It is a given constant that in order to set up a retail financial services product, there has to be some data capture in order to kick off the application process. This is true whether, for example, it's a mortgage, life policy or bank account, and whether it's a customer or an intermediary completing the actual application.
In the past, the application process has typically required a paper-based form to be sent by the customer or intermediary to the product provider, who then processes the form via their back-end operation. More recently, product providers have delivered online application offerings, but once the 'apply' button is clicked, an army of people in the back-office have to print off the application and rekey data into line-of-business systems.
So, what if you could extend the reach of the back-end system so that the individual incepting the business inputs their information directly into the processing environment, thus increasing the speed and accuracy of the process and reducing the cost? There are now software solutions available that make this a real possibility while ensuring the customer experience is optimised. This white paper explores the opportunity in more detail and presents some of the advantages of the approach, but also some of the potential issues that should be mitigated against.
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