On-Boarding Processes

The embedded intelligent BPM engine, LSPS, enables financial institutions to reduce front and back office inefficiencies endemic to the account opening process, turning client on-boarding into a more streamlined process for both the financial institution and the customer. PM1 makes the account opening process as seamless as possible both on the front end for the customer and on the back end, for the bank. LSPS coordinates the series of processes on the back end, thus reducing the significant losses that banks incur through wasted time and excessive paperwork, while making the processes easier to navigate for the employee.

Data capture
Data capture is often the start of delays and significant paperwork. Instead of requiring customers to fill out multiple paper forms, switching to digital forms allows existing data to be automatically filled onto all relevant forms. Once paperwork is digitized, PM1 can cross business lines to autofill forms, where pre-existing data is available.

Compliance
Information required for client approval varies based on many factors, ranging from type of product, to risk components, to income levels. As these factors change, LSPS provides the ability to safely make updates and ad-hoc changes to running process instances, resulting in fast and efficient implementation to all relevant parties and documents regardless of whether this occurs within a single division or across the entire bank entity. These features provide the basis for all regulatory compliance issues (MiFID, FIDLEG, FATCA, etc.).

Analytics
Monitoring processes ranging from the time required to fill out forms to ensuring compliance with KYC and AML provides the business owner with an easy method to determine where bottlenecks occur and how best to eliminate the delays while still accomplishing preset business goals.

Short overview: 

PM1 enables financial institutions to reduce inefficiencies endemic to the account opening process, making client on-boarding a more streamlined process.