Description - New Account On-Boarding
A Metastorm Process Pod®

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Category Services
Sub-category Application
Created By Metastorm
Support Available From Metastorm Professional Services Engagement
Vertical Focus Financial Services
Send Pod Requests To MetastormProcessPods@Metastorm.com
Brief Description of Functionality

New account on-boarding is the process that a financial services institution uses to track a potential new institutional investment customer or a new account for an existing customer from the point of submitting an application through to creating the account and issuing an initial bill. Traditionally a manual, paper-based process, new account on-boarding can often lead to duplicate data entry, inefficient processing, lack of management visibility into pipeline status and disconnected customer service.

In addition, financial services organizations must complete due diligence on each customer to adhere to regulatory compliance and avoid the risk of on-boarding bad business - the inability to effectively "know your customers" can range from unhappy customers to expensive corporate litigation to irreparable damage to the corporate image.

The Metastorm New Account On-Boarding Process Pod® addresses all of these issues to streamline this challenging process. Specifically, this Pod:

  • Collects details and verifies applicant identity
  • Ensures that data is complete and communicated throughout the process
  • Facilitates blacklist checks and risk assessment
  • Generates an approved new account into a legacy repository (i.e., CICS)
  • Provides management dashboard & KPI reports

    • View Demo  WMV
    Recommended Services Hours 140 hrs

  • Procedure Installation: 24 hrs (publish procedure, populate Administrative forms, set up users, redirect database Views, author Help content)
  • Share Point Web Parts Configuration: 16 hrs (assumes Share Point server has already been installed)
  • Insight Reports Configuration: 4 hrs
  • Legacy System Integration: 80 hrs (assumes the legacy system is one that can be exposed using MIM and that the data to be passed to the legacy system is already defined in the New Account On-Boarding Pod. If additional fields or modified fields are required, this estimate would need to be re-evaluated)
  • Knowledge Transfer: 16 hrs
  • Testing: 16 hrs

    The time estimate above assumes all Metastorm products (i.e., Metastorm BPM, Metastorm Integration Manager, Metastorm Insight) have already been installed.

    Any customizations or enhancements to this Process Pod would be completed by the Metastorm Professional Services team. The PS team will work with you to define an estimate of additional hours required to complete your desired customizations. Examples of these customizations might include:

  • Modifications to the forms (field labels, additional fields, etc.)
  • Modifications to the process flow
  • Additional or modified process metric and/or management oversight reports
  • Definition of organization-specific Share Point portal(s)
  • Integrations with other applications (e.g., KYC services)
    • Metastorm Enterprise™ Products Used and Supported Metastorm BPM Version 7.x
    Metastorm Integration Manager 8.1.8
    Metastorm Insight
    Metastorm SharePoint Web Parts