A leading multi-brand bank unified its customer lifecycle management and onboarding processes to enhance efficiency, compliance, and customer experience
Customer Lifecycle Management (CLM) and Onboarding play vital roles in enhancing customer engagement and driving profitability for businesses. These two processes are crucial components for any organization seeking to optimize its customer relationships throughout the entire customer journey.
Our client, a leading provider of financial services across the Netherlands, is a multi-brand bank serving 3.3 million corporate and retail customers globally. To satisfy client needs in an increasingly disruptive and competitive market, we recognized the importance of simplifying access to the bank while remaining compliant.
80%
reduction in onboarding time
6,319
new customers onboarded in March 2023
89%
single account opening NPS
The CHALLENGE
Disparate Onboarding Process
The bank recognized that it needed to unify the onboarding process across its brands to simplify its technological architecture. CLM processes typically involved numerous manual tasks performed in swivel-chair scenarios, leading to inefficiencies and a lack of standardization. This resulted in a suboptimal customer experience and increased operational complexities.
Key Requirements
THE CHALLENGE
Key Challenge Areas
OUR SOLUTION
Establishing a Solution
We built one process for onboarding and CLM allowing changes to be made unilaterally and easily applied to all.
Initially, the minimum viable product (MVP) aimed at providing customers with the ability to open a single bank account through the retail website. Recognizing the demand for expanded functionality, we later extended the solution to accommodate joint accounts, non-compliant customers, savings, and investment banking options. Once the core features were developed, our focus shifted towards ensuring the availability of the solution across multiple channels. This involved enabling access through in-branch advisors, internet banking platforms, and the dedicated banking app.
To enhance the onboarding process and meet regulatory requirements, we undertook further enhancements and integrated the Customer Due Diligence (CDD) process. By incorporating CDD into the Know Your Customer (KYC) requirements, we created a unified onboarding process that streamlined compliance procedures. This integration facilitated a comprehensive understanding of customer backgrounds, risk profiles, and regulatory compliance, allowing us to efficiently onboard customers across various account types and banking segments.
Through iterative, agile development and integration efforts, we successfully transformed the initial MVP into a comprehensive and flexible onboarding solution that caters to diverse customer needs.
WORKING TOGETHER TO FIND A SOLUTION
Identifying the challenge
Initial considerations
Delivered results
Results achieved
Real results delivered
80%
reduction in onboarding time
6,319
new customers onboarded in March 2023
89%
single account opening NPS
Accelerated onboarding time
By reducing onboarding time by up to 80% – the time to revenue is drastically increased. Onboarding a new customer via the retail website or banking app removes human intervention and reduces the risks of input errors. Which not only accelerates onboarding time but also reduces the need for as many advisers.
Increased customer loyalty and reduced abandonment
Enhanced customer experience by providing real-time application status updates and seamless channel transitions, eliminating the need for service calls and reducing the likelihood of application abandonment.
Rapid adaptability to market changes and regulatory measures
By unifying the processes, geographical changes to due diligence and regulatory measures can be made centrally. This reduces the number of manual processes across each brand and guarantees that each brand is up to date with any changes, staying in line with customer due diligence. It also massively reduces the risk of data siloing and fractured data.
Streamlined reuse and KYC
Our solution guarantees the re-use of customer data, to avoid fragmented data or siloing. Using a ‘what’s required, when required’ approach guarantees the streamlining of KYC and keeping up with due diligence requirements.
“Leading with integrity and openness, powered by AI”
Lorem ipsum dolor sit amet consectetur. Lectus nulla lectus venenatis ac netus. Est ac viverra vel amet elit posuere sagittis elit. Donec id porttitor augue blandit. Massa tellus convallis interdum nec odio amet sed. Morbi quam purus elit risus nec tortor tincidunt sit quis. Tellus facilisi tempus id accumsan id arcu ac massa venenatis. Commodo aliquet erat commodo porttitor faucibus consectetur rutrum amet. Facilisis arcu volutpat consectetur nunc diam. Nam ut nisl ut feugiat semper. Aliquam at nibh ut est facilisi habitant. Orci cras mi tincidunt elit venenatis convallis gravida ridiculus.
John Smith
CEO, De Volksbank
“Leading with integrity and openness, powered by AI”
Lorem ipsum dolor sit amet consectetur. Lectus nulla lectus venenatis ac netus. Est ac viverra vel amet elit posuere sagittis elit. Donec id porttitor augue blandit. Massa tellus convallis interdum nec odio amet sed. Morbi quam purus elit risus nec tortor tincidunt sit quis. Tellus facilisi tempus id accumsan id arcu ac massa venenatis. Commodo aliquet erat commodo porttitor faucibus consectetur rutrum amet. Facilisis arcu volutpat consectetur nunc diam. Nam ut nisl ut feugiat semper. Aliquam at nibh ut est facilisi habitant. Orci cras mi tincidunt elit venenatis convallis gravida ridiculus.
John Smith
CEO, De Volksbank
