What You Need to Know About Bank Account Opening Software Platform
Businesses expect a lot today from their financial institutions, and the ease (or difficulty) of opening a business bank account could make the difference whether you have a customer for life or never. Whether customers want to open a checking or savings account, secure a business credit card, or want simple mobile banking, it’s up to bank leaders to provide them with the best customer experience possible. So, to ensure their institutions can offer not only what’s expected but other unexpected perks, bank leaders lean on automation.
Automation is no longer just a tool that eliminates repetitive tasks. Instead, it’s an integral part of the digital transformation of banking and a way to reduce processing time, decrease error rate and increase the number of account opening transactions.
As the competition for business checking accounts increases, banks are looking for the best account opening platform to handle client onboarding and increase cross-selling opportunities. Here are five features to look for in business account opening software.
KYC Techniques and Bank Account Integration Points
One key feature to look for in a business checking account opening platform is the KYC techniques employed and how the information gathered can improve future qualifying possibilities. KYC or “Know Your Customer” processes help banks identify and validate client details for new accounts. Qualifying new accounts to ensure anti-fraud compliance is a regulatory obligation for financial institutions, and banks need KYC APIs to make that happen. Prior to instituting automation practices, approving business checking accounts involved hours of manual follow-ups and hunting down information while staying compliant with established security policies.
The right bank account opening platform takes human interaction out of the equation, eliminating human error and speeding up the overall process. With KYC APIs, a company’s detailed background information can be validated through many resources in a fraction of the time it took to do it manually. Real-time insights such as risk analysis, credit scores, and other considerations are readily available, significantly reducing the decision-making process and enabling those decisions to be made in just one business day. In addition, the automated verification process creates a user-friendly onboarding process, further enhancing the customer’s experience.
Online Bank Account Authorization Workflows
Whether the business customer is a small or large business, business account opening software improves control of the approval process through seamless online authorization workflow features. Whether the customer provides enrollment information through a desktop computer or via a mobile app, the automated authorization routing feature automatically assigns tasks, tracks progress, and forwards reminders and notifications as needed. Workflow management allows business customers to apply for deposit accounts and credit approval, e-sign account agreements, and more. Online authorization workflows grant the bank more freedom to increase services, improve efficiency, and lower monthly maintenance fees.
Automated Customer Communications
Business customers on the hunt for the best lenders and/or rates for a business savings account also expect quick communication from their financial institutions. Automating customer communication eliminates or reduces the need to hire additional agents and provides the answers bank customers demand more quickly and with less error.
Business banking account software contains AI tools that consistently track and analyze customer data that give banks better insights so they can identify customers more quickly and provide them with the information they’re looking for, such as account balance, minimum balance, and overdraft fee notifications. The system can also notify customers about credit approval status, ATM transactions, fluctuating interest rates, and line of credit opportunities.
This allows business customers to get help anytime, day or night, without speaking to a live bank agent.
Integration to Core Banking Platforms
When it comes to disclosure management for the financial institution, integration is the key ingredient when it’s time to compile the required data for financial compliance. Regarding bank account opening, real-time integration improves the customer experience by optimizing your institution’s operations. Unified integration allows customers to get instant gratification from the moment their business starts the onboarding process.
Before you can automate repetitive tasks or improve your services such as mobile banking and online banking, or offer new insurance products, integration must take place. Therefore, when selecting a bank account opening platform, look for one that offers seamless integration with the bank’s core system, enabling your financial institution to provide quicker onboarding to new and existing customers with a real-time integration solution.
Once their new accounts are opened, customers can conveniently accept opening deposits, pay bills, and conduct ATM transactions, boosting their customer experience. Integration also automatically generates potential additional products and services relevant to customers, such as direct deposit, debit cards, wire transfers, and cash back perks according to the eligibility parameters set by the bank.
Ability to Cross-Sell Financial Products
As mentioned above, bank account opening programs should allow bank leaders to recognize opportunities to cross-sell appropriate products and services to new and existing customers. Once the customer’s information is acquired and integrated into the bank’s core system, the application can analyze and recommend features missing from their business checking account or money market holders, such as additional loan options. Plus, introducing more ways to develop the banking relationship encourages clients to stick around instead of searching for competing financial institutions. Customers want to feel recognized and appreciated, and cross-selling shows that your bank is paying attention to their needs.
Benefits of the Right Bank Account Opening Software
By doing your homework and finding the best business account opening software for your bank, your institution can accelerate customer acquisition, reduce costs, lessen abandonment rates, and deliver an enhanced customer experience. With less manual onboarding required, agents can focus on building and cementing customer relationships. A comprehensive and responsive platform not only serves your customers better but also ensures your security policies are followed to the letter, eliminating the potential for fraud.
