The current process of bank account management (i.e., opening, maintaining, and closing accounts) is manual and paper-based, leading to high costs and inefficiencies for both corporations and banks.

Key findings from a recent survey conducted by Finextra and Pegasystems show that:

• 44% of corporates would switch banks for better service around account opening, maintenance and closing.
• 47% of banks believe that it would take more than a year to undertake the necessary process and system re-engineering to enable EBAM.
• 60% of banks identify the lack of IT resources and technologies as the biggest obstacle to delivering timely EBAM services to their corporates.

Pega BPM for commercial account opening, customer on-boarding, and electronic bank account maintenance (EBAM) optimize and automate end-to-end processes from the point of sale to the back office, to increase revenue, improve customer satisfaction, and reduce costs. An integrated process and rules environment provides workflow automation, rules-driven decision making, intent-driven user interfaces, and the ability to integrate and orchestrate back-end and third-party systems — enabling the creation of a single platform for customer on-boarding across the enterprise.

Key Resources

• On-boarding and Electronic Bank Account Management for Corporate Treasuries
• Corporate Banking Customer Satisfaction Survey 2010
• How J.P.Morgan Worldwide Securities Services improved customer on-boarding process using PRPC (video)
• Why Deutsche Bank Chose Pega to Improve Its Corporate-to-bank Relationships (ComputerWeekly.com article)