automating commercial account opening at your financial
TRANSCRIPT
Automating Commercial
Account Opening at Your Financial Institution
Innovate Community Banking
Sep 2021
Chuck received a B.A. in Psychology, with a focus in
Organizations and Economics from Harvard University and
an MBA from the Kenan-Flagler Business School at University of
North Carolina, with a distinction in Leadership.
Chuck has accumulated a wealth of experience throughout his
professional career excelling in various positions and
responsibilities. He is an expert consultant in strategy, operations,
and marketing.
Chuck NwokochaDirector, Bank Solutions
ProcessMaker
/in/chucknwokocha
• With subject-matter expertise, he helped financial institutionsunderstand and comply with federal accounting guidance. Thisincludes webinars and published whitepapers:
+ Enhancing Credit Quality+ How to Improve Credit Risk Modeling for Better Credit Quality+ Global Cash Flow Analysis: What, When, Why, and How+ Benefits of Segmentation+ How to Calculate your FAS 114 Reserves+ Acronyms of Underwriting
• Featured in: + Forbes.com: “The Fastest Growing Industries in the Last Year” + Inc.com: “Why Landlord Profits Are Through the Roof”+ Inc.com: “Inside the US Construction Boom”+ Inc.com: “The Best Performing Industries in the US”+ Huffington Post: “Guess Which Industries are Growing the
Fastest” + International Business Times “Staples Inc and Office Depot
May Be Merging”
Award-winning solutions provider with a set of solutions focused on Community Banking
Who We Are
Best Digital Process
Automation Solution
ProcessMaker
PROCESSMAKER STORYFounder led software company focused on making businesses more efficient
FoundedDurham, NC
1st Major Bank Deploys
2017
2000
2011
Re-architected Platform
2020ProcessMakerCommunity Edition
2008
10,000,000 Banking transactions
2013
Beta Development for Business Account Opening
2018
2019
First Bank Deploys Commercial Account Opening
2021+
Strategic Partnerships
Providing Global Reach, Local Support andScalable Solutions
400+ Customers in 52 countries
10+ Million Transactions
2+ million Open-Source downloads
150 Employees
3+ Million Users
20+ Years in Business
Partners Across the GlobeOur global partner network spans over 30 countries across 6 continents.
Providing Global Reach, Local Support andScalable Solutions
400+ Customers in 52 countries
10+ Million Transactions
2+ million Open-Source downloads
150 Employees
3+ Million Users
20+ Years in Business
Partners Across the GlobeOur global partner network spans over 30 countries across 6 continents.
Digital Transformation
Automate complex business processes - connecting people and existing company systems.
Digitally transform core business processes, enabling faster decision making, improved compliance, and better performance
Orchestrate the flow of information and tasks between systems and people for efficiency and increased productivity.
Intelligent workflow engine design, built on open API architecture that allows easy connection to, and/or extension to third party systems such as point solutions and legacy systems
Who is leading or has led the digital transformation at your institution?
A. President
B. CTO
C. COVID-19
Digital Transformation
“ Community financial institutions are always looking for innovative ways to become more
digital and efficient without losing the human, personal touch they’re known for”
What is Digital Transformation?
- Jay Blandford, President of Abrigo”
“Innovate or be left behind by the financial technology revolution.”
What is Digital Transformation?
of customers believe
account opening and
treasury funding should
be near instantaneous1
is risked in revenue by
commercial banks with
poor account opening
experience2
of account openings
take longer than five
minutes
75% $4.5 Billion
73%
The disintermediation of traditional
business models – people are
becoming less reliant on the providers
of traditional financial services such
as banks.
Customer Experience: Next generation
banking is being built around interactive,
mobile-friendly interfaces, which
emphasize the customer experience
and user-friendliness.
Primary Drivers of Digital Transformation
Banking Process OverviewKey Features of Account Opening
Challenges & Trends
• Growing and changing regulatory compliance
• Attracting new customers for growth and retaining existing
customers with deeper customer relationships and outcomes.
• Organizational and technology constraints hindering innovation and
transformation.
• Decentralization
Technology trends:
• AI & RPA* – Banking sector use AI & RPA for chatbots/robots or to facilitate mobile banking
enabling 24/7 access for customers
• Big data is used to learn more about customers and to be able to make decisions in real-
time.
• More FIs are looking to bolster core systems, add capabilities, and enhance customer
experience through artificial intelligence (AI), digitalization, new sales platforms, alternative
product development, and other innovations
STRATEGIC TRANSFORMATIONTrue transformation begins with an outcome based approach
Drive
Profitable Growth
STRATEGIC TRANSFORMATIONTrue transformation begins with an outcome based approach
Deliver Exceptional
Customer Experience
Innovate for
Competitive Advantage
Drive
Profitable Growth
STRATEGIC TRANSFORMATIONTrue transformation begins with an outcome based approach
Mitigate Risk
Enable Staff Deliver Exceptional
Customer Experience
Innovate for
Competitive Advantage
Drive
Profitable Growth
STRATEGIC TRANSFORMATIONTrue transformation begins with an outcome based approach
ResultsAgility Innovation
Mitigate Risk
Enable Staff Deliver Exceptional
Customer Experience
Innovate for
Competitive Advantage
Drive
Profitable Growth
Omni-Channel
Desktop
Optimized for omni-channel delivery
“Account opening is the most critical process for banks working to both
acquire new customers and deepen the relationship with their current
customers. Advances in technology are pressuring bank CIOs to drive
efforts to improve this process — and also offering them ways to do so.”
Laptop
Tablet
Phone
- Nicole Sturgill, Gartner
CAOS: Commercial Account Opening Solution
Account opening is the most critical process for banks working to both acquire new customers and deepen the relationship with their current customers. Advances in technology are pressuring bank CIOs to drive efforts to
improve this process — and also offering them ways to do so.”
Digital Transformation
- Nicole Sturgill, Gartner
Siloed ProcessInefficient, error-prone
manual re-entry
Siloed DataMultiple vendors,
disconnected software
Frustrating ExperienceCumbersome experience between
customers, partners & staff
CURRENT CHALLENGESTrue transformation begins with an outcome based approach
ECOSYSTEM: INTEGRATION LANDSCAPEBringing best-in-class together.
PM offers dozens of pre-built connectors for some of the most common use cases, vendors and microservices...
Core Banking
Direct access to the NXTsoft API Marketplace
which includes
Identity Verification/KYC/KYB
Compliance & Documentation
Treasury/Funding/PaymentsAdditional Services
...and more!
Banking Software
Additional Services
Banking Process OverviewKey Features of Account Opening
4 Pillars of CAOS
Services/ProductsInfo & Document
GatheringCDD/EDD/KYC/KYB Onboarding - Funding