Opening a Savings or Checking Account

1. Choosing how to open an account:

 Open an account online
 Visit the Bank Branch

Risks:

 Fake/Fictitious customers applying online.

 Too many customers applying online might clog the system.
 In case of system failure, customer’s data might not be saved.

What will we do?

 Check the credibility of the user’s account
 IT operation staff make estimates of future CPU requirements, disk storage capacity and network
loads capacity.
 Monitoring the day to day performance of the system in terms of measures such as response time.

2. Presentment of Requirements
If online:
1. Download and accomplish the Customer Information Sheet found
2. Visit the Store to submit the accomplish customer information sheet with the following
supporting documents:

 Identification (government-issued ID like a driver’s license, passport, or military ID)

 Proof of income (ITR, Payslip, Certificate of Employment)
 Your physical and mailing address
 An initial deposit (if required at the time of opening)

If Walk-ins:
1. Present the required supporting documents:

 Identification (government-issued ID like a driver’s license, passport, or military ID)

 Proof of income (ITR, Payslip, Certificate of Employment)
 Your physical and mailing address
 An initial deposit (if required at the time of opening)

Risks:

 Applicants might submit fake or altered documents

 Applicants might alter their identification
 Applicants may submit incomplete and invalid requirements
 Employees might misplace accepted documents/ improper storage of documents

What will we do?

 Have an identity verification system to verify the authenticity of the documents
  Verification of a match between the submitted documents against public and private databases.
 Employees have proper training for their duties and responsibility
 Supervision by the management

3. Choosing the type of account(s) to open

 Savings accounts- place where you park your money for a long period and earn interest
as long as you keep it there

 Checking accounts can be drawn on through a debit card or check, and should be used for
everyday spending

Risks:

 Employee might input incorrect account type in the system

 Employee failed to give proper instructions ?

What will we do?

 Employees have proper training for their duties and responsibility

 Give them a detailed job description.
 Have documentation on employee’s performance.

4. Familiarize with the terms and signing of the account agreement

-Read carefully over the paperwork regarding the account before signing.

Risks:

 Customers not reading the agreement before signing it

 Employee failed to instruct the costumer about the agreement

What will we do?

 Provide employees with a detailed job description.

 Assess every employee on their work done

5. Processing of Customer’s account

Risks:

 Incorrect information might be entered in the system for processing.

 In case of system failure, data might not be saved or processed appropriately.
 Lack of backups and contingency planning in case a disaster/ fortuitous event happens to the
system.
 Lack of system capacity or lack of storage space preventing the posting of any new transactions.

What will we do?

  IT operation staff make estimates of future CPU requirements, disk storage capacity and network
loads capacity
 Monitoring of the processing systems to minimize future occurrence of the problem.
 Should have an appropriate backup procedure that must be monitored on a regular basis.

6. Funding of Accounts (kasama pa ba to?)

Risks:

 Customer might not be able to continue to fund his/her account.

What will we do?

 Monitoring of client’s account record whether it is still being funded or not

 Closing of account not being funded