1 Bundled Application
This topic describes the process of creating product bundles and applying for multiple bundled products through a single application.
Product bundling is becoming increasingly popular in retail banking. OBDX provides applicants with the opportunity to create a bundle of multiple products and enables them to apply for all these products through a single application. This enables applicants to save time and effort in filling out and submitting multiple application forms. Applicants can also easily track the bundled application and view the status of each individual product application within the bundled application from the application tracker.
In a manner that is similar to individual business product applications, both existing online banking business customers of the bank as well as businesses that do not have any prior relationship with the bank, can apply for bundled products by simply selecting the option provided on the bank portal. The applicant must then proceed to select a product from within each product category to be added to the bundle.
On having made a selection, the applicant can proceed to the application form which will be an amalgamation of all the application forms required for each different product type. The applicant will be required to enter information that is common for each product application, only once. E.g. section Business Details is common across all product applications as is Business Finances for Business Checking Account, Term Loan and Working Capital Loan applications. These sections will not be repeated in a bundled application. The applicant will be required to specify information pertaining to each account or loan specifically i.e. if applying for a bundle that comprises of products savings and checking accounts, the applicant will be required to specify Account Preferences specifically for each account type.
The application form is OCR (Optical Character Recognition) enabled so as to save the applicant’s time and effort in filling out the application form. The various sections of the form get prefilled with information fetched through OCR based on the document uploaded in the inline Upload Documents feature provided against each section for which OCR is supported.
Online KYC of stakeholders that are prospects can also be conducted by means of liveness check (assisted or unassisted) or through integration with third party identity verification service providers. Online KYC is provided as an inline step that is enabled only in case the specific stakeholder does not have a relationship with the bank.
Businesses that are existing digital banking customers can simply provide their online banking credentials to have the Business Details and Business Finances section of the form prefilled with information as maintained with the bank. The applicant will be able to define stakeholder information as required and can add multiple stakeholders.
The application form has been designed in a manner that ensures that the information being captured adheres to all the regulations imposed by the US government. Additionally, all required disclosures and notices are also displayed as part of the application form.
The application tracker has been built so as to enable tracking of the application once it has been submitted. The application tracker also enables the applicant to retrieve and complete an application that has been saved. Additionally, the applicant can view documents that have been uploaded as part of the application form and can also view details as defined in the application form in PDF format.
Note:
- Only one product per product category can be added in a bundle.
The maximum number of products that can be added in a bundle is configurable. In this release, only upto 3 products can be added in a bundled application.
- In this release, OBDX is integrated solely with Oracle FLEXCUBE Onboarding (OBO), for the submission and processing (including tracking) of SMB/Business application forms. Third party integration is not supported.
- OBDX is integrated with Oracle KYC to fetch the applicant’s risk level (high risk or low risk) along with the reference number for the same as generated in the Oracle KYC system, at the time of application submission
Once you have selected the option to apply for a bundled application, you will be required to go through the following steps before you can start filling out the application form:
- Personalize your Bundle (Products Selection): On selecting the bundled application option, under the Business tab, on the bank portal, you will be navigated to the Personalize your Bundle screen. This screen will list down all the business products as cards, under each product category. As is the case with individual product applications, only those products that are enabled for application through online banking will be listed on this screen. You can select multiple products across category and proceed to apply for the bundled application.
- Kick Off: This page serves as an introduction to the application form. You can also view the documents required to be uploaded as part of the application. As a business applicant, you can identify how you are going to proceed with the application. If your business is new to the bank, you can continue as a guest, or if your business has an existing relationship with the bank, you can select the provided option to simply login with your online banking credentials so as to have certain sections such as Business Details and Business Finances pre-populated in the application.
The steps that you will have to go through to submit your application will depend on whether you are applying for the bundled application as a guest user or as an existing online banking customer of the bank. These steps are documented under the Steps in the Bundled Application section of this user manual.
To create and apply for a bundled application:
- Personalize your Bundle
This topic explains how you can browse products by category and add items to a custom bundle based on your needs. You can view all products within each category and select the ones that best suit you to create your own personalized bundle. - Products added to bundle
This topic describes where to the bundled products are listed. - Kick Off page
This describes the bundled application process that you need to fill out to apply for the product. - Steps in the Bundled Application
This topic describes the steps involved in a bundled application, which comprises all the individual steps required for each product included in the bundle. - Review and Submit
This topic describes how to review and edit your application summary. - Terms of Service
This topic describes the terms and conditions associated with all the products that you are applying for as part of the bundled application. - Submitted Application - Confirmation
This topic describes the confirmation page that appears after application submission. - Existing User
This topic describes the product application process for existing customers.