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Banking: New Account Creation

Situation

A European bank has a process for customers who are opening up a new account. As part of the new account setup, the bank requires pieces of information the customer may not have brought with them, such as a passport. The bank’s data suggests that customers are not likely to return if they cannot partially create an account now so it is desirable to start the new account process.

Solution

A customized workflow for new accounts is created using YSoft SafeQ. An administrator creates the workflow specific for new account creation to capture documents associated with the new account to process scanned documents at the end of the day. All documents contain barcode information so they are automatically routed into the right customer folders. If no matching folder is found, a new folder is created.

Workflow

The new account director collects the information available to her and creates a new account. As part of the new account creation, a customer account number is created and associated with a barcode. The account director scans the available material using a pre-determined workflow. The account director uses a customized workflow for partially created new accounts. The customer is instructed to return with a passport to finalize the new account. With vital, personal information, the human error is eliminated and accurate information is captured. Additionally, information is captured with consistent file naming protocols making locating records in the future an easier, faster task.

At the end of any given day, many new accounts are opened that are missing information. Similarly, on any given day, many other customers may have brought in their missing information.

When the missing information is brought in, the new account director can attach the bar code that identifies the customer to the document and then batch scans them into the system. In the evening, the system processes the scanned passports and automatically routes the documents into the correct customer account record. The next morning, the new account director runs a report to see which accounts are still missing information and which accounts are complete.

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