Global Financial Leader Banks on Automated Application Process and Comes Out Ahead
Challenge
One of the nation’s oldest and largest financial institutions wanted to achieve operational efficiency by streamlining the process of opening brokerage and IRA accounts online, while improving the overall customer experience. The company focused specifically on the applicant background checks and signature collection processes for opening new accounts, which have historically involved significant time and resources. The firm looked to Molecular to design electronic consent capabilities and automated applicant background checks into the online account opening process to speed the time it takes to apply online and drive greater efficiencies in customer service.
Approach
Working closely with the financial institution’s stakeholders, Molecular incorporated electronic consent into the firm’s online application process, facilitating a faster and more streamlined customer experience. The financial institution also partnered with Equifax, best known for its personal credit products, to integrate the background check process with the online application data flow for real-time processing. By implementing a fully integrated, automated account opening process, the firm enabled customers to open an account, fund and begin trading within minutes instead of days, without an increase in financial risk or non-compliance with federal regulations. After implementing the new online account application process, the system not only allowed for a better customer experience on the front end, but also provided for significant operational efficiencies and cost savings on the backend.
Benefits:
- Increased number of completed online applications.
- Automated background checks are run much sooner in the
application process. - Ability to gain economies of scale by processing more applications without needing to hire more administrative staff to process the paperwork.
- Operational systems are automatically updated with customer information and credit check results are received in near real-time.
