What to Consider When Banks Issue RFI or RFP for New Onboarding Systems

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What to Consider When Banks Issue RFI or RFP for New Onboarding Systems

Gone are the days when banking transactions meant standing in long queues. In today’s digital age, banks are adopting advanced technology to simplify their processes and offer a superior customer experience. One such area is the onboarding process, where banks are looking to implement efficient and seamless systems that comply with regulatory requirements while being customer-friendly. However, choosing the right system is not a straightforward task, and banks must keep several factors in mind before making the final decision. In this blog post, we’ll discuss the top factors that banks must consider when issuing an RFI or RFP for a new onboarding system.

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Introduction

Regulatory Compliance
Integration Capabilities
Security Features
Customer Experience
Scalability
Implementation and Support
Innovation and Future Proofing

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When banks issue RFI or RFP for new onboarding systems, they embark on a journey of transformation where every consideration shapes the future of seamless customer experiences and operational efficiency.

Regulatory Compliance

Regulatory compliance is a top priority for banks. Hence, the onboarding system must comply with various laws and regulations, such as KYC, AML, CDD, GDPR, SOC2, etc. The system must also adhere to the latest updates and revisions made to these regulations. It’s imperative to choose a system that has a robust and up-to-date compliance module, making it easy for banks to stay compliant.

Integration Capabilities

The onboarding system should seamlessly integrate with the bank’s existing core banking systems, CRM, ERP, and other technologies used in the bank. It should also allow integration with third-party data providers such as credit bureaus, fraud detection systems and internal systems. The integration should be simple and easy to execute, eliminating the need for manual intervention.

Security Features

Data security is a top concern for banks. The onboarding system must ensure the security and confidentiality of customer data and prevent any unauthorized access or leakages. The system should use advanced encryption techniques, provide two-factor authentication or biometric verification, and comply with data privacy regulations. Banks must vet the system’s security features thoroughly to ensure the safety of customer data.

Customer Experience

The onboarding system should provide superior customer experience that makes the process quick, simple, and hassle-free. The system must support a multi-channel onboarding process, with the customer having the option to choose the channel most convenient for them, such as online, mobile, or in-branch. Additionally, the system should enable real-time tracking of the onboarding process, giving customers visibility into the status of their application.

Scalability

As the bank expands its customer base, the system should be able to handle increasing volumes of customer data and transactions. The system should be scalable and have the flexibility to accommodate changing business needs.

Implementation and Support

Implementation and support are crucial for the success of the onboarding system. Banks must choose a vendor that provides robust implementation support to ensure a smooth transition to the new system. Additionally, the vendor should have a solid support framework that can address any issues or queries that may arise after implementation.

Innovation and Future Proofing

Banks should look for onboarding systems that are innovative with the latest technological advancements and have a clear roadmap for future upgrades. The system should also be customizable to meet specific business needs, making it easy to adapt to changing requirements.

conclusion

Implementing a new onboarding system requires careful consideration of several factors. Banks must ensure regulatory compliance, integration capabilities, data security, superior customer experience, scalability, and proper implementation and support. By choosing the right system, banks can streamline their onboarding process, provide excellent customer experience, and stay ahead in the competitive industry.
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