What is the first step in the account opening process?

The first step in the account opening process is collecting customer information and documentation. This step is vital as it lays the groundwork for the entire process. During this phase, the bank gathers essential details such as the customer's name, address, social security number, and other pertinent information. Additionally, documentation might include identification proof and financial records that establish the customer's ability and intent to open an account.

By collecting this information, the bank ensures compliance with regulations and policies concerning customer identification and helps prevent fraud. It creates a foundation for subsequent steps, such as verifying the customer's identity, which cannot occur without the initial collection of necessary data. This structured approach not only streamlines the process but also enhances the overall customer experience by ensuring that the bank can proceed efficiently to the verification and setup stages thereafter.