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Automated Account
Opening White Paper



 

Automated Account Opening Solutions for Broker Dealers


Arius OpenAdvantage allows broker dealers to manage costs by providing an automated account opening solution. Both full-service and online broker dealers can effortlessly implement OpenAdvantage and immediately see a reduction in operational costs and new account opening times, as well as a dramatic reduction in account abandonment rates.

Key objectives of account opening automation projects are:

- Accelerate account opens
- Accelerate account updates
- Reduce time spent on administrative duties
- Eliminate manual, error prone processes
- Reduce cost per account open: training, labor, transportation and other overhead costs
- Reduce abandonment rates
- Increase compliance and mitigate risk
- Decrease Not In Good Order (NIGO) scores
- Improve compliance, security and document management practices


Full-Service Broker Dealers

OpenAdvantage will become an integral component of a correspondent’s broker desktop through integration with corporate authentication and back-office systems. Single sign-on is supported through Active Directory or LDAP. Trade execution history and portfolio holdings can be accessed. OpenAdvantage also integrates with the security master and portfolio systems such as Advent Axys.

Online Broker Dealers

OpenAdvantage provides end-users with the ability to open new accounts over a secure, web-based platform. By adopting OpenAdvantage, online broker dealers will experience a dramatic reduction in new account open abandonment rates. Clients are guided through the account opening process and are required to answer questions that relate only to the account being opened at that time. Business rules, workflow, questionnaires and forms can be configured by the clearing firm, offering a tailored account opening solution for each broker. Smaller online broker dealers may choose to have the entire account setup managed by the clearing firm reducing the need to manage login credentials. For growing businesses, the account opening process can be configured allowing tailored questionnaires, workflows and forms to be created providing clients with a personalized account opening experience. OpenAdvantage's flexible platform can be seamlessly integrated with third-party CRM and LiveHelp systems increasing the tracking and response times of online customer service requests. OpenAdvantage also enables integration with back-office systems through standard interfaces including web services and XML.