Context

Account Closure Process

Closing an account can be complicated, but it can be done quickly and efficiently with the right information and guidance. 

When closing an account, an organization should:

• Understand its legal obligations
• Provide customers with detailed instructions and documentation regarding the closure process
• Have processes that cover all necessary steps, such as reversing pending transactions, cancelling services, cutting access for authorized users, and returning payment if applicable. 

Organizations can use Symphona to automate many areas of the account closure process, reducing errors while providing top-tier customer service and closing accounts in a timely manner. These include:

Organization of Documents

Account closure requires handling documents and accounts that contain sensitive customer information. Therefore, all necessary laws, rules, and regulations need to be followed.

Ensuring that documents are valid, filed correctly, stored securely, and updated appropriately requires substantial attention to detail while still securely managing the client's financials. Using Symphona to delineate and automate each step in the account closing process can help expedite this process while still achieving high levels of accuracy and ensuring compliance with applicable laws.

Customer Service

Understanding consumer complaints, quickly acknowledging grievances and leveraging an effective resolution strategy are all components of a successful customer service management plan. 

Following best practices in communication between the organization and the customer is critical in preserving consumer relationships during the account closure process. With careful thought and effective management, organizations can use Symphona to create automated customer service processes that ensure consistent and timely resolution to account closure issues.

Reducing Errors and Time to Closure 

Closure process mistakes are very common, often caused by manual entry errors and omissions when transferring data. Delays can occur if errors go undetected for some time leading to serious repercussions for customers by disrupting services or even earning fees. Using Symphona to expedite the account closure process can help users access their funds quickly and safely.

Solution

How Symphona Helps

Your organization can use Symphona Flow, Converse, and Resolve to dramatically expedite the account closure process while ensuring accuracy and compliance with relevant laws and regulations.

Symphona tools are no-code, allowing for people of any technical skill to use them. Furthermore, with Symphona operating on a usage-based system, your organization only pays based on how many automations you use.

Flow can automate mundane and repetitive tasks within account closure, accelerating the closure process while requiring minimal human contact. This makes it easier for customers aiming to close their accounts to submit applications online with accurate information quickly and efficiently.

Flow also empowers customer service employees with access to up-to-date information, allowing them to better support customers in closing their accounts accurately. Flow improves accuracy and speeds up the process, and its algorithms can detect any errors or inconsistencies that may arise during the process that would otherwise go unnoticed. 

Converse can speed up the account closure process and reduce errors by scanning documents for key data such as signatures, dates, and account numbers. Additionally, Converse helps to safeguard virtual accounts by providing an added level of security for customers' information. By automatically authenticating digital signatures, banks can ensure that customer data is not misused or discovered through unauthorized sources. By using Converse for your document scanning and verification processes, your organization will improve account closure efficiency while significantly reducing processing time and ensuring adherence to security regulations. 

Resolve can help optimize the account closure process by automating tedious tasks like filling out paperwork. Your organization can also use Resolve to parse customer expressions when they discuss their account closure needs with service representatives, meaning that conversations are better understood and the correct actions can occur quickly. This improves customer satisfaction tremendously. 

Furthermore, during an account closure call, Resolve can analyze customer service calls for trends related to common topics. These insights could result in process optimization and greater efficiency if acted upon correctly.