Unified Account Opening Software – A Game Changer in Banking and Finance
The Online Account Opening Software has led to a paradigm shift in the way account opening is managed in the Banking and Finance Sector, The traditional account opening process involves filling up multiple forms, submitting photocopies of identification documents and numerous visits to the bank. This scenario has been turned on its head by the Online Account Opening Software. Be it a bank account, Demat, trading, insurance or loan account, the Online Account Opening Software can help you to open and operate it really fast.
Celusion Technologies has developed the Unified Account Opening Platform with the objective of adhering to SEBI guidelines while ensuring a hassle free digital experience for the customer. The Unified Account Opening Platform offers measurable benefits in terms of time and cost savings. The online submission of officially valid documents as a photo or scan significantly expedites the process by eliminating the trip to the bank to submit photocopies of documents for proof of identity and address.
The Unified Account Opening Platform is an extremely user-friendly solution for instant customer onboarding. The platform uses Optical Character Reader(OCR) to autofill identity and address information from images of document proof uploaded. It works with an accuracy of 99.5% using modern OCR technique aided by artificial intelligence. This enables faster form filling and submission in the comfort of the customer’s home, eliminating manual paperwork and multiple trips to the bank.
Features of the Unified Account Opening Software can be discussed in detail:
- One form for multiple products – Traditional account opening involves multiple forms for each product. With online account opening solutions , you have only one smart form for all products, be it a bank account, Demat trading, loan or insurance account.
- Supports multiple languages – For pan India applicability it is important for the form to be available in the local language. The online account opening software for banks supports 22 languages which is important in a country like India.
- One platform for all stakeholders – The traditional account opening system deals with different stakeholders using separate platforms. Online account opening solutions ensure that a single platform is used by all stakeholders in the ecosystem.
- Timely status updates & follow-ups – Under the traditional account opening system, status updates and follow-ups are in person or on telephone or via email. The Online Account Opening Software provides for timely status updates and automated follow-ups.
- Artificial intelligence-based OCR – The traditional account opening system uses hand written forms which are extremely time consuming and prone to human errors. The Unified Account Opening Platform uses OCR to autofill the form based on the identification document provided. This results in considerable time savings and efficiencies due to error elimination. This helps to process the account faster.
- Webcam IPV – under the traditional account opening system KYC is done on paper and requires a mandatory visit to the bank. Online accounting opening software for banks provides a webcam IPV that takes care of this issue easily.
- Fetch data from KYC registries – The traditional account opening system takes a long time to verify the identification documents. Normally a self-attested identification document is accepted as genuine. However, in the online account opening software, the verification data is fetched from KYC Registries and matched with the filled form. This ensures the integrity of data provided. Any gap will halt the process immediately till the error is fixed.
- Digital identity and document checks – The traditional account opening system takes a long time to complete the identity and document checks. Human errors and frauds make the process quite cumbersome and not free from risk. The unified account opening platform, on the other hand, completes the digital identity verification and document checks in the background. This is quite efficient and saves both time, effort and cost for all stakeholders involved.
- Smart flows based on user profile– The traditional account opening system does not have any concept of smart flows as the processes operate in independent silos that do not talk to each other. In the Unified Account Opening Platform, based on the user profile, the algorithms work to create smart flows on need basis.
- Automated regulatory checks – The traditional account opening system has paper based regulatory checks that take considerable time and effort. The Online Account Opening software ensures that all compliance requirements are completed on the platform itself.
- Compliant with data privacy laws – Under the traditional accounting system information is recorded and stored on paper. Data runs the risk of misuse and theft or loss due to natural disasters. The unified accounting platform ensures that the integrity of the user data is maintained and is compliant with the current data privacy laws.
- Automated regulatory reporting – All records are maintained on paper under the traditional account opening system and meeting regulatory requirements is a time and effort consuming process prone to errors. While using the online account opening software, the electronic files generated comply with regulatory requirements.
- Digital records and audit trail – In the traditional account opening system, records are maintained in paper files which make it laborious to maintain and follow an audit trail. On the other hand the online account opening software has a built in audit trail as all records are maintained digitally.
The Unified Account Opening platform is a perfect piece of fintech innovation as it rolls several features into one smart software. It is a Digital lending platform, Demat and trading account opening platform, an insurance and bank account opening platform all rolled into one. It offers sufficient flexibility and ease of operations to all the stakeholders in the ecosystem and offers considerable time and cost savings with no compromise on data integrity or regulatory requirements.