Current Account Opening Process

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Current Account Opening Process by Mind Map: Current Account Opening Process

1. Document Validation

1.1. Client

1.1.1. 1. Client sends new request to create new account to CSS

1.1.1.1. Client sends email.

1.1.1.1.1. Document package is emailed to Capital One, along with any relevant instructions and request forms (i.e. Exhibit C).

1.1.1.2. Notes

1.1.1.2.1. Most important, heavy lifting = KYC

1.1.1.2.2. Clients need to go through the process of collecting, aggregating, and tracking

1.1.2. 6. Client sends additional information.

1.1.2.1. Painpoints

1.1.2.1.1. Difficulty understanding requirements and bank documents.

1.1.2.1.2. Difficulty obtaining signatures & signers personal information

1.1.2.2. Client sends email.

1.1.2.2.1. Mistakes are corrected and additional information are gathered to submit to Capital One.

1.1.3. 7. Client awaits updates

1.1.3.1. Once the submission process is completed, the client steps away and waits for account to be opened.

1.1.3.1.1. Painpoints

1.2. CRE Associate

1.2.1. 2. CSS Associate receives a request to create a new account.

1.2.1.1. CRE Associate receives email.

1.2.1.1.1. Capital One receives email with request containing instructions to open a new account. A document package is included with the submission.

1.2.1.2. Notes

1.2.1.2.1. New Case = what info?

1.2.1.2.2. Condos, Co-ops, Housing Comps = Property managements manage

1.2.1.2.3. Profile = client data

1.2.1.2.4. Do not have to put entity in KYC

1.2.1.2.5. New Info : (SF) IOC, State, ID Contacts, Types, 29, state filings

1.2.2. 3. CSS Associate creates new case for new account request.

1.2.2.1. Painpoints

1.2.2.1.1. Incomplete/wrong documentation

1.2.2.1.2. Difficulty understanding legal documents

1.2.2.2. CRE Associate accesses Service Cloud.

1.2.2.2.1. New case is set up on Service Cloud.

1.2.2.2.2. Client documentation is uploaded to SERVICE CLOUD.

1.2.2.3. A physical checklist is added to the file.

1.2.2.3.1. Painpoints

1.2.2.4. Notes

1.2.2.4.1. What info entered to at least complete profile, create case with account?

1.2.2.4.2. Cannot open account without KYC review - tag in SF to fill out (standard 2 weeks)

1.2.3. 4. CSS verifies and validates documentation manually.

1.2.3.1. Painpoints

1.2.3.1.1. Incomplete/wrong documentation

1.2.3.1.2. Difficulty understanding legal documents.

1.2.3.2. Document package is printed for physical review.

1.2.3.2.1. Painpoints

1.2.3.3. Client information is validated on Service Cloud using SRM.

1.2.3.3.1. Painpoints

1.2.3.4. Notes

1.2.3.4.1. Most important, heavy lifting = KYC

1.2.3.4.2. Process of collecting, aggregating, tracking

1.2.3.4.3. VISION:

1.2.4. 5. CSS Requests additional information from client

1.2.4.1. Painpoints

1.2.4.1.1. No good way to track client submissions, version control.

1.2.4.1.2. SEEDOCS might not have older files.

1.2.4.2. CSS Associate makes updates to Service Cloud

1.2.4.2.1. Painpoints

1.2.4.3. CSS Associate contacts client via Phone/Email

1.2.4.3.1. Painpoints

1.2.5. 8. CSS completes paperwork & reviews package for validation.

1.2.5.1. New account request and client documentation are approved (if CSS is in charge of entire process).

1.2.5.1.1. Painpoints

1.3. Backend

1.3.1. Data is transferred from Salesforce to IMPACS automatically.

1.3.1.1. Entity Name

1.3.1.2. Tax ID

1.3.1.3. Address

1.3.1.4. Painpoints

1.3.1.4.1. Not all data is carried over.

1.3.1.5. Notes

1.3.1.5.1. What is IMPACS?

1.3.1.5.2. What information/customer data is loaded into Salesforce?

1.3.1.5.3. WCIS is the tool that does the mapping between Salesforce and Touchpoint

1.3.1.5.4. What is the flow from Salesforce to Touchpoint?

1.3.1.5.5. What is Salesforce?

1.3.1.5.6. What is Service Cloud?

1.3.1.5.7. Can I see the client documents in Salesforce? Do we upload documents to SF/SC?

2. Submission Preparation

2.1. Client

2.1.1. 1. Client identifies need for new account.

2.1.1.1. Client might acquire a new property (internal request), receive a request to manage a newly acquired property or receive a request to create a new funding account (external requests).

2.1.1.1.1. Painpoints

2.1.1.2. Notes

2.1.1.2.1. Entity vs. relationship vs. account?

2.1.1.2.2. Examples of need for new account

2.1.1.2.3. the average # of management companies associated with a CRE client?

2.1.1.2.4. the average number of existing entities for our existing CRE clients?

2.1.1.2.5. 1 customer, 5-10 a week - 200 per month master signers

2.1.2. 2. Client prepares new account request for submission.

2.1.2.1. Documentation is prepared in addition to any submission forms required by Capital One.

2.1.2.1.1. Painpoints

2.1.2.2. Notes

2.1.2.2.1. Is there a typical set of documents you ask a CRE client to provide when opening a new entity?

2.1.2.2.2. KYC

2.2. CRE Associate

2.3. Backend

3. Account Creation

3.1. Client

3.1.1. 2. Client receives account creation update.

3.1.1.1. Client receives an email/call

3.1.1.1.1. Once the account has been created the client will receive an update from Capital One. The account can be funded but not yet accessed on INTELLIX.

3.1.1.2. Notes

3.1.1.2.1. Account # currently managed with Excel Sheets

3.1.1.2.2. VISION

3.1.1.2.3. Harlan Clark(e) generates checks w/ account #s on them.

3.2. CRE Associate

3.2.1. 1. CSS Associate initiates account creation process

3.2.1.1. Client profile is located within Touchpoint system.

3.2.1.1.1. Painpoints

3.2.1.1.2. Notes

3.2.1.2. Information is validated using Service Cloud request, and documentation submitted.

3.2.1.2.1. Painpoints

3.2.2. 3. Associate enters new account information

3.2.2.1. All Touchpoint steps are completed using information from submission (Entity, Signers, Account info)

3.2.2.1.1. Selections are made based on account/client type and preferences

3.2.2.1.2. Account # is obtained from an excel sheet and entered into Touchpoint.

3.2.2.1.3. Painpoints

3.2.3. 4. Associate creates requests for account features to be sent to TM Implementation

3.2.3.1. Internal feature requests are created on Service Cloud to be sent to the corresponding TM implementation team.

3.2.3.1.1. Notes

3.2.3.1.2. Painpoints

3.2.4. 5. Associate performs dual review

3.2.4.1. A second associate performs a dual review of the Business Check List before process is finalized.

3.2.5. 6. Associate sends package to vendor for archiving

3.2.5.1. Verified package is printed, organized, labeled, and packaged.

3.2.5.1.1. Painpoints

3.2.5.2. The package is mailed to SEEDOCS for scanning and archiving.

3.2.5.2.1. Painpoints

3.2.5.3. Notes

3.2.5.3.1. What is involved in SEEDOCS?

3.2.5.3.2. SEEDOCS is going away and being replaced by ONEVIEW

3.3. Backend

3.3.1. Data is carried over from Salesforce to Touchpoint via WCIS

3.3.1.1. Painpoints

3.3.1.1.1. WCIS does not have all the data that needs to be translated into Touchpoint.

3.3.1.1.2. Associates need to go in to enter in the rest of the fields.

3.3.1.2. Notes

3.3.1.2.1. WCIS is the tool that does the mapping between Salesforce and Touchpoint

3.3.1.2.2. What data is fed from SF to Touchpoint?

3.3.1.2.3. What is the flow from Salesforce to Touchpoint?

3.3.1.2.4. Touchpoint is the place where you enter in everything and click 'submit'.

3.3.1.2.5. Last step in Touchpoint is a dashboard in Touchpoint that says "Account is Open."

4. Account Management

4.1. Client

4.1.1. 1. Client reviews new account

4.1.1.1. Client checks new account to make sure it has been properly implemented and all requested features are fully functional.

4.1.1.2. Painpoints

4.1.1.2.1. INTELLIX is too complex & unreliable

4.1.1.2.2. Necessity to check correct implementation

4.1.2. 2. Client requests role changes / additions

4.1.2.1. Client may request for roles & permissions to be updated

4.1.2.2. Painpoints

4.1.2.2.1. INTELLIX is too complex & unreliable

4.1.2.2.2. Difficulty using self-service capabilities

4.1.2.2.3. Need to contact bank representative to make account updates

4.2. CRE Associate

4.3. Backend

5. Account Building

5.1. Client

5.1.1. 3. Client receives account activation update.

5.1.1.1. Painpoints

5.1.1.1.1. No way to track progress

5.1.1.1.2. Account not fully functional

5.1.1.1.3. Additional documentation may be needed

5.1.1.1.4. Client receives an email/call

5.1.2. 13. Client receives completion update

5.1.2.1. Client is notified that account has been completely finalized

5.1.2.1.1. Painpoints

5.1.2.2. Notes

5.1.2.2.1. Validate account # is accurate

5.1.2.2.2. TM asks as soon as an account # is obtained

5.2. CRE Associate

5.2.1. 1. TM Associate receives and processes internal request

5.2.1.1. Requests from CSS/CFC come from Service Cloud

5.2.1.2. Information is validated digitally and on paper.

5.2.1.3. Requests not coming from CSS/CFC require extra validation.

5.2.1.3.1. Painpoints

5.2.1.4. Notes

5.2.1.4.1. Manual requests to Service Cloud

5.2.1.4.2. All documents are physical in paper

5.2.1.4.3. VISION

5.2.1.4.4. Process can get very complex depending on # of customer products.

5.2.2. 2. TM Associate validates newly created account

5.2.2.1. IMPACS System is used to verify if new account has been properly created.

5.2.2.1.1. Painpoints

5.2.2.2. Notes

5.2.2.2.1. Validate account # is accurate

5.2.2.2.2. TM asks as soon as an account # is obtained

5.2.3. 4. TM Associate codes account in IMPACS system.

5.2.3.1. Information is coded into IMPACS system in order to provide Intellix access to client.

5.2.3.1.1. Painpoints

5.2.3.2. Notes

5.2.3.2.1. What info is entered into IMPACS?

5.2.3.2.2. Info coded to show up in Intellix

5.2.3.2.3. How is IMPACS unreliable?

5.2.4. 5. TM Associate locates client & account in system.

5.2.4.1. Client & Account are located within INTELLIX.

5.2.4.1.1. Associate makes sure there are no account duplicates and then proceeds to add new account to existing client.

5.2.4.1.2. Painpoints

5.2.4.2. Notes

5.2.4.2.1. All submitted through Service Cloud

5.2.4.2.2. Entering information into Intellix.

5.2.5. 6. TM Associate enters client profile information.

5.2.5.1. Required client information is manually entered into INTELLIX.

5.2.5.1.1. Associate makes sure there are no account duplicates and then proceeds to add new account to existing client.

5.2.5.2. Required client information is manually copied and pasted from IMPACS or Service Cloud.

5.2.5.2.1. Associate makes sure there are no account duplicates and then proceeds to add new account to existing client.

5.2.5.2.2. Painpoints

5.2.5.3. Notes

5.2.5.3.1. What information is entered into INTELLIX?

5.2.5.3.2. How is Smart OI involved?

5.2.6. 7. TM Associate selects account services to be implemented.

5.2.6.1. Account features are selected within INTELLIX from an existing list for each client.

5.2.6.1.1. Selections are made based on information sent with original Client Request.

5.2.6.2. Notes

5.2.6.2.1. Clients may have different modules within INTELLIX

5.2.7. 8. TM Associate sets up client roles & permissions for new account

5.2.7.1. Roles and permissions are established based on client requests.

5.2.7.2. Newly added / confirmed roles are added to new account.

5.2.7.2.1. Painpoints

5.2.7.3. Notes

5.2.7.3.1. Delegated Admin

5.2.8. 9. TM Associate creates and sends requests for special services.

5.2.8.1. If any features require a special set up, individual requests will be created and sent to the corresponding implementation team.

5.2.8.2. Painpoints

5.2.8.2.1. Certain features need to be implemented by other teams.

5.2.8.2.2. Additional requests need to be created.

5.2.8.3. Notes

5.2.8.3.1. DOT (Digital Onboarding Tool)/Smart OI begins

5.2.8.3.2. Types of special services: Remote deposit, ACH, Bai, etc.

5.2.9. 10. TM Associate finalizes set up & prints account request

5.2.9.1. After completing set up process, the completed request is printed and stamped.

5.2.9.2. This process gives an "Entered" status to signify completion.

5.2.9.2.1. Painpoints

5.2.9.3. Notes

5.2.9.3.1. DOT (Digital Onboarding Tool)/Smart OI ends

5.2.9.3.2. New account requests are printed out

5.2.9.3.3. TM forms: has new data, not same

5.2.9.3.4. New account requests and pdf of final services are printed as well

5.2.10. 11. Second TM Associate reviews final package.

5.2.10.1. A second team member or "Buddy" will perform a final review of the physical file.

5.2.10.2. Painpoints

5.2.10.2.1. Secondary review takes time.

5.2.11. 12. TM Associate sends package to Vendor for Archiving

5.2.11.1. Verified package is printed, organized, labeled, packages and mailed to SEEDOCS for scanning and archiving

5.2.11.2. Painpoints

5.2.11.2.1. Manual process takes too much time

5.2.11.2.2. Need to print documents

5.2.11.2.3. No local archiving system

5.2.11.2.4. Tracking and verifying new and older submissions in SEEDOCS is difficult and time consuming

5.3. Backend

5.3.1. Service Requests from CSS/CFC come from Service Cloud

5.3.2. Information is transferred from IMPACS to Intellix.

6. Phase

6.1. Actor

6.1.1. Action taken by actor

6.1.1.1. Description of action with touchpoints (artifacts used)

6.1.1.2. Description of action

6.1.1.2.1. Painpoints

6.1.1.2.2. Notes