Citibank is using technology from CashEdge to introduce paperless account opening processes to its online banking service.
Using the new feature, customers can open an account during one online session, without having to post paperwork and wait for the bank to complete the process. Using a triangulated information verification process, Citibank can instantly confirm an online applicant's identity. The consumer can then accept account terms and conditions online, rather than having to receive paper documents, sign and return them.
The CashEdge technology provides instant decisioning based on information derived from a variety of sources. The system automates the authentication and approval of the applicant, manages risk and moves funds using an ACH transfer.
Ajay Banga, president of retail banking, North America, Citibank, says: "Online customer acquisition is a key component of our consumer banking strategy, and this new development in online account opening has made the process more convenient and efficient."
The paperless service is available for opening current accounts and can be further used across a range of account types including credit, brokerage and money market.