Kathy is corporate treasurer of Jones Estates. It has been a busy week and she has several new accounts to add to Jones Estates' portfolio.
Kathy logs onto Jones Estates' commercial account and clicks the Open New Account button on her personalized dashboard. Kathy enters the details for the account opening request including signatories and treasury management services needed.
The Bank Account Management (BAM) system sends the information to the bank's new core system to create a new account number, including the supporting documentation for the account request. Once submitted, the information is sent to the back office system to initiate the Know Your Customer (KYC) process.
The KYC process completes and approves the new account for Jones Estates. The bank's back office onboarding system sends confirmation to activate the new account. In turn, the core updates the BAM system and the new account is now available to be viewed across all channels.
Kathy is pleased to view the account opening activity for all of her new accounts, and is able to download/export data for internal control and audit purposes.
Next month, Kathy needs to make changes to one of the newly opened accounts.
Kathy logs onto Jones Estates' commercial account and clicks the Change Account button on her personalized dashboard. Kathy enters all of the changes to add additional treasury management services to the account.
The bank's modern banking platform automatically makes the changes on the account and notifies ancillary solutions of the changes required.
The changes are made in the ancillary systems and confirmation sent to the bank's core system to update the account. In turn, BAM receives the updates and the confirmation of changes is now available to be viewed across all channels.
Kathy confirms the account change activity online and checks the item off her to-do list.