Bank Digital Account Opening Business Requirements are a list of key features and functions that enable a bank, credit union, or a financial institution’s multi-channel account opening capability.
What is in the Bank Digital Account Opening Business Requirements?
- Bank Digital Account Opening Business Requirements is a spreadsheet with about ~75 business requirements. Banks and financial services firms can customize these business requirements to their specific needs.
- The Digital Account Opening Business Requirements Matrix is broken down into various Categories, subcategories (where necessary) and then the Business Requirements
What do I not get?
- Detailed Technical, Architecture and Infrastructure Requirements
- Typical Vendor RFP questions such as Vendor profile, licensing information, etc. (Finantrix.com offers a Vendor RFP template as a separate deliverable.)
Why is Digital Account Opening a Big Deal for banks, credit unions, insurance, and financial services firms?
Today, in the BFSI (Banking, Financial Services, and Insurance) industry, many of the products and services are being commoditized, and most often the differentiation is in the customer experience.
Digital account opening can be a welcome mat if done right and otherwise can become a hurdle or an impediment.
Today, savvy customers are demanding the same of seamless omnichannel experience they have come to expect from new generation technology startup services.
Hence, it is a strategic imperative for banks, credit unions, insurance companies and financial institutions to focus on transforming the account opening process into a digitally enabled omnichannel experience.
The scope of Bank digital account opening business requirements matrix?
As we mentioned, there are about ~75 business requirements spanning all key aspects of digital account opening:
- Pre-Account Opening Engagement
- Product Research Support
- Account opening process
- Compliance and Risk Management
- Post-Account Opening Fulfillment
- Admin user requirements
Who should use the Digital Account Opening Business Requirements:
- Credit Unions
- Savings and Loans
- Brokerage firms
- Asset and Wealth Management Firms
- Insurance companies (even though the underwriting and ratings make it a slightly different ballgame.)
- We cannot accept any returns as Finantrix Bank Digital Account Opening Best Practices is a digital product.
- Depending on your situation – size, location, customer types, adoption of digital sales and e-commerce, the scope of the transformation – some or all the best practices may or may not apply to you.
- Consulting firms that intend to use the Finantrix Bank Digital Account Opening Best Practices at multiple clients have a different pricing and terms.
- This digital product is Sold on an as-is, basis and no warranties.
- If Finantrix does any updates to the product within 180-days, you will receive an updated/upgraded version.
- Finantrix is offering this product as a standalone and does not include any customization of implementation help or support. If you need professional services assistance, please contact us.
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.
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.
The time to completion of business requirements will help accelerate the overall project timelines and also spend more time on actual implementation.