USA Financial (USAF) has launched a straight-through processing (STP) system designed to modernise the submission by financial advisers of account opening and maintenance forms into an entirely electronic process, which includes e-signature and delivery of signed documents to all parties.
This custom-built solution works in concert with some of the industry’s leading software systems, all of which are bundled into the firm’s technology package.
In addition to STP eliminating the overnight shipping component of submitting new business forms, opportunities for errors are less due to built-in, enhanced form validation. Advisors can remotely engage with their clients, which means office visits to open accounts are no longer required. The process also offers convenience because it can be accessed online from any device without the need for installed software on advisor or client devices.
Although the move toward paperless form submission and processing is already under way in the financial services industry,
“Off-the-shelf systems don’t go far enough to streamline submissions,” says USAF’s Chief Technology Officer, Greg Lockwood. “We took a long look at the process, all the way through to the institution, and built our system accordingly,” he says. Greg’s team dedicated more time to eliminating friction at each step of the process, such as including additional form validation to ensure forms are correct before submission, reducing repetitive data entry by incorporating blotter completion from data already entered into the forms, and walking the advisor through setting up the e-signature process by using an easy-to-understand wizard. Everything about the system is more efficient for each party involved from start to finish.