New Account Opening Technology: The Final Frontier in Automation?
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.
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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].
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Table of Contents
|Boston, MA, USA May 30, 2003
New Account Opening Technology
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