1 Business Checking Account Application
This topic describes the structure of the Business Checking Account application, which captures information regarding the stakeholders business details, stakeholder details and account preferences
Business checking accounts are accounts held by businesses at banks and financial institutions to hold deposits and to receive and make payments through online modes, cheques and debit cards. As opposed to business savings accounts, business checking accounts can also have overdraft facility.
The business Checking account application of OBDX has been created to enable customers to apply for Checking accounts easily by providing minimal details of the business and stakeholders. Applicants can quickly apply for Checking accounts by simply specifying their business details, stakeholder details and account preferences.
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 define stakeholder information as required and can add multiple stakeholders.
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:
In this release, OBDX is integrated solely with Oracle FLEXCUBE Onboarding (OBO), for the submission and processing (including tracking) of SMB application forms. Third party integration is not supported.Following are the steps involved in the application submission:
- User Type Selection: The first step in applying for a product is to select the user type so as to be displayed product categories and subsequently products which are applicable to you. i.e. select tab ‘Personal’ if you are a retail individual and select tab ‘Business’ if you are applying on behalf of your small-medium business.
- Product Category Selection: Once you have selected a user type, all the product categories that contain products for the specific user type, are displayed. Select any product category of choice.
- Product Selection: All the products belonging to the selected product category will be listed here. Each product will be listed as a separate card which will display the name and image of the product along with a short description, features and the options to view further details, or to apply for the product. The additional option to select the product so as to compare it with others within the same category will also be provided on each card. You can select a maximum of three products for comparison.
- Kick Off: This page serves as an introduction to the application form. The various steps involved in an application are displayed on this page. 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.
- 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.
- 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.
- Business Finances: In this section, you can enter information pertaining to the finances of the business, which will include income, expenses, assets and liabilities.
- 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.
- Online KYC: Online KYC of the 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.
- Liveness Check - Selfie Capture
- (National) ID Verification
For more information on Online KYC and modes, please refer to the user manual User Manual Oracle Banking Digital Experience Originations - KYC Modes.
- Upload Documents: Upload documents is not available as a separate step in the application form, rather it is provided inline with every step that supports OCR and for which document proof would be required. The steps for which the option to upload documents is provided are – Business Details, Business Financials, Stakeholder Information.
- Checking 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.
- 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.
- Terms of Service: On having reviewed the application, you can then proceed to view the terms and conditions of the Checking account that is being 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.
- Fund your account: This step will be part of the application form if it has been configured for Checking Accountapplications. Through this step you will be able to fund your new account if you wish to do so. If you opt to fund your account, you will be required to specify the initial deposit amount and then proceed to furnish information regarding mode of transfer. If the business is a prospect, you will be navigated to the payment gateway where you will be able to specify information related to the mode of transfer. If the business is an existing customer you will be provided with the additional feature of being able to select any of the existing Checking or checking accounts that the business holds with the bank, from which to transfer funds.
- 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 application reference number. You can track your application on the basis of this reference number. Additionally, this page will also contain a button, by clicking on which you can navigate to the application tracker.
To apply for a checking account:
- Business Checking Account - Product Listing
This topic describes the Business Checking Account products offered by the bank that can be applied for online, which are displayed on this page in a card format. - Business Checking Account - Product Details
This topic describes how to view product details. - Business Checking Account - Product Comparison
This topic describes the functionality that enables users to compare the features of products within a specific product category. - Kick Off page
This describes the product application process that you need to fill out to apply for the product. - Mobile Verification
This topic describes the registration process for guest customers, enabling them to track submitted applications and retrieve abandoned applications. - Business Details
This topic describes the section of the application form where you provide information about your business. - Business Finances
This topic describes the section dedicated to capturing the business's financial information, including monthly income and expenses, assets, and liabilities. - Stakeholder Information
This topic describes the section of the application where you provide information about the business's stakeholders. - Checking Account Preferences
This topic describes the section where you can specify your service preferences. - 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 the product for which you are applying. - Fund your account
This topic describes the option that allows you to fund your business checking account by specifying an initial deposit amount and providing the details of the card or account to be debited. - 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.