RBS International has launched automated account opening for its online banking platform, after a successful pilot earlier in the year.
The bank’s eQ platform brings together customer accounts, allowing users to make and manage payments and deposits across multiple accounts in multiple currencies, as well as real-time FX trading.
The automated account opening process speeds up the process of applications, with an interface that knows which documents to ask for based on customer inputs, lessening the administration burden for fund management and other financial services companies in the Channel Islands.
“Opening a bank account is a notoriously difficult, and administratively burdensome, aspect of operating a fund management or fund administration company,” said Tom Colclough, Head of Customer Journey RBS International.
“Know Your Customer requirements differ from one jurisdiction to the other, and frequently there would be time and patience-consuming correspondence between fund administrators and bank staff to try and gather what was needed.
“The launch of eQ Account Opening automates the whole process, making it much slicker. Customers will know exactly what they need to provide, and have visibility of where their account application is up to. It will save them time, frustration and phone calls!”
RBS hopes to lead a ‘digital transformation’ across its markets. The next stage of this will be to roll out functionality to the remaining jurisdictions, as well as ongoing refinement of the system to automate more verification activities.
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