Account opening is one of the most critical processes for banks, whether they are working to acquire new customers or to deepen relationships with current customers. Advances in technology are pressuring banks to drive efforts to improve this process — but also offering ways to do so.
Although several vendors offer digital solutions that promise to enable customers to open new accounts in 10 minutes or less, we believe many banks’ business leaders don’t know how to make this a reality because the challenges of legacy infrastructure and procedures are difficult to overcome.
But advances in technology — such as Intelligent Automation — can modernize and transform account opening and KYC. This can allow banks to achieve major step-changes in customer experience, operational efficiencies and risk reduction. The key steps necessary to accomplish this can be simplified to: identify pain points, define options, and develop a roadmap.
Learn more in the full report, “CIOs Must Take the Lead in Overhauling Retail Banking Account Opening,” which we’ve licensed for your use.
WorkFusion enables business leaders to take full advantage of Intelligent Automation by offering packaged solutions for Account Opening and KYC.
Gartner, CIOs Must Take the Lead in Overhauling Retail Banking Account Opening, Nicole Sturgill, 27 December 2019Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.The graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from WorkFusion.
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