1 Overview

This topic describes the information on the various features of Individual Retirement Account Savings Origination module.

Oracle Banking Origination is a middle office banking solution that offers extensive support for Retail Banking Origination processes. It encompasses a range of products, including Savings Accounts, Current Accounts, Term Deposits, Credit Cards, and various types of loans such as Home Loans, Personal Loans, Education Loans, and Vehicle Loans for individual customers, as well as Term Loans and Business Loans tailored for Small and Medium Business clients.
  • Saving Account
  • Current Account
  • Term Deposit Account
  • Credit Card Account
  • Retail Loans Account
  • Individual Retirement Account Certificate of Deposit Account
  • Individual Retirement Account Savings
  • Certificate of Deposit Account
It is a Host-Agnostic solution.

It allows banks to enhance the user experience for different banking roles, including Sales Officers, Relationship Managers, Account Opening Officers, Branch Supervisors/Managers, Loan Officers, and Credit Officers, as they manage specific tasks throughout the product origination lifecycle.

Our new platform solution facilitates the easy configuration of relevant stages and their corresponding data segments, which can be tailored to meet business needs.Facilitating random access navigation among data segments at a specific stage, along with necessary validations, empowers business users to gather relevant information at any point during the account opening process, prior to the creation of the Savings Account in the Host system. The updated workflow facilitates the systematic capture of pertinent documents at each stage, along with the dynamic generation of advice and notifications.

The request to open a Savings Account can be initiated by authorized branch personnel, relationship managers, or approved bank agents. This can be done either through the conventional branch channel or via specialized protocol services accessible on digital devices such as tablets or mobile phones. The request to open a Savings Account can be initiated by both new and existing customers. Additionally, the system is capable of processing savings account requests submitted directly by customers via the Self-Service Banking Channel (Oracle Banking Digital Experience) through RESTful service APIs.

Note:

Refer to the detailed setup and operation workflows for both asset and liability products initiation made available in the Operations User Guide.