Tuesday, May 11, 2010

Finovate: oFlows

oFlows takes the paper out of the account opening tool for any FI.

A nice demo, showing how they can remove many of the dull parts of account opening: putting a form online that actually does something useful, checks credit and identity, gather account information for funding, and offers most powerfully a clever engine for cross selling. There are electronic communication consents. And there are electronic signatures on your app forms.

Finally your client can upload his identification documents. I like the idea. I worry about some of the AML issues.

There is a nice background view of the client - a client centric approach to account opening! I love you guys! Cross sell capabilities. Remove paper from the process. Evertything goes into your systems of record.

Save money on the front end, backend and avoid customers dropping out. Very nice message. Clear, targeted presentation to the banks.

A post from the Improving It blog


Rajesh said...

Hi - This is Rajesh from oFlows. Thank you for shout-out. Your blog is great and addresses financial account workflow issues very well, and I am glad you liked our demo.

Phil Ayres said...

Rajesh, congratulations on getting one of the 'best in show' awards. Definitely deserved. And it was great to meet you in person. Keep reading!