1 Certificates of Deposits Application
This topic describes the structure of the Certificates of Deposits application, which captures information regarding the applicant's personal, employment, beneficiary information and financial information.
A Certificates of Deposit is a fixed term investment held at a bank or a financial institute. It involves the investment of an amount at an agreed rate of interest for a fixed amount of time.
The Certificates of Deposit application has been built so as to capture the information that is essential to open a Certificates of Deposit for the applicant. Additionally, the applicant is also required to provide basic personal, employment and financial information required for the processing of the Certificates of Deposit application.
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 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 applicant’s identity is verified successfully through online KYC, he/she will be able to proceed with the application form. The personal information section will also be prefilled with information as fetched on the basis of the identification provided.
Existing digital banking customers will be navigated to the OBDX servicing screen from which they can open a deposit, once they have specified their login credentials after having selected the option to apply as an existing customer of the bak, provided on the Kickoff page.
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.
Following are the steps involved in the application submission:
- Zip Code Specification: Once you select the Certificate of Deposit 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 Certificate of Deposit 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. If you 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.
Note:
If you are an existing online banking customer, you will be navigated to the OBDX servicing screen from which you can open a deposit, once you have successfully logged in to the application after having selected the option to apply as an existing customer of the bank, provided on the Kickoff page. - 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.
- 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 your personal information which will include your full name, date of birth, address details, etc. 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.
- Employment Information: You can provide information pertaining to your employment, in this step. In addition to defining information of your primary employment, you can also furnish past employment details and/or other current employment details.
- Financial Profile: In this section, you can furnish details pertaining to your Income, Expense, Assets and Liabilities.
- Deposit Details: In this section, you can specify details pertaining to the deposit which will include the deposit amount, tenure and maturity instructions.
- Deposit Specifications: The bank may offer certain add-on services for the account. You can define your preferences with regards to features like the currency in which you would like the account to be maintained and define your preferences regarding statement frequency and mode of delivery.
- 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 Certificates of Deposit 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 certificate deposit you are applying for.
Additionally, all other disclosures and notices related to your application will also be
displayed on this page. You are required to read through each disclosure and notice and
provide your consent wherever required.
You can also add a digital signature by means of uploading a document containing your signature or by physically signing the provided space if you are filling out the application from a touchscreen device.
- Fund your Deposit: This step will be part of the application form if it has been configured for Certificates of Depositapplications. 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 furnish information regarding mode of transfer from the payment gateway page.
- 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 Certificates of Deposit account number, and 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.
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 Certificates of Deposits :
- Zip Code Entry
This topic describes the products available in area based on the zip code entered. - Certificates of Deposit - Product Listing
This topic describes the Certificates of Deposit products offered by the bank that can be applied for online, which are displayed on this page in a card format. - Certificates of Deposits - Product Details
This topic describes how to view product details. - Certificates of Deposits - 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. - Deposit Details
This topic describes the section where you will specify details about the deposit account you wish to open. - Beneficiary Information
This topic describes the section of the Certificate of Deposit application form where you can provide beneficiary information. - Deposit Specifications
This topic describes the section where you can specify your service preferences. - Financial Profile
This topic describes the section where you can provide details pertaining to your income, expenses, assets, and liabilities. - Employment Information
This topic describes the section where you can provide your employment details. - 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 deposit
This topic describes the option that allows you to fund your Certificate of deposit 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.