changes through BPM Process model and Rule engine
- Faster introduction of new products with easy configuration
Differentiators
- Instant account opening - Account number allocated at the completion of the account opening process
- Reduced cycle time for account activation through automated business process modeling and business rules configuration (straight through processing)
- Streamlined electronic KYC process with risk-based information requirements and transparent standards
- Enhanced client on-boarding experience through reduction in paper-based processes (e.g. account opening) and redundant information collection
- Improved data integrity and consistency through database integration
- Incorporates regulatory requirements (USA PATRIOT CIP, OFAC watch lists, etc.)
- Focuses on both low net worth and High Net worth Individual scenarios (KYC) through the Internet and Intranet