In today’s competitive environment, banking institutions need to stay at the forefront of innovation and technology – it is no longer just a nice-to-have, but an imperative measure of success and growth.
One of the key areas of focus for our customer is the onboarding of new clients. The term onboarding refers to the process of taking on new business, and can either mean a completely new client or a new product for an existing client.
Our customer’s clients expect a quick and simple process when requesting a new service. A cumbersome onboarding process may just encourage a potential client (or even an existing client) to look for greener banking pastures.
We were tasked with providing an onboarding solution that not only saves time and effort on behalf of our customer’s banking clients, but also frees up internal resources, thus increasing sales capacity.
The onboarding solution that we provided covers all aspects from when a lead is identified, right up to the end when the new client or new service is up and running.
Some of the key features and functionalities included in our solution are:
- Lead/ Pipeline Management manages and tracks potential new business, including all client interactions and appointments. Dynamic escalations and notifications ensure that all relevant parties are kept in the loop and no lead gets forgotten.
- Data Scrubbing involves the cleaning of data by applying automated clean-up rules or by presenting the data on a front-end for user intervention.
- Pre-population of Information means that known data is populated into documents to be presented to the client. This minimises the effort to finalise documentation, as the user only has to complete missing information and verify the populated information.
- Smart Forms allow for validations and checks that virtually eliminate the risk of incomplete or incorrect information on a document. Barcodes on the documents also allow for automated processing, which minimises the need for data to be captured manually. We ensured that all documents presented to the client would be in Smart Form format from now on.
- Document Library is a complete library of all documents communicated to and from a client. Where possible, certain documents (such as resolutions) can be re-used when new services are added to existing clients, reducing the effort of completing further document packs.
- Complete Audit Trail records and logs all actions (system and user-initiated) to provide a complete and transparent view of all data and actions in the system.
- Reporting enables a user to extract exact reports on various business functions, e.g. ageing reports and recon reports.
Our solution also provided the client with certain practical back-office functions, such as the processing and indexing of documents, and multi-tier vetting. In addition, the customised onboarding solution can be easily integrated into virtually any system.
Other key features and designs of our onboarding solution:
- Multiple Source Locations allow the sourcing of information from numerous locations, e.g. e-mail, FTP sites and network drives.
- Dynamic File Import is a functionality that allows users to map new file formats via the front-end.
- Dynamic Configuration is a functionality that allows set-up and maintenance of all system configuration data, e.g. FTP site details, data paths, server paths, mail settings and download schedules.
Apart from the obvious benefits gained by getting a new client transacting and trading on their environment as soon as possible, our effective onboarding solution has also been saving our client heaps of time and effort, freeing up resources, which in turn increased sales capacity. Sales have also been more efficient, thanks to the complete and transparent view of all new leads and new business that the onboarding solution offers.
Smart Forms are successfully ensuring the quality and correctness of data and guiding the client through the completion of documents. Overhead costs have also been reduced.
Ultimately, our client has found that the take-on of new business is quicker and more efficient, and that the onboarding solution also assists with the retention of existing clients.