2.1 Functional Features

This topic explains functional features that are enhanced or added in this release.

Ability to perform an early Know Your Customer

• The Early KYC toggle is introduced in the Common Configuration section of the Business Product Preference data segment in the Business Product Configuration screen.
• If the Early KYC toggle is selected while configuration then the KYC call is trigger to Oracle Banking Party Services once the applicant data is captured.
• Once the KYC status for all the applicants in the application are Compliant, the user can continue and proceed to the next data segment.
• If the KYC status of any applicant is Non-Compliant or Yet to Verify KYC status then the user can go to the KYC amend screen of Oracle Banking Party Services and mark the status as Compliant. The user is allowed to manually update the status even if the KYC type is configured as Automatic. Once the status is complied, party service sends the updated status to Oracle Banking Origination and user can proceed with the account opening flow.

Identification of an account as staff account

For accounts where the primary applicant is marked for Staff in the Applicants data segment then the Staff Benefits Applicable flag is by default selected in the Account Details data segment. The user can edit the flag and the updated value is sent to the host system.

Ability to add multiple addresses for an address type

• The user can configure multiple address capture for an address types in the Address Stability Applicable Products section in the Origination Preferences screen.
• The user can configure the number of years for which multiple addresses are captured.
• The Address From Date and Address To Date is mandatory for all address types for which stability configuration is maintained for the previous addresses.
• The Current Address flag is mandatory for the address type for which stability configuration is maintained.
• The Address To Date is not applicable when the Current Address flag is selected.

Ability to capture the account level address for Current and Saving Accounts

• The Account Address Preferences section is introduced to capture the account address from the drop down list.
• The account address appears in the drop down list in the below format:

  <First Name>, <Applicant Role>, <Address Type (Current Address with or without preferred flag)>, <Address>.

• All the addresses captured for all the applicants involved in the application are list in the drop down list.
• The selected address is stamped as account address and sent to the host system.

Consolidation of Terms and Conditions and Consent and Preferences data segments

• In both data segment, Term and Conditions and Consent and Preferences, the UI appearances are enhanced for better view. The details appears based on the applicant view.
  • The first section inside the applicant panel is the Consent across the products. It displays all the terms and conditions maintained in the questionnaire for all products.
  • The second section show the product wise terms and conditions.
  • For the terms and conditions, a hyperlink of the document maintained in questionnaire is provided on the consent text.
  • The third section is the Preferences and Consent. It displays all the consents details such as E-Sign, Marketing Communications, and Privacy Information. The consents in this section are the party level consents that are stored in the Oracle Banking Party Services
• For joint holders, all the applicant names are displayed. For minor, the custodian or guardian name is displayed.

Ability to capture the service member details for all the roles

In the Relationship data segment of retail loan application, the user can capture service member for all the applicants involved in the application. The separate sections appears with the names and roles of the applicant. User can expand the section and capture the service member details for respective the applicant.

Customer contribution applicability not applicable for personal loans is based on configuration

• A parameter added at business product level to configure if customer contribution is applicable for certain personal loans.
• If the customer contribution is set as applicable then the user can input the value in the Applied Loan Amount and the Customer Contribution fields. Based on this inputs the value of the Requested Loan Amount is auto calculated and appears in the fields as read only in the Product Details or Loan Details data segment.
• If the customer contribution is set as not applicable then the Applied Loan Amount and Customer Contribution fields are not applicable and will not appear in the Product Details or Loan Details data segment for loan origination. The user can input the Requested Loan Amount value.

Account Level Consent for joint lending applications

In case of lending application with joint holder, the additional questionnaire for consent is added which is mandatory to mark as Yes in order to proceed with account opening application.

Ability to capture co-signer role for lending products

• The co-signer role is introduced for loans. This role is configured while configuring the product in the Business Product Configuration screen.
• The financial details are also captured for the co-signer in the Financial Details data segment of the Application Entry screen.
• The lending application can have both guarantors and co-signers. In case multiple applicant are added in the single application, the system validates that the same added applicantsapplicant cannot be addedare not same for different roles.
• The user can add multiple co-signer in a single lending application.

Simplified Process is introduced for Current and Savings Accounts

• The simplified account opening process is introduced for Current and Saving Account products. This process is applicable only if the Simplified Application flag is selected for the product while configuring in the Business Product Configuration screen.
• In this process, the Initiation and Application Entry stages are combined for submitting the account opening application.
• Capability to create direct application with multiple data segments in a single view. The free task is created in case it is saved to proceed later.
• The Documents and Clarification section are revamped for better and intuitive user experience. The functionality remains unchanged.

Ability to integrate with CFPM to onboard a collateral for Secured Overdraft Accounts in the Oracle Banking Accounts

• The feature covers the collateral data capture and sending of request to Credit Facilities Process Management (CFPM) for onboarding of a collateral.
• The Collateral ID received from CFPM are sent to Oracle Banking Account for storing the reference in the Customer Overdraft Account.
• The Liability ID received from CFPM is sent to the transformation layer only. The data is consumed by any underlying product processor based on specific business requirements

Ability to integrate with Oracle Banking Account for Overdraft facility in Term Deposit

• The feature covers the creation of an Overdraft against a given Term Deposit account in OBA and linking the TD against collateral and lien marking.
• All active Term Deposit Accounts of the customer in the Oracle Banking Account service are available for the request.
• Oracle Banking Origination provides the linking to the Oracle Banking Account Term Deposit number in the Linkage Reference and update the Overdraft Amount as the Linked Amount.
• Post the Overdraft Account creation, the lien marked as Amount Block on Term Deposit Account and is updated in Oracle Banking Accounts.