3 Simplified Application

This topic describes the concept and process of single stage application.

What is Simplified Application?

The Simplified Application is introduced to open an account in a smooth single process culminating the long account opening process. In this process the user can directly create and application and update details with multiple data segmenst in a single view.

How to configure Simplified Application for a product?

To enable a simplified account opening process, select the Simplified Application flag in the Business Product Preference data segment of the Business Product Configuration screen.

Once the product is configured for simplified application, the user can configure the business process such as stages, data segments, document checklist and so on, in the Business Process Configuration screen.

How to process the simplified application?

After configuring the product and process, the user can initiate a single-stage application by navigating the menu. Below is the detailed process for opening an account using a simplified application.

To open an account using simplified application process:

1. From the Menu, select the Retail Origination. The Retail Origination menu appears.
2. From the Retail Origination, select the New Application. The New Application page appears with list of product types which are configured.
3. Select the appropriate product and click Apply.

   The Application Entry stage appears. The data segments in this stage appears based on the business process configuration.

   • Applicant : In this data segment user can capture applicant details such as basic, address, signature, employment, identification. Mutiple applicants are allowed with different roles. Refer Applicant data segment from the Application Entry stage of this guide.
   • Account Details: In this data segment user can capture the product details to configure the account. Refer Account Details data segment from the Application Entry stage of this guide.
   • Nominee Details: In this data segment user can capture the nominee details. Refer the Nominee Details data segment from the Application Entry stage of this guide.
   • Interest and Charges: In this data segment user can view the interest and charges that are applicable. Refer the Interest and Charges data segment from the Application Entry stage of this guide.
   • Term and Conditions: In this data segment user can capture the term, conditions and consents of the customer. Refer the Term and Conditions data segment from the Application Entry stage of this guide.
   • Review: In this data segment user can review all the details that are captured on clicking on each data segment tile.
4. On submitting the Application Entry stage, next stage is triggered based on the business process configuration.
   Below are the stages are autogenerated if the Know Your Customer (KYC) process is not successfully completed:

   • Debit Assessment: If the applicants involved in a simplified application have not completed the Know Your Customer (KYC) process, then the Debit Assessment stage appears in the application process. The user having the required access rights can pick this task and can retry submission after taking required actions on the KYC non-compliance. Refer the Debit Assessment stage of this guide.
   • Manual Debit Assessment: If the bureau status of any applicant is marked as Referred then this stage appears in an account opening process. Refer the Manual Debit Assessment stage of this guide.
5. After completing the Know Your Customer (KYC) process, the account number is generated and application proceed to approval stage. The Account Approval stage is generated. All the data segments of the Application Entry stage appears. The user can only view those stages. The Approval Details data segment is enabled to capture account approval status. For more information refer the Approval Details data segment of the Account Approval stage in this guide.
   • If the Rejected option is selected in the Approval Details data segment then this application is terminated.
   • If the Approved option is selected in the Approval Details data segment then the application's payload are proceed for account creation.
6. An account is created on approving the application in the Account Approval stage.
7. Below tasks are aslo generated in this process:
   • If the system fails, the Free Task generates the Handoff Retry task. With the necessary access rights, the user can pick up such tasks, take the necessary action on the Failure reason, and then resubmit to the Host.
   • If the business process is configured to include Account Funding, then the Account Funding stage is generated after account creation.