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Smart.Account.Opening IQ

Smart.Account.Opening IQ is a comprehensive managed service designed to streamline and automate the account opening process for financial institutions. By leveraging serverless architecture and advanced AWS services, Smart.Account.Opening IQ enables banks to efficiently capture, classify, extract, and enrich data from paper-based documentation, ensuring accurate and compliant account opening experiences for customers.

To open a bank account, customers are typically required to provide the following documents:

  • Proof of Identity: A valid government-issued photo ID, such as a driver's license, passport, or state ID card.

  • Proof of Address: A document that verifies the customer's current residential address, such as a utility bill, lease agreement, or bank statement (usually not older than 3 months).

  • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) or National IDs: Banks require this for tax reporting purposes and to verify the customer's identity.

  • Initial Deposit: Some banks may require an initial deposit to open the account, which can vary depending on the type of account and the bank's policies.

Additional documents that may be required in certain situations:

Employment Information:

  • Some banks may ask for proof of employment, such as a pay stub or an employment verification letter.

  • Student ID: For student accounts, banks may require a valid student ID along with proof of enrollment.

  • Co-applicant Information: If opening a joint account, the co-applicant will need to provide the same documentation as the primary applicant.

  • Business Documents: For business accounts, banks may require additional documents such as the company's formation documents, business licenses, and Employer Identification Number (EIN).

Go-to-Solution

Smart.Account.Opening IQ is a game-changing managed service that transforms the account opening process for banks. By leveraging cutting-edge AWS technologies, such as Amazon Textract, Amazon Comprehend, and Amazon A2I, Smart.Account.Opening IQ automates the capture, classification, extraction, and enrichment of data from paper-based documentation. 

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What we offer ?

Smart.Account.Opening IQ is a managed service that automates the account opening process for banks by capturing, classifying, extracting, and enriching data from paper-based documentation generated by customers and bank representatives.

For Who ?

The service is designed for financial institutions, such as banks, that require efficient and compliant account opening processes.

Smart.Account.Opening IQ leverages serverless architecture and advanced AWS services, including Amazon Textract, Amazon Comprehend, Amazon A2I, and AWS Step Functions, to automate the end-to-end account opening workflow.

How do we Leverage AWS ?

Financial Benefits
  • Reduced operational costs associated with manual data entry and processing

  • Faster time-to-value by automating the account opening process

  • Increased revenue potential through improved customer acquisition and onboarding

  • Cost savings from the pay-as-you-go pricing model of serverless architecture

  • Minimized infrastructure costs and maintenance overheads

Operational Benefits
  • Automated data capture and extraction, reducing manual efforts and errors

  • Streamlined account opening process, improving efficiency and productivity

  • Enhanced compliance with regulatory requirements through automated checks and validations

  • Improved data accuracy and consistency across systems and processes

  • Scalable and flexible architecture to handle varying volumes of account opening requests

Benefits of the Cloud Adoption Framework

By aligning with the AWS Cloud Adoption Framework, Smart.Account.Opening ADT IQ delivers a comprehensive set of benefits across multiple perspectives, enabling financial services institutions to transform their operations and achieve their business objectives more effectively.

Business Perspective
  • Enables faster time-to-market for new account opening offering.

  • Improves customer satisfaction through streamlined and efficient processes

  • Enhances competitiveness by delivering superior account opening experiences

  • Supports business agility and innovation through flexible and scalable architecture

People Perspective
  • Frees up staff from manual data entry tasks, allowing them to focus on higher-value activities

  • Enhances employee productivity and job satisfaction by automating repetitive tasks

  • Enables upskilling and reskilling opportunities for staff to work with advanced technologies

Governance Perspective
  • Ensures compliance with regulatory requirements through automated checks and validations

  • Provides audit trails and visibility into the account opening process for better governance

  • Supports data privacy and security through encryption and access controls

Platform Perspective
  • Leverages serverless architecture and managed services to optimize resource utilization

  • Enables scalability and flexibility to handle varying workloads and peak demands

  • Provides a cost-effective and pay-as-you-go pricing model for infrastructure usage

Security Perspective
  • Implements robust security measures, such as encryption, access controls, and IAM roles

  • Ensures data protection and privacy through secure storage and transmission

  • Leverages AWS security best practices and compliance certifications

Operation Perspective
  • Automates the end-to-end account opening workflow, reducing manual interventions

  • Enables monitoring and logging through Amazon CloudWatch for proactive issue resolution

  • Provides a centralized management console for easy administration and control

Leveraging AWS Well-Architected Framework

By leveraging these AWS products and services, Smart.Account.Opening. IQ can build a robust, secure, and cost-effective serverless architecture that aligns with the best practices of the AWS Well-Architected Framework. This ensures that the solution is optimized for operational excellence, security, reliability, performance efficiency, and cost optimization, delivering maximum value to financial institutions.

AWS products that can be integrated into Smart.Aduit.ADT IQ, a healthcare solution for managing the medical audit process, including capturing, classifying, extracting, and enriching data from medical records. These products enhance Smart.Audit.ADT IQ's capabilities in extracting insights and understanding unstructured healthcare data:

  • Amazon Textract: Extracts text, handwriting, and structured data from scanned claim forms, enabling accurate data capture and reducing manual data entry.

  • Amazon Comprehend Medical: Extracts insights and relationships from unstructured medical text within claim forms using natural language processing (NLP) and machine learning. This helps in understanding the context and identifying key information required to perform a medical audit.

  • Amazon Rekognition: Analyzes and extracts information from medical images or supporting documents attached to the claim forms, such as itemized bills or medical records.

  • Amazon Transcribe Medical: Converts speech-to-text for any audio recordings associated with the claims process, such as voice notes from healthcare providers or recorded calls with insurance representatives.

The Core

Operational Excellence Pillar

  • AWS Lambda: AWS Lambda is a serverless compute service that allows running code without provisioning or managing servers. It enables the execution of various processing tasks, such as data extraction, validation, and transformation, in response to events or triggers.Lambda functions can be used to handle the core logic of Smart.Account.Opening IQ.

  • Amazon CloudWatch: Amazon CloudWatch is a monitoring and observability service that provides insights into the performance and health of the serverless components. It enables setting up alarms, logging, and metrics to monitor the Lambda functions, API Gateway, and other resources. CloudWatch helps in identifying and resolving issues, ensuring the smooth operation of Smart.Account.Opening IQ.

  • AWS CloudFormation: AWS CloudFormation is an infrastructure as code (IaC) service that allows defining and provisioning AWS resources using templates. It enables consistent and repeatable deployments of the serverless architecture for Smart.Account.Opening IQ.

  • CloudFormation templates can be used to define the Lambda functions, API Gateway, and other required resources, ensuring a standardized and automated deployment process.

  • Amazon API Gateway: Amazon API Gateway is a fully managed service that makes it easy to create, publish, and manage APIs. It acts as the entry point for the Smart.Account.Opening IQ service, exposing the necessary endpoints for clients to interact with the serverless backend.

  • API Gateway can be configured to handle request validation, authentication, and authorization.

  • AWS Step Functions: AWS Step Functions is a serverless orchestration service that allows defining and managing workflows. It enables the coordination of multiple Lambda functions and other AWS services to create a complete account opening process. Step Functions can be used to define the different stages of the workflow, handle error handling, and ensure the proper execution of the Smart.Account.Opening IQ process.

  • AWS Identity and Access Management (IAM): IAM is a service that enables secure access control to AWS resources. It allows defining and managing user roles, permissions, and policies. IAM can be used to ensure that only authorized users and services can access the Smart.Account.Opening IQ components, such as Lambda functions and S3 buckets, based on the principle of least privilege.

  • Amazon Cognito: Amazon Cognito is a fully managed user authentication and authorization service. It enables secure user registration, login, and access control for the Smart.Account.Opening IQ user interface. Cognito can be used to authenticate bank representatives and customers, ensuring secure access to the account opening functionality.

  • AWS Key Management Service (KMS): AWS KMS is a managed service that makes it easy to create and control encryption keys used to encrypt data. It can be used to encrypt sensitive data stored in Amazon S3 or passed between services within the Smart.Account.Opening IQ architecture. KMS ensures that data is protected at rest and in transit.

  • Amazon S3 Encryption: Amazon S3 provides server-side encryption to protect data at rest. It can be configured to automatically encrypt objects stored in S3 buckets using KMS keys. This ensures that the scanned documents and extracted data are securely stored and protected from unauthorized access.

Security Pillar

Reliability Pillar

  • Amazon S3: Provides durable and highly available storage for documents and data

  • Amazon DynamoDB: Offers a scalable and resilient NoSQL database for data storage

  • AWS Lambda: Ensures automatic scaling and high availability of serverless compute

  • Amazon A2I: Provides human fallback mechanisms to ensure the reliability of automated processes

  • Amazon S3: Enables fast and efficient storage and retrieval of documents

  • Amazon Textract: Provides efficient and accurate data extraction from documents

  • Amazon Comprehend: Offers high-performance natural language processing and analysis

  • AWS Lambda: Scales automatically to handle varying workloads and optimize performance

  • Amazon A2I: Enhances performance by combining automated processing with human expertise

Performance Efficiency Pillar

Cost Optimization
Pillar

  • AWS Lambda: Offers pay-as-you-go pricing, charging only for the compute time consumed

  • Amazon S3: Provides cost-effective storage options, including S3 Standard and S3 Glacier

  • Amazon DynamoDB: Enables cost optimization through on-demand capacity and auto-scaling

  • AWS Cost Explorer and Budgets: Help monitor and optimize costs for the serverless architecture

  • Amazon A2I: Optimizes costs by automating processes and involving human review only when necessary

  • AWS Lambda: Promotes sustainability by efficiently allocating compute resources and reducing energy consumption.

  • Amazon S3: Stores data in shared, multi-tenant hardware, optimizing resource utilization.

  • Amazon DynamoDB: Provides a serverless database that automatically scales capacity, minimizing over-provisioning and reducing energy waste.

  • AWS Customer Carbon Footprint Tool: Helps measure, track, and reduce the carbon emissions associated with using AWS services.

  • Implement efficient data storage practices, such as using Amazon S3 Intelligent-Tiering, which automatically moves data between access tiers based on usage patterns, optimizing storage costs and reducing the storage footprint.

  • Take advantage of AWS's commitment to renewable energy by running Smart.Claim.ADT IQ on AWS regions that have a higher percentage of renewable energy mix.

Sustainability Pillar

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