Introducing new online account application in AccountLaunch
Article contributor / Tony Lisenby / SVP, Client Implementation Services
SHAZAM® has recently enhanced the AccountLaunch® feature in our KinetiCore™ banking solutions platform with a new online account application, designed to provide prospective customers with a fast, convenient and secure way to apply for consumer deposit accounts. With this enhancement, individuals can begin the account opening process directly from your institution’s website 24/7, without the need to visit a branch. This enhancement not only improves the customer experience but also expands your financial institution’s reach to a broader audience.
Collect key customer data upfront with automated Know Your Customer checks
When a prospective customer clicks the online account application link, they are guided through a streamlined digital form that gathers much of the information required to meet Know Your Customer (KYC) standards. This includes essential data such as name, physical address, email address, date of birth and/or last four digits of their Social Security number, the source of initial funds and the amount of the opening deposit. Collecting this information upfront is a critical step in preventing fraud and financial crime while ensuring your institution remains aligned with regulatory expectations.
Once the user submits their information, the KYC engine evaluates the application against multiple criteria, from geotracing to monitoring for potential bot activity to Patriot Act scanning, as defined by your institution. The thresholds and tolerances can be defined by you to align with your risk models. The system then assigns a clear pass/fail indicator based on those rules. Applications automatically flow into AccountLaunch, where they await review and processing by your financial institution’s staff.
When a representative logs into AccountLaunch, the landing page displays any new submissions received through the online account application channel. Your team can then promptly contact the prospective customer to confirm details, gather any additional information and finalize the account’s approval. This blended model of digital initiation and personalized staff review allows your financial institution to maintain direct oversight and control over every new account while still benefiting from digital efficiency.
Key benefits of online account application
- Convenience – Applicants can begin the process 24/7, eliminating scheduling constraints.
- Efficiency – Reduces time spent in-branch and minimizes manual data entry by your staff.
- Accessibility – Expands your reach to applicants who may be geographically distant or prefer digital interactions.
- Control – Your financial institution retains final approval authority on every application.
- Automation – Digital workflows reduce reliance on paper-based processes and improve accuracy.
- Streamlining – Early KYC checks help identify and filter potentially fraudulent applicants before they reach your staff.
This new capability strengthens your financial institution’s digital offerings while preserving the personal touch and oversight that define strong customer relationships.