1.4 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.

Sections that are common across product applications will not be repeated. Sections that are specific to a product will be identified as such e.g. Loan Requirements will be titled as Term Loan Requirements for Term Loans.

Following are the steps that will be involved in the bundled application submission regardless of the types of products selected. You can refer the individual product application user manuals for in-depth information of each step.

1. Mobile Verification: This step is applicable if you are filling out the application as a new/unregistered business customer. You will be instructed to enter your registered business mobile number, after which the system will identify whether the mobile number is already registered with the bank or not. You will then be required to enter the OTP sent to this mobile number in order to proceed with the application form.
2. Business Details: This section captures information related to your business which includes information such as the business legal name, date and country of registration, registered address and other contact details.
3. Stakeholder Information: In this section, you can specify information pertaining to the stakeholders of the business. This will include basic information such as the relationship of the stakeholder with the business, date of association and ownership percentage, depending on the type of stakeholder (relationship with the business). Depending on whether the stakeholder is an existing customer of the bank or if they are new to the bank, you will either be required to simply capture basic information such as customer ID, name, date of birth or extensive information including address and contact details. If the stakeholder is new to the bank, you will have the option to complete the Online KYC of the stakeholder.
4. Online KYC of prospect stakeholders can be done through any of the following modes, depending on which mode has been enabled by the bank in the Originations Workflow Maintenance screen available to bank administrators.
5. Liveness Check - Assisted: If the mode of liveness check is assisted, the option to initiate a video call with a bank executive will be provided. The bank executive will verify the identity of the stakeholder and will also undertake liveness checks. In order to enable the bank executive to verify the stakeholder’s identity, you will be required to first upload images of an ID document that contains the most recent photograph of the stakeholder. On completion of this step, if the bank executive has successful verified the stakeholder’s identity and conducted other checks, you will be able to proceed with the application form. The stakeholder’s personal information will be prepopulated on the basis of the information defined in the ID document.
6. Liveness Check – Unassisted: In the case of unassisted liveness check, you will be required to first upload images of the stakeholder’s ID proof document, following which the system will guide you to centre your face (the stakeholder’ face) so as to be able to click a selfie using the device’s camera. The third party identity verifying system will verify, through the use of certain algorithms, whether the photograph on the ID document matches that of the selfie. A success/failure message will then be displayed depending on the outcome.
7. (National) ID Verification: In this mode of KYC, you can select an ID that you would like to provide for verification and can enter the ID number in the provided input field. You will be sent an OTP to the mobile number defined against the ID. Your (the stakeholder’s) ID will be verified once you have entered the correct OTP in the provided field. Subsequently, the stakeholder’s information, as fetched from the third party service providers on the basis of Identification provided, will be pre-populated in the stakeholder’s information section.
8. Review and Submit: Once you have filled out all the information required in the application form, you will be displayed this information on the review page. You can verify the details provided and if required, can edit the information in any sections by selecting the option provided against each section. This step is documented as part of this user manual.
9. Terms of Service: On having reviewed the application, you can then proceed to view the terms and conditions of all the products that you are applying for. You can also add a digital signature by means of uploading a document containing your (a stakeholder’s) signature or by physically signing the provided space if you are filling out the application from a touchscreen device.
10. Confirmation: Once you have submitted your application after having reviewed it and having accepted the terms and conditions, a confirmation page will be displayed. This page will display a success message along with the bundled application reference number. You can track your application on the basis of this reference number.

    This step is documented as part of this user manual.

The following steps will be part of the application form if a business savings account or business checking account product has been selected to be part of the bundled application:

1. Account Specifications: The bank may offer certain add-on services for the account. These might include a Debit Card, Passbook, Cheque Book, Access to Direct Banking, Phone Banking, etc. In this section, you can define your preferences with regards to these features. You can also specify the currency in which you would like the account to be maintained and define your preferences regarding account statement frequency and mode of delivery. If you are applying for a checking account as well as a savings account as part of your bundled application, you will be required to provide your preferences for each product.
2. Fund your account: This step will be part of the application form if it has been configured for Checking Account and/or Savings Account products that are part of the bundled application. In this section, you can specify information pertaining to the account from which funds are to be transferred in order to fund your deposit.

The following steps will be part of the application form if a term loan or working capital loan product has been selected to be part of the bundled application:

1. Loan Requirements: The loan information section/s in the bundled application forms will capture information pertaining to the purpose of the loan, the estimated cost, customer contribution, etc.
2. Collateral: In the section you can specify information related to any collateral of the business that can be mentioned to support the loan/s that are part of the bundled application. You can add multiple collateral records as required.
3. Disbursement and Repayment: In this section, you can specify the account details for automatic disbursement of the sanctioned amount after creation of the loan account and also for repayment of the loan.

The following step will be part of the application form if a term loan, working capital loan and/or business checking account product has been selected to be part of the bundled application:

1. Business Finances: In this section, you can enter information pertaining to the finances of the business, which will include income, expenses, assets and liabilities.