New Account Opening Technology: The Final Frontier in Automation?

May 30, 2003

Abstract

 

Boston, MA, USA May 30, 2003

?

After years of neglect and thousands of dead trees, financial institutions are finally paying more attention to automating the traditionally paper-intensive, manually-driven new account opening process.

The report looks at the traditional way of opening new accounts and examines how technology, driven by an intuitive rules-based workflow process, can assist in reducing potential errors, as well as increase the success rates for new account openings. The report also profiles a select group of technology providers that have implemented solutions in this marketplace: AFS, CashEdge, MphasiS, Sapient, and Symphoni.

"The largely manual new account opening process can be viewed as the final frontier in terms of automating the front-office activities within retail financial services operations," says Celent analyst, Sang Lee, the lead author of the report. Lee adds, "While complete automation of new account opening process is not realistic in the short-term, automating even a small part of the overall process will go a long way in reducing risk, successfully opening new accounts, and increasing cross-sell and up-sell opportunities."

A is available online.

 

 

of Celent Communications' Retail Securities & Investments and Retail Banking research services can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.

 

        

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Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

  Boston, MA, USA May 30, 2003

New Account Opening Technology

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 4
MARKET OVERVIEW 5
  Traditional Account Opening Process 5
  Pitfalls in Traditional Account Opening 5
  Regulatory Pressure 6
NEW ACCOUNT OPENING TECHNOLOGY 8
  What is it? 8
  Key Attributes 8
  Benefits of Automation 10
  Barriers to Implementation 11
MARKET PENETRATION 12
LEADING TECHNOLOGY PROVIDERS 17
  Automated Financial Services (AFS) 17
  CashEdge 19
  MphasiS 20
  Sapient 22
  Symphoni Interactive 24
LOOKING AHEAD 27
 

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