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End-to-End Customer On-boarding Process

One of the major Australian bank faces challenge to on-board NEW to bank customer seamlessly resulting into operational process overheads and creating compliance issues.

Challenges End-to-End Customer On-boarding Process

Challenges

  • No seamless experience for NEW to bank customer on-boarding.
  • Capturing of party / customer information was not business friendly.
  • No process to identify whether existing customer in the system, problem of creating multiple profiles for the same customer.  Decoupled customer KYC and activation process using different systems and processes.
  • Cumbersome NEW versus Existing customer identification process.

Approach

  • Designed the new process map for customer on-boarding
  • Workflow automation to capture / fetch customer details
  • Solution for de-duplication process to identify NEW Vs Existing customer to avoid creating multiple profiles for the same  customer
  • Integration with identity verification systems for 100-point check
  • Sending email alerts for customer and back-office team once  customer on-boarding stages are complete

Goals

  • 100% straight thru process for customer on-boarding
  • State of the art technology and user experience.
  • Activation of customer in less than 60 Mins fully KYC'ed
  • No duplicate profile creation
  • Meaningful alters for customer and operations team

Result

  • Daily 500+ customers onboarded via STP with no human intervention
  • Nil duplicate profiles created
  • 100% KYC’ed customers
  • Able to on-board organization & business customers via this process
  • 1 customer with multiple account linkages
  • Monthly savings of 3000+ operational hours spent for this process  resulted in huge cost savings
  • This resulted in same day account opening for the customer which  was a significant business win and resulted in greater market share
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