Before and After DocFox
Commercial account opening is different. Unlike individuals, who often have very similar needs, every business is unique, with different ownership structures, number of signers, and operational requirements, to name a few.
When a business is picking a bank as a partner, it’s a big decision. These choices are largely relationship-driven, and require bankers to be out in their communities with a high level of personal touch. At the same time, opening a commercial account requires a lot of back-office work, with a multitude of forms, documents, and information that all needs to be verified and entered into a variety of different systems.
So how do banks juggle this balance, between maintaining close, up-front relationships with their business clients while eliminating the manual and time-consuming back and forth of the commercial account opening process? Enter DocFox!
Bankers forward the documents to their back-office staff, who realize other documents are missing or incorrect.
Customers upload all necessary documents into the easy to use branded portal, which immediately verifies them for accuracy and completion
The customer takes several days or weeks to hunt down the missing or incorrect documents, get signatures from all the required stakeholders, and send them to banker. Time to Account Opening: 2-3 Weeks
Commercial bankers meet potential customers, and the customers agree to open an account at the bank branch, their businesses or at home.
Bankers review the documents and hope everything is included. A back-and-forth email chain begins between the banker and customer as the banker realizes documents are missing or not properly executed.
Commercial bankers meet potential customers, and the customers agree to open an account at the bank branch, their businesses or at home.
After submitting information for all required stakeholders, they are emailed directly with instructions for signatures and other requirements.
Bankers provide their new customers with a list of required documents.
If any documents are missing or incorrect, DocFox immediately alerts both the customer and banker to the issue.
Bankers email their customers a link to their branded portal, powered by DocFox, to begin their application.
Time to Account Opening: 1 Day, even Minutes
Customers send the documents to the banker over email.
When it comes to commercial account opening, clients and bankers want one thing: to get their accounts open fast so they can get down to business. With DocFox’s commercial banking software, businesses can access their accounts quickly and easily, and bankers can build their relationships on a solid foundation of a seamless and smooth account opening experience.
