4 Instant Savings Account Origination Process

This topic describes the information about Instant Savings Account Origination Process.

Additional Instant Business Process is available wherein various stages in the Reference Flow for Savings Account have been automated.

This allows Instantaneous Account origination from Self-Service Channel such as Oracle Banking Digital Experience for existing Customer who are KYC Compliant and New Customers for whom KYC is completed in Oracle Banking Digital Experience. KYC Type supported for the STP is Identification and Address only and the same has to be configured in Oracle Banking Party Module.

Note:

Refer to the Retail Onboarding User Guide for more details.

Based on whether the Application is initiated by self-service channel or by a Branch personnel the automatic submission of the stages or skipping of the stages are done by the system.

This process is not applicable for Small and Medium Business customers.

Prerequisite:

  • For the automatic submission to work, it is expected that document and checklist are not configured in any of the stages.
  • Initial Funding is either not taken for the Account or taken as Account Transfer for which the mode configured has to be H which represents that the selected Account will be debited by the Host as part of the Account Opening Process (Allowed for both Self-Service Channel and Branch Initiated Applications) or Initial Funding is taken via External Bank Account Transfer on self-service channel (This mode is not allowed for Branch Initiated Applications).

    Note:

    For more details, refer to Initial Funding Configuration topic in the Configurations User Guide.
In the Instant Savings Account Origination Reference Business Process, the stages that are configured are mentioned below.
  • Application Entry Stage: On successful submission of the Savings Account Application from self-service channel, the system starts the Application Entry stage without any manual intervention and completes the data segment level validation. On successful completion of the validation, the system automatically submits the Application Entry stage.

    Similarly, for the Branch initiated Application also this stage is automatically submitted, if the data segment configured for Application Entry stage are updated in the Application Initiate stage itself by clicking the Application button in the Product Details data segment.

    On submitting the Application Entry stage, the next stage is triggered based on the business process configuration. Below are the stages are auto generated if the Know Your Customer (KYC) process is not successfully completed:

  • Debit Assessment: If the applicants involved in a simplified application have not completed the Know Your Customer (KYC) process, then the Debit Assessment stage appears in the application process. The user having the required access rights can pick this task and can retry submission after taking required actions on the KYC non-compliance. Refer to the Debit Assessment stage of this guide.
  • Manual Debit Assessment: If the bureau status of any applicant is marked as Referred then this stage appears in an account opening process. Refer to the Manual Debit Assessment stage of this guide.

    After completing the Debit Assessment process, the account number is generated and application process to Account Funding Stage.

  • Handoff Retry: Application moves to this stage and appears in the Free Task only if the Savings Account creation has been rejected by Product Processor. The user having the required access rights can pick such task and can retry submission to Host after taking required actions on the Failure reason.
  • Account Funding Stage: In this stage, the user will initiate the Account Funding. For more information, refer to the Account Funding topic.