1 Checking Account Application
This topic describes the structure of the Checkimg Accounts application, which captures information regarding the applicant's personal, employment, beneficiary information and financial information.
A checking account is a deposit account held with a bank or a financial institution that allows the account holder to make withdrawals and deposits. The checking account application of OBDX has been created to enable customers to apply for checking accounts easily by providing minimal personal details. Applicants can quickly apply for checking accounts by simply specifying their basic personal information and defining account preferences, if required.
OBDX supports both single as well as joint applications for checking account products (depending on whether the product, as maintained in the mid-office system, supports joint applications). If the product supports joint applications, the option to apply jointly will be provided on the kickoff page. On selecting this option, the application form will be adapted to also capture information of joint applicants. This will include the joint applicant’s personal information and, depending on the maintenances in the mid-office system with regards to capture of financial and employment information, might also include sections to capture this information of the joint applicant.
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 inline document upload feature that is provided on various sections of the form, enables the applicant to upload supporting documents to have the specific section prefilled with information.
Online KYC of the prospect (primary applicant as well as joint applicant) can also be conducted by means of liveness check or through integration with third party identity verification service providers. For more information, please refer User Manual Oracle Banking Digital Experience Originations - KYC Modes. Once the online KYC of the applicants are completed successfully, the personal information sections of each applicant will be prefilled with information fetched from the identification proof documents uploaded as part of the online KYC process.
In case the applicant is an existing digital banking customer (only supported in case of single applicant applications and not joint applications), he/she can simply provide his/her online banking credentials to have his/her personal information and if required, his/her employment and information sections of the form prefilled with information as maintained with the bank.
The application form also has the feature of QR code scan enablement which can be used to continue applications on mobile devices.
The US region 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:
- In this release, OBDX is integrated solely with Oracle FLEXCUBE Onboarding (OBO), for the submission and processing (including tracking) of US region 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. OBDX will further send this information to the mid office system to be utilized as required.
- At present, only the primary applicant will have access to the application tracker.
- Currently, in the case of joint application forms, OBDX only supports the scenario where both the primary as well as the joint applicant are new to the bank i.e. neither of the applicants can be existing customers of the bank.
Following are the steps involved in the application submission:
- Zip Code Specification: Once you select the Checking Accounts product category from the Product Offerings section, you will be displayed a modal window in which you will be required to specify the zip code of your home address. All products with details for the specific location (based on your zip code) will be listed down on the Product Listing page.
- Product Selection: All the products, available for your location (as per zip code specified)will be listed on the Product Listing page. 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 an applicant, you can identify how you are going to proceed with the application – whether you want to apply for a single or joint account, If you, the primary applicant are a new/unregistered user, you can continue as a guest, or if you are an existing online banking customer you can login with your online banking credentials to have your information pre-populated in the application.
- Mobile Verification: This step is applicable if you are filling
out the application as a new/unregistered user. You will be instructed to enter your
mobile number, after which the system will identify whether your 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.
Note:
As of this release, mobile verification is applicable only for the primary applicant even in the case of joint application forms. - Online KYC: Online KYC of the applicant 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
- Personal Information: This section captures information pertaining to the applicants’ personal information which will include full name, date of birth, address details, etc. In case, you have skipped online KYC, you can opt to upload an identity proof document to have the information on this section pre-populated or you can alternately enter the required information manually. In case of joint application forms, there will be two sections to capture personal information i.e. one to capture the personal information of the primary applicant and another to capture the personal information of the joint applicant.
- Employment Information : Employment information of the primary and
or joint applicant might be required to be captured or can also be an optional step in
the form, depending on certain product maintenances in the mid office system. In case
the product supports overdraft and if it is opted for, then the employment as well as
financial information of atleast one applicant will be required to be captured
mandatorily.
Depending on whose employment information is being captured, the first record will have to be that of the current main source of employment. You can also add additional records to capture other current or past employment details.
- Financial Profile :Similar to employment information, the capture of financial information is dependent on the maintenances in the mid office system that impact the product being applied for. Also if the overdraft feature is opted for, it would be mandatory to capture the financial information of atleast one applicant in the form.
- 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. In case of joint account applications forms, you will be able to provide specifications related to optional services available to both the primary as well as the joint applicant separately. There will also be an additional sub section under this section in which you can specify the mode of operation of the account.
- Beneficiary Information: If you wish to do so, you can specify details of your beneficiary in this section. Beneficiary details will include basic information such as name, date of birth, address etc. In case the beneficiary is a minor, you will have to mandatorily also specify information of the beneficiary’s guardian.
- Review and Submit : Once you have filled out all the information required in the checking account 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 account application you are applying
for. In case of joint account application forms, this section will list down the terms
and conditions specific to the product being applied for, as well as terms and
conditions that are required to be read and accepted by each of the applicant,
separately. The signature sub section will also have a provision to capture the
signature of both applicants.
Digital signatures can be added by uploading a document containing the applicant’s signature or by physically signing the provided space in case the application is being filled out 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. In case of single applications, if you are a
prospect applicant, you will be navigated to the payment gateway where you will be able
to specify information related to the mode of transfer. If you are an existing customer
you will be provided with the additional feature of being able to select any of your
existing savings or checking accounts that you hold with the bank, from which to
transfer funds. The same will be the case if in the case of joint applications, the
primary applicant is a prospect or an existing customer.
Note:
In case a prospect is applying, this step will be part of the application form only if host integration is third party. - 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.
Note:
In the case of joint application forms, only the primary applicant will have access to the application tracker.
Apart from the Review and Submit and Confirmation steps, the sequence of the remaining steps may vary based on the configuration maintained for the product applications, by the bank.
To apply for a checking account:
- Zip Code Entry
This topic describes the products available in area based on the zip code entered. - Checking Account - Product Listing
This topic describes the Checing Accounts products offered by the bank that can be applied for online, which are displayed on this page in a card format. - Checking Account - Product Details
This topic describes how to view product details. - 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. - Personal Information
This topic describes the section of the application form where you provide your personal information. - Employment Information
This topic describes the section where you can provide your employment details. - Financial Profile
This topic describes the section where you can provide details pertaining to your income, expenses, assets, and liabilities. - Checking Account Preferences
This topic describes the section where you can specify your service preferences. - Beneficiary Information
This topic describes the section of the Checking Account application form where you can provide beneficiary information. - 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 Checking Accounts 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.