A successful omni-channel strategy relies on providing a unified account opening process across all channels.
uOpen™ enables consumers to open an account at any time, using whichever channel they prefer. The solution provides real-time decisioning, approval and account access - plus the ability to add account-specific services such as debit/ATM cards, online banking, eStatements or overdraft protection.
It is easier to gain new customers, especially those who are younger and more tech-savvy, if they are not restricted to having to physically come to a branch to open an account. This makes it easier to retain customers too, since when customers move they know they can still remain loyal to the same financial institution when they need new accounts or products. A successful omni-channel strategy also increases cross-sell opportunities with existing customers for additional services such as credit/debit/ATM cards, online banking, eStatements, overdraft protection or gap insurance. uOpen provides automated personal, business, deposit, loan, credit card and escrow account opening support. And with comprehensive reporting and business analytics, financial institutions also gain valuable insight into which selling strategies are working, and which are not.
With uOpen, the account opening and funding process can be streamlined across all channels to improve efficiency, reduce costs, and increase back-office productivity. Origination costs are lower and the cost of manually handling applications can be avoided.
uOpen makes processing easier, with third-party platform integration for core systems, identity verification, card ordering, check ordering, loan decisioning and document management. Processing errors are reduced thanks to automated account opening. Client information can be captured more quickly through automated workflow and exception processes. uOpen also provides improved compliance with CIP/KYC, OFAC, USA Patriot Act and FACT Act.
uOpen provides financial institutions with automated decisioning, approval, and real-time account setup, giving them the opportunity to integrate their own decisioning to optimize the customer experience and increase cross-selling/up-selling opportunities.
The ability to fund an account online is crucial to the success of online account opening. If customers can’t fund their new accounts in the same session, the drop-off rate increases. uOpen offers an integrated switch kit for new account setup, covering funding by ACH, credit card, debit card and others. This solution helps customers to close external accounts and transfer the remaining balances. uOpen also supports the assignment of applications to reps for follow-up, to improve application completion rates.