Back-office teams, compliance staff and client service associates share a common enemy that slows operations, sucks up time and detracts from the overall client experience. Not-in-Good-Order (NIGO) submissions during the new account opening process are a problem, as they often lead to rework, delays and inefficiency.
NIGO is a label that reflects account applications or documents that are incomplete, incorrect or fail to meet regulatory or organisational requirements. For example, forms with missing client signatures, incorrect beneficiary details or missing identification documents fall into this category. Such oversights can result in delays, extra communication exchanges and costly manual corrections.
However, all of these frustrations can be avoided with the right tools and strategies. In fact, NIGO rates do not have to be a recurring headache. When you understand the common causes of NIGO and look to digital solutions like Docupace’s new account opening software, you have a recipe for success. You can significantly reduce errors, save time and optimise your processes.
NIGO submissions: the culprits and consequences
NIGO submissions crop up for a host of reasons, many of which are tied to outdated processes and human error. Here is a look at a few of the most common ones:
- Manual entry errors: employees may be in a hurry and key in mistakes or miss critical information.
- Incomplete forms: clients may unintentionally omit important details or signatures, contributing to the scope of the problem.
- Compliance oversights: missing or incorrect paperwork fails to satisfy internal compliance and/or regulatory requirements, creating extra legwork.
- Lack of integration: older technology may operate in silos, causing staff to have to manually transfer data between platforms. This extra work can produce more errors than if the process were automated.
High NIGO rates have unintended consequences across your firm’s operations, such as:
- Lost time: each NIGO submission necessitates manual corrections and resubmissions. This adds up to hours of labor.
- Frustration: frequent errors slow down processes and procedures. As a result, employees feel pressed and even demotivated.
- Poor client experience: delays can leave clients with a negative impression of your firm. They might wonder if your staff are organised and can be trusted.
- Compliance risks: incorrect or insufficient submissions can leave you vulnerable to regulatory compliance.
To tackle this problem at scale, firms need more than just training. They need to have a technological solution in place that supports their operations and goals.
Five strategies to reduce NIGO errors
Docupace’s digital account opening solution is set up to address the root causes of NIGO submissions. It works by automating workflows, integrating relevant systems and validating data in real-time. Here is a more in-depth look at its features and benefits:
1. Automation to curb manual errors
Docupace automates account opening activities, reducing the need for manual data entry and mistakes. Organisations that adopt Docupace’s solution can achieve a drastic reduction in NIGO rates through business intelligence, automated checks and validations.
2. Real-time validation
The platform validates data and forms against compliance requirements in real-time. Users are notified of missing or incorrect information so they can adjust before submitting. Such a provision provides an element of peace of mind that forms meet regulatory and organisational standards upfront.
3. Seamless integration
Docupace integrates with existing CRM and back-office systems, so you do not have to worry about manual data transfers. Relevant information is available for reference and retrieval, which helps limit inconsistencies and duplication.
4. Streamlined workflows
Step-by-step guidance means you will never miss a required field, and all documentation will be populated before submission. Its user-friendly interface brings simplification to even the most complex processes.
5. Better client experience
Clients receive quicker service and enjoy a higher-level onboarding experience. This commands trust and loyalty, two intangibles that can translate to tangible results.
Take control of NIGO rates today
Reducing NIGO rates when opening new accounts does not have to be a stretch goal. It can be a reality with the right digital account opening software. Discover how Docupace’s industry-leading solution can help your organisation save time, reduce errors and stay on top of compliance. Click here to schedule a discovery call and learn more about Docupace’s digital account opening solution.
Read the original article here.
