Are these really “Business Requirements”?

Indeed the Bank Digital Account Opening Business Requirements are REAL business requirements. The requirements are conceptualized and created by consultants based on years of experience in financial services transformation engagements. The business requirements encompass all key areas of account opening.

How should we use the Bank Digital Account Opening Business Requirements?

More often than not, in every large (and sometimes medium-sized) bank, credit union, or financial institution, a cross-functional team of business/technology/architecture teams spend countless hours in conference rooms trying to whiteboard and write business requirements from scratch. Generally speaking, if the focus is on white board elicitation, it is likely that the focus is on apparent business requirements, and the teams tend to miss out on unique, but non-obvious requirements. Instead, Finantrix bank digital account opening business requirements takes care of most significant and obvious requirements so that your teams can spend 80% of their time on specific and unique needs of your firm.

We do things differently around here! Will these business requirements fit us?

We acknowledge that each bank, credit union, insurance company or financial institution has some characteristics that are unique and extraordinary.
However, while there may be differences e at the edges, there is a lot of commonality at the core in the products and services offered.

Also, we don’t think Finantrix Bank Digital Account Opening Business Requirements Matrix (or any other matrix/template, in fact) fully reflect all aspects of what your firm needs. The expectation, instead, is that your teams use these requirements as a starting point and modify to meet your unique needs.
If you need help in customizing the requirements to your needs, please contact Finantrix Advisory Services.

What if we already have a set of online account opening business requirements?

First, congratulations. You are way ahead. Either you can stick with your set of requirements, or you can use Finantrix digital account opening requirements as a way to cross reference and bridge the gaps in your requirements matrix.

Why should we pay for a Business Requirements Matrix?

The value of Time Spent:

Typically, it takes a 4-5 member team several weeks to draft the business requirements.

• Product Managers
• Business Analysts
• Account Opening functional specialists

To arrive at the cost and benefit, please calculate the cost of time spent by this team and what you are paying is just a small fraction.

Opportunity Cost:

Even if you forget the real cost, the opportunity cost is high if you embark on writing requirements from scratch. Instead of spending countless hours in drafting necessary requirements, your team could be doing better things to make the account opening transformation successful.

Acceleration:

The time to completion of business requirements will help accelerate the overall project timelines and also spend more time on actual implementation.