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S1 Enterpris unveils account opening technology

17 November 2008  |  1535 views  |  0 Source: S1 Enterpris

S1 Enterprise, a division of S1 Corporation (Nasdaq: SONE) and a leading global provider of customer interaction software solutions for financial and payment services, today announced the availability of AccelAccount, a multi-channel account opening solution built on the S1 Enterprise Platform and designed to specifically address the unique requirements of large and mid-tier financial institutions.

AccelAccount supports the entire account opening process - including data collection, regulatory checks, approvals and funding -- for retail and small business accounts ranging from deposit, lending and investment to life and P&C insurance. A potential customer can open and fund one or many new accounts in a single session within just a few minutes.

"Growing deposits and increasing revenues are among the top priorities for financial institutions, now more than ever," said Edward Woods, Senior Analyst at Boston-based research and consultancy firm Celent. "Solutions that streamline the new account opening process and provide integrated cross-sell capabilities across multiple banking channels are critical to achieving these business goals."

AccelAccount uses patent-pending technology to streamline the account opening process by creating a single instance of the software to support multiple account opening workflows and unique user interfaces across the Internet, call center, and branch channels. This multi-channel approach is part of S1 Enterprise's strategy of providing a shared platform that serves all banking channels, lowering the total cost of ownership.

"S1 Enterprise is focused on providing flexible, bank-centric solutions that increase revenues, deepen customer relationships and lower total costs," said Jan Kruger, President, S1 Enterprise. "AccelAccount is an excellent example of such a solution that delivers a tangible return-on-investment for large and mid-tier financial institutions in a short timeframe."

To that end, AccelAccount enables banks to achieve success in one channel and then quickly add additional products and sales channels without the burden of additional software installations. The user interface is fully configurable so financial institutions do not need to compromise their business model to provide online account opening. Instead, banks can tailor the user experience to match that of their online channel, providing a seamless transition into the account opening process from the bank's website.

In addition, AccelAccount's business rules are created specifically for each bank, enabling the account opening workflow to match the bank's business procedures. New products can be introduced quickly, allowing the bank to capitalize on shifts in the market without being constrained by technology.

Cross-sell opportunities can be woven into the account opening process so that additional products and options can be offered at the appropriate step in the workflow, improving the conversion ratio of bank offers into purchases. AccelAccount gives a bank the freedom to define the rules that determine the cross-sell offer based on product type and available demographic data.

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