Account opening as a bank operation is not as easy as you might think, especially when it is about third-party fund administration. These are accounts opened by attorneys, accountants, liquidators, stockbrokers, and other financial accounting institutions and they have to create accounts on behalf of a third party to deal with the transfer of funds and payments. And the requirement here is to open a multitude of accounts, so one attorney might open 100 or 200 accounts and this is really tedious. That’s why RPA for Account opening is effective and appropriate. And the main benefits you can achieve by doing that are the following:
- (It) enhances client experience
- Improves turnaround time
- Streamlines processes
- Decreases manual errors
- Increases application processing capacity
- Enhances due diligence and regulatory compliance
To find more details about how to automate Account Opening watch this video with Michael Daniels, Head of Operations Shared Services & Business Process Improvement at Standard Bank, as a speaker.