Using the Galantis GEM/STONE solution, customers access the account administration system from their desktop using a standard Web browser; no additional software is required. All of the applicant’s input is then captured and submitted online.
The first screen Indicates information required during the new account application process. The applicant is provided an application number/password that enables the applicant to suspend and resume the application process as necessary. An application number is assigned and the application case is created to gather, store and manage all information and workflow until the application is submitted. This serves to reduce the likelihood of application abandonment, a serious problem in many online application processes.
The applicant is next provided with an overview of the authentication steps, including a description of the approval process along with legal disclaimers related to the nature of the information gathered. On the basis of personal information previously entered, the system accesses the Equifax ID Verification application. Information gathered enables Equifax to pose questions relevant to the applicant, and the answers provided by the applicant confirm the applicant’s identity.
After the applicant’s identity is validated, the applicant is prompted to choose the type(s) of account they wish to open from a menu of trading and investment account options. Applicants can apply as an individual, or jointly with other applicants. The solution allows up to four co-applicants.
The applicant is then presented with a series of screens which capture general application information, as well as information regarding employment, financial status, and investment details. The last step guides the applicant through a process where they agree to conditions, view disclosures, and make shareholder materials preferences
The final report is consolidated into a printable format – with a barcode embedded on each page – that the customer prints, signs and returns to the institution, ensuring that a valid signature is on file. When the signed application is received and scanned, the barcode recognition software allows the document to be indexed, committed to the repository, and attached to the corresponding case. See process flow below.