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Account opening solution from IBM
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| Open the door to easier banking
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Paper-intensive, highly manual error-prone processes. Overly complicated and time-consuming application processes. All can lead to account opening failures. Customers want fast, convenient and innovative services. Cumbersome processes can prevent your institution from attracting financial assets. The account opening solution from IBM can help you automate and streamline a best-in-class account opening process.
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| Take advantage of our experience
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IBM can deliver an integrated solution to improve efficiency and drive down account opening costs at each phase of the account opening process. Our solution components are easily integrated into your existing environment. We offer fully functional fast implementations and: -
More than 7,000 consultants in 160 countries dedicated to the financial services industry.
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Long standing partnerships and business relationships—Siebel, Chordiant, Fair Isaac, Ascential, Adobe, PureEdge, Pegasystems and more.
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Leading middleware to optimize the process, manage workflow, documents and digital content.
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| Improve customer service
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We can enable you to offer collaborative help as part of your account opening process. Allowing customers to get help in person or through kiosks, customer care centers or through real-time chat assistance in an online environment. The account opening solution from IBM can also: -
Help customers to select the right product based on usage requirements for a more effective service experience.
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Build a single customer view for multiple products and channels.
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Help increase cross- and up-selling opportunities by improving cross-unit and cross-product integration.
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Pre-populate forms with known information for existing customers.
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Use customer profile information to help identify and cross-sell appropriate products.
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Reduce human involvement through workflow automation—thus decreasing the potential for errors and speeding the process.
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Help eliminate redundancies to simplify the account opening process.
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Reuse existing information—stop purchasing multiple credit reports for the same customer.
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| How it can work for you
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Findings indicate that for each opened U.S. deposit account, the total base cost is US$65. Since most banks experience a 15 percent annual turnover, a large bank with 10 million accounts is likely to lose approximately 1.5 million accounts each year. In order to make up those lost accounts, the bank would have to spend a total of US$98 million. If the same bank could attain an average 14 percent overall cost reduction for new account opening in the areas of people, process and technology, it could potentially save US$14 million as these new accounts are established. ¹
Our experience shows that the average annual revenue potential per new U.S. deposit account is US$380. If 1.5 million accounts are lost per year, a bank is looking at US$570 million annually in lost revenue. Taking action with the account opening solution from IBM can help you create the processes that allow your institution to increase cross-selling and up-selling and bring in more revenue per account—a potential 14 percent gain, which can translate to incremental revenue of US$80 million.
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| The case for investment
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Potential gains in profit from improvements to the account opening process for a representative bank can range between US$65 and $135 million. The solution can help you: -
Dramatically lower costs by making fundamental changes to your operating model and eliminating complexity.
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Grow the top line by developing a differentiated value proposition in the marketplace.
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Protect earnings and capital by understanding enterprise risk, developing a stable operational environment and leveraging data.
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Reduce customer acquisition costs by consolidating strategy.
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Questions about this solution? Contact an IBM Financial Services specialist.
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¹IBM Institute for Business Value analysis of primary interviews and client
engagement experiences.
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