New Account Opening Technology: The Final Frontier in Automation?

Celent will help qualify your requirements and introduce you to the vendor
Spotted a missing vendor? Use this form to alert a vendor to the Celent service
Create a vendor selection project & run comparison reports
Register to access this feature
Click to express your interest in this report
Indication of coverage against your requirements
Vendor requires PRO subscription to activate this feature
Requires research subscription, contact Celent for more info
30 May 2003

Abstract

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.

of Celent Communications' Retail Securities & Investments and Retail Banking research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.

Send mail to info@celent.com with questions or comments about this Web site.

Insight details

Content Type
Reports
Location
Asia-Pacific, EMEA, LATAM, North America
Special Interest
Risk Management & Compliance