Your source for the latest technology information of interest to community banks across America.
Subscribe to our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.
Wilson Bank & Trust Automates Account Opening with Newgen
Reduces account opening turnaround time from days to 15 minutes,
expects 10X increase in new accounts from online channels
About Wilson Bank & Trust
The bank was established in 1987 and has about $3.9 billion in assets, with 29 offices in middle Tennessee to provide personal and professional service in a hometown setting. One of the top banks in the South with respect to stability, products, technology, growth, and earnings. It offers a full range of financial products, including secondary market mortgage loans and mobile and online banking services.
Challenges Faced by the Bank
• Manual hand-offs prone to errors
• Lengthy process cycle time
• Inconsistent onboarding experience across products
• High abandonment rates
• Lack of integration with the existing system
Streamlined Account Opening with Newgen
Wilson Bank & Trust implemented Newgen’s online account opening software, part of the NewgenONE Digital Transformation Platform with low code capability. The software helped the bank onboard customers for all banking products, including personal and business deposit customers including, checking, savings, CDs, IRAs, HSAs.
Before the implementation, the bank had a very limited set of product options online, and it took days to set up new accounts, but now the bank’s customers can open their accounts in minutes. They can now submit and digitally sign an application without visiting the branch. The software provided a seamless and personalized account opening experience and a consistent experience across all channels, including in-branch, online desktop, laptop, tablet, and mobile.
Key Highlights of the Solution
• Real-time validation to ensure first-time-right collection of documents
• Options to start, save, and complete application across multiple devices
• Digital document signing and funding of accounts
• Automatic risk assessment through integration with fraud check software, AML/BSA systems, OFAC databases, and more
• Process insights including application volumes, channels, abandonment rates, and completion times
• Real-time dashboards to share insights on customer behavior, including application completion time, withdrawal rate, withdrawal reasons, and time of withdrawal, to continuously improve the customer experience
The bank currently opens about 2,000 accounts a month, with 100 of those through online channels, and expects to increase the volume of new accounts through online channels by 10X. The productivity of employees has gone up by 300% post-implementation of Newgen’s Digital Account Opening Solution.
Benefits Achieved
• Onboarding within minutes
• Reduced re-keying information and fewer errors
• Significant cost savings
• Enhanced customer and employee experience
• Adherence to compliance and data security
"Newgen demonstrated to us a “can do, will do” attitude towards the business. They demonstrated practical ways of integration and capability of their omnichannel platform which we could build upon with other products, be it on the deposit side or loan side. When we did our due diligence by talking with other peer banks, we found that they had a very good experience with Newgen in terms of delivery, execution, focus, and flexibility."
Greg Sullins - Executive Vice President, Wilson Bank & Trust
