Boston, MA, September 22, 2005
– According to Eva Weber,
co-author of a new report from Aite Group, LLC, "Financial institutions have taken
an active interest in streamlining their anachronistic account opening processes over
the last few years." She also adds, "The neglected world of account opening represents
the last mile of STP."
The report examines the often neglected world of account opening,
highlighting some of the benefits one could potentially reap from account opening
automation. One benefit is a potentially significant savings that can be realized
over traditional account opening.
Key regulations involved with the account opening process are also
discussed. There are some subtle nuances that result from the fact that a user is
not speaking directly to bank staff. However, banks that are in compliance for
traditional account opening will likely have very little trouble developing appropriate
procedures for online account opening.
Also included is Aite Group's survey of top banks, brokerages and
credit unions which highlights ways in which some financial institutions are
utilizing online account opening technology to build more robust relationships.
The survey also highlights key, underutilized functionalities which likely have
an overall effect on the attrition rate of new customers venturing to open accounts
online.
The report analyzes key technology components involved in building
a flexible online account opening platform and profiles some of the key players in
the marketplace. Eight vendors whose products provide online account opening functionality
are profiled in the report. (See Table 1 for a summary.)
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