"Fragmented, inefficient processes…"

There is no goal more important to banks and other financial services institutions than acquiring new customers. Unfortunately, new-account opening is one of the most fragmented, inefficient processes with which most of these organizations are saddled today — processes that translate to high rates of application abandonment and lackluster results in account funding and activation, which in turn lead to “churn” and loss of cross-sell and up-sell opportunities.

The Traditional Approach

These challenges, however, are not easily solved by conventional approaches:

• Interaction of people, systems, content, and rules: Rigid legacy systems cannot easily manage multi-step processes, which feature manual paperwork, inputting of data into multiple IT systems, and gathering credit and compliance information from third-party agencies — along with typical "accept/reject/refer" decision-making procedures.
• Case management: With today’s account-opening applications, with business processes spanning multiple, complex, “silo-ed” IT systems, the (self-service Web) customer or customer service agent often loses track of the current state of the new business process, leading to frustration for customers.
• Consistency across channels: Hard-coded legacy technologies, which fail to make use of service-oriented architecture (SOA), cannot re-use application services in order to adapt quickly to business and competitive requirements.

Learn how BB&T put Pegasystems Smart BPM to work in new-account opening — streamlining operations, cutting costs, driving revenue, and speeding account activation.Read this informative case study…