Metastorm ships customer account application system

Source: Metastorm

Metastorm, a leading provider of Business Process Management (BPM), Business Process Analysis (BPA), and Enterprise Architecture (EA) software for aligning strategy with execution, today announced the availability of a New Account On-Boarding Process Pod for the financial services industry.

The Metastorm New Account On-Boarding Process Pod is a packaged solution framework that when deployed on the Metastorm BPM- software suite enables financial services organisations to electronically collect applicant details, automatically run required background checks, establish a centralised new account, and update existing client accounts to reflect new services or financial products.

Metastorm already has an established presence in the financial services industry with successful BPM, BPA, and EA deployments around the world for initiatives including regulatory compliance, loan origination, credit processing, general process improvement, and tying together disparate processes and systems. The New Account On-Boarding Process Pod adds to Metastorm's existing library of Process Pod solution offerings, which include both vertical and horizontal business applications as well as packaged technology connectors to external applications.

"Rather than always starting with a blank canvas, FSIs would often prefer to have access, where it exists, to a process model (also sometimes called a map, template, framework or blueprint, according to the vendor concerned) that defines the typical workflows and decision points for the more common processes," stated Peter Redshaw, Research Director, Gartner Inc. "Not only does this get FSIs off to faster starts, but it also enables them to gain insight into industry best practices without constraining them. They can still customise the process to add content that is special to their firms and the precise markets in which they operate."

New account on-boarding is traditionally a manual, paper-based process which can often lead to duplicate data entry, inefficient processing, lack of management visibility into pipeline status, and disconnected customer service. In addition, financial services organisations must complete due diligence on each customer in order to adhere to regulatory compliance and to avoid the risk of on-boardrding 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.

Metastorm's most recent Process Pod enables financial services organisations to automate the complete process life-cycle for new account on-boarding from the point of submitting an application through to the organisation creating the account. Immediate benefits include improved client satisfaction, transparent status of new account applications, accelerated revenue realisation, reduced error rates, a single view of the client worldwide, and reduced risk of financial loss from lawsuits and regulatory fines.

Highlights of the New Account On-Boarding Process Pod include:

The ability to collect and validate customer details, identity, background information, etc.; The assurance that applicant and account data is complete and automatically communicated throughout the process; The ability to complete and audit completion of blacklist checks and risk assessment; The generation of an approved new account into a legacy repository, including communication with existing IBM CICS systems; Pre-defined management dashboards & key performance indicator (KPI) reports that provide a common view into client data and provide pre-built integration to Microsoft SharePoint. Automatic capture of audits trails on both human and system actions.

"Financial services firms worldwide need real-time access to accurate data in order to make informed decisions, so this Process Pod for FSI New Account On-Boarding is a critical addition to our growing list of packaged solution frameworks that enable customers to accelerate process automation initiatives," stated Greg Carter, vice president of development and CTO for Metastorm. "This new Pod allows firms to benefit from improved efficiency of account setup, more effective process management, enhanced visibility, and more accurate information available as needed. And most importantly, it reduces critical risk factors that are integral to the success and long-term viability of a financial services organisation."

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