What is Unified Account Opening?

Celusion technologies has designed a platform called Unified Account Opening for opening different kinds of accounts. It is a digital customer onboarding platform that can be used across devices. With a single smart form, customers are able to open and activate their;

• Demat & Trading account
• Bank account
• Loan account
• Insurance account

Now let us take a look at each type of account in detail.

Demat Account – 

A Demat account (Dematerialized account) is an account to hold financial securities (equity or debt) in electronic/digital form. In India, Demat accounts are maintained by two depository organisations:

• National Securities Depository Limited (NSDL)
• Central Depository Services Limited (CDSL)

Every Demat account has a unique id which is linked to the identification proof submitted by the customer. The account facilitates safe, easy and convenient trade for users. Although opening and maintaining a Demat Account involves some charges, the benefits are far higher.

Trading Account – 

A trading account is used to buy or sell equity shares on an online stock exchange. In earlier days, the stock exchange functioned on the open outcry system which involved hand signals and verbal communications to convey buy/sell decisions. Every trading account comes with its unique identification number and is linked to a Demat account to ensure safety and control. The online exchange does not require physical presence and the buyers/sellers can place trades virtually using the trading account with a registered stock broker who acts as their agent and conducts trade on their behalf.

Bank Account –

A bank account is opened by a customer at a bank to deposit his savings to earn interest and complete his financial transactions. It can be either a savings account or a current account depending on personal or business use.

Savings account, as the name suggests, is for saving your money over the long term. Some of the important features of a savings account include

• Fixed interest
• Low minimum balance
• Ideal for personal use

Current account is usually an account opened when there would be frequent transactions involved. Some of the features of a current account include:

• Ideal for quick transactions
• Facilities include overdraft, no limit on withdrawals or deposits
• No limit on number of transactions
• Ideal for business use

Loan Account- 

Loan is a financial borrowing from a bank or NBFC towards a specified or general use.It could be an

• Personal Loan
• Business loan
• Auto Loan
• Housing Loan
• Loan Against Property
• Education Loan
•  

Opening a loan account online makes it very convenient for small customers as they can explore options and choose one that fits their needs. It is convenient for businesses as well as they can onboard customers faster without compromising on safety.

Insurance –

Insurance is a financial product purchased to cover against risk of loss of life, property, theft, fire and other natural calamities. An online platform which allows a customer to select insurance products and purchase the same at his own convenience becomes a very friendly option. This is very efficient for the business as well as it attracts new customers without any extra effort and cost involved

Now let us look at why Unified Account Opening Platform is such a convenient option. Unified Account Opening is a platform to digitally onboard customers with one smart form and instantly activate their Demat, trading, bank, loan or insurance accounts. Before the pandemic, the process primarily involved a customer walk-in to the branch or a sales executive meeting the customer and submitting the application form. With the lockdown, many financial enterprises were down to zero customer acquisitions. Making use of the  directives issued by regulatory bodies, Celusion Technologies built features that allow the complete account opening process to be contactless. Some key features like video based in-person verification, digital signatures, stakeholder collaboration and online payments, enhanced with cognitive skills to detect liveliness, face match and identify documents have made it possible to onboard customers remotely through digital channels, without diluting the due diligence process. 

Beyond the ones mentioned above, the solution finds applicability across all industry verticals to automate the employee, contract workers, merchants, and vendor onboarding process.

 Advantages of using Unified Account Opening Platform :

1. Productivity has increased by a lot, as the solution automates more than 75% of the verification checks performed by the operations team, also mitigating the risk of human errors made during due diligence.

2. Delightful user experience as new customers are activated within an hour. Smart forms autofill data from central agencies and OCR of documents, allowing best case customers to complete the process within 15 minutes.

3. The platform is implemented in months as compared to years that large corporates have invested to implement projects of similar scope.

4. The platform is built to manage enterprise volumes and at its peak has opened more than 150,000 accounts per month (for a single corporation).

5. The solution brings down the cost of processing an application form from INR 750 to INR 150 and saves a minimum of 100,000 pages of paper per month. 

6. Collaborative ecosystem that connects sales, operations, channel partners, and verification teams, reducing the time to onboard a customer.

7. It is the only comprehensive platform that includes customer onboarding, due diligence, query resolution, regulatory reporting and account activation.

8. Future proof architecture allows you to plugin new services into the Financial API Gateway and include them in your account opening process.

9. The platform is designed to support both centralized operations and decentralized operations that take place at the branch. It supports multiple regional languages, which is very important in a country with 29 states speaking 22 languages.

If you wish to know more about the Unified Account Opening Platform, please click on www.celusion.com and we will be happy to help you.