A recent survey of community financial institutions revealed that 82% viewed regulatory compliance as the leading technology challenge. In today's cost conscious, risk-averse environment, many risk and compliance professionals are left scratching their heads as to how technology could possibly help instead of hurt. It's time to take another look at online account opening.
Since its inception in 2005, online account opening has advanced to provide a more secure and profitable channel for financial institutions and has become easier to implement and configure to an institution's needs.
Online account opening removes the paper, human error and ambiguity from the process. There are even new complementary advances in the technology that prevent fraud before the damage is done and provide extra layers of ID verification to filter out the good applications from the bad ones in real-time.
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