Account Open Management

Account Open -- Automate Your Account Management Processes for Efficiency and Control

Automated Account Open Management Puts You in Control

ASC’s sophisticated Account Open solution skillfully leverages ASC ContractsTM contract lifecycle management (CLM) functionality to automate many of the account open processing steps Financial Services and Finance organizations require for personal and corporate wealth management. ASC Account Open can be used by banks, brokerages, insurance agencies, credit unions or any financial services company in any situation where a new contractual relationship is created with a client. 

Over the course of our close to 25 years in the contract management business, ASC has worked with many major financial institutions to automate, simplify and streamline their Account Open business processes. Our Account Open software helps reduce paperwork, improve account visibility and management, and increase profits.  

Account Open Business Challenges

We've helped our financial customers efficiently manage key Account Open management challenges such as:

  • Paper intensive account open processes
  • Multitudes of different forms
  • Coordination of large, national and international teams (e.g., independent financial advisors in different area branches and jurisdictions)
  • Management and administration of billions in assets
  • Management of hundreds of thousands of clients and accounts
  • Data re-entry/re-keying into financial systems
  • Bottlenecks and delays in the account open process
  • Offsite scanning of hard copies of documents and forms

“With ASC Account Open, financial institutions can not only reduce the time and effort required to open a new account but can also put their client’s money to work faster.”

- Shawn King, President & CEO, ASC


ASC Solutions Best Practice Framework

In solving any customer's contract management and business process management challenges, ASC's best practice framework includes:

  • Identifying key cross-organizational stakeholders (e.g. Financial Advisors, Finance Assistants, Compliance, Branch Managers, Back Office Operations, etc).
  • Gathering and documenting business processes and requirements
  • Prototype definition, field trial, refinement and buildout
  • Training the teams (train-the-trainer, one-to-one, one-to-two, team and online sessions)
  • Deploying hosted and managed solutions
  • Enter information once; produce printed forms for client signature; capture signed documents; feed information to multiple back-end systems

ASC Solutions Features and Benefits

Increased Productivity and Reduced Costs

Features:

  • Pre-populated account data entry
  • Data entry validation checks
  • Electronic signature
  • Automated routing, notifications, approvals and reporting
  • Barcode generated documents for mechanized image capture

Benefits:

  • Reduces re-keying costs and errors
  • Reduces downstream errors and churn
  • Reduces paper routing time and costs
  • Provides efficient and timely access to all data
  • Reduces imaging expenses

Reduced Paper Management Costs

Features:

  • Online forms
  • Data entry auto-population and validation
  • Electronic signature
  • Automated routing, notifications, approvals and reporting
  • Barcode generated documents for mechanized image capture

Benefits:

  • Reduces form paper duplication, storage, ordering costs
  • Reduces paper waste/costs resulting from errors
  • Reduces paper, fax and courier costs
  • Eliminates scanning and manual reconciliation costs
  • Reduces paper storage and retrieval costs

Increased Compliance and Reduced Risk

Features:

  • Online forms with built in business rules/logic
  • Automated approval workflows, notifications and standard or ad-hoc reporting
  • Access control, compliance management and audit trail
  • Barcode generated documents for mechanized image capture

Benefits:

  • Ensures up-to-date forms and documents
  • Enforces effective compliance control
  • Restricts access and supports compliance auditing
  • Non-repudiable content (barcode enables proof of tamper)
  • Improves information/imaging accuracy

Enhanced Client and Advisor Retention

Features:

  • Data entry via online forms, wizards and Word
  • Dynamic, automated document generation
  • Data entry auto-population and validation
  • Electronic signature
  • Automated routing, notifications, approvals and reporting
  • Comprehensive on-demand searching and reporting capabilities

Benefits:

  • Improves responsiveness and customer service
  • Reduces complexity with personalized forms
  • Improves information accuracy, reduces churn
  • Enables faster account open processes and online trading
  • Increases client and advisor satisfaction and productivity
  • Improves insight (client and business) for proactive account management

Open, Flexible and Comprehensive Solution

Features:

  • Multiple concurrent back-office system support
  • Multilingual support
  • Open standards application programming interface (API)
  • Iterative and agile development standards
  • Core contract lifecycle management platform (ASC Contracts™)

Benefits:

  • Reduces complexity and training requirements (user-friendly interface)
  • Improves back-office independence
  • Reduces merger and acquisition complexity
  • Permits seamless back-office integration
  • Enables tailored solution with lower costs and risks

ASC's Account Open solution adapts to your organization’s account management operational needs delivering substantial benefits and a compelling ROI.

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