Achieving Compliance and Efficiency: A Case Study in Customer Due Diligence and Lifecycle Management
Enhancing Efficiency, Compliance, and Integration in a Multi-Brand Banking Environment
Single account opening NPS
89%
Background
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 organisation seeking to optimise their customer relationships throughout the entire customer journey.
Our client a leading provider of financial services across NL (de Volksbank), are a multi-brand bank serving 3.3 million corporate and retail customers globally. Naturally they face several challenges in managing Client Lifecycle Management (CLM).
The Challenge
The bank had long-term, inefficient, and disparate customer onboarding processes across all 4 of its brands. These processes involved numerous manual tasks and were often performed in external systems, leading to inefficiencies and a lack of standardisation. This resulted in a suboptimal customer experience and increased operational complexities.
Our solution
We built one onboarding 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.
Gain customer loyalty and new custom
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.
Rapidly adapt 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.
Accelerated onboarding time
By reducing onboarding time by up to 5x - 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.
Real time analytics and reporting