Leveraging Technology to Onboard
Customers Faster and Drive Loyalty
Customer onboarding is one of the most important events in the life cycle of a banking customer, setting the stage for the entire relationship going forward.
Why do Many Banks Deliver Such Unsatisfying Onboarding Experiences?
- Increased Process Complexity
- More Demanding Customers
- and Expanding Channels.
When an account opening experience is slow or painful, it can leave customers with a negative impression that may linger for months, eating into future sales and even leading to defections.
This is hardly conducive to success in an industry where institutions are working overtime to sign up new customers — and where margins and budgets remain tight.
Banks are dealing with increasingly complex business environments created by the growing burden of regulatory requirements, inefficient organisational compartmentalisation (Chinese walls), and entrenched legacy information systems — all of which makes it more and more difficult to orchestrate onboarding activities.
Tighter government and industry regulations designed to protect consumers and curb fraud is partly to blame, adding a raft of new requirements around information gathering, document verification, and fact checking during the account opening process.
The latest verification and document checks may be a necessary evil, but they also complicate and lengthen the onboarding experience for the customer.
A Better Way to Onboard in the Banking & Finance Sector
Most banks can do a dramatically better job at customer onboarding and garner significant payback in terms of customer loyalty and profitability.
The new processes available, enable banks to digitally capture essential documents such as IDs, proof of address and more at the “Point of Origination” — I.E. When and where customer facing interactions actually occur, and then launch the necessary automated processes and workflows that ultimately reduce onboarding cycles and overheads to a fraction of the time they would normally take.
Throughout this process, the solution can ensures greater accuracy, transparency, compliance, and smart risk management. This can be achieved by focusing on streamlining the initial information intensive interactions between a bank and its customers.
Too often these interactions are labor intensive, slow and prone to errors, and can adversely affect a customer’s perception of your business. This is what is called The First Mile of Automation and is the primary challenge for any business.
This is where customer acquisition is won or lost and the journey to lifetime brand loyalty begins.
Computron has the experience and decades of Kofax product knowledge to deliver your project on-time and on-budget.
Computron – The Australian Kofax Partner of Choice
We have one of the best trained solution development and implementation teams in Australia and Asia.
We have attained Kofax Diamond Partner status and not without good reason. We pay attention to detail, work as a dedicated team, and deliver what we promise.
Our professional services team in Australia alone, has a staggering 40+ years experience in managing and providing business process solutions, so you can be assured you are in safe hands.
Win the Battle and the War
With the battle for customer loyalty intensifying, financial institutions are seeking solutions that can adapt to an industry landscape marked by changing customer preferences and tightening regulatory requirements.
By incorporating multi-channel capture with business workflow capabilities that align to their unique business models, banks can deliver services that scale to their business, control costs and deliver a truly satisfying customer experience.
The Key Benefits Of Automating Customer Onboarding
- Increase time to revenue
- Enhance customer experience
- Create loyal, lifelong customers
- Reduce costly errors, and frustration
- Ensure agile compliance with new regulations
- Do business the way your customers demand
- Processes are visible, transparent and measurable
Reducing Operational Costs
Manual, paper-based onboarding can cost up to 20 times more than automated systems, so the potential for savings is huge with capture-driven onboarding. For example, one financial services firm with 480 branches saved $1 million on overnight shipping of new account applications. Banks can now process more new accounts with the same or fewer resources.
Increase Revenue and Profitability
Positive customer experiences during onboarding often propel new revenue streams. One bank tripled new business closings by automating the capture process and linking real-time data capture with product experts and branch personnel.
Other banks are expanding revenue streams by leveraging enrollment information to create targeted, high-impact sales and marketing programs.
The Channel of Choice – Leveraging Mobile Devices
The next generation of onboarding solutions are inherently focused around Mobile Solutions. They incorporate every channel that both banks and customers use to communicate and do business. Regardless of whether is it is face-to-face at branch offices via regular mail or email, through web portals or applications designed for mobile devices.
Today’s solutions, allow banks to achieve the critical First Mile of customer interaction by ensuring that the business collect the correct information up-front and in the way that the customer wants to interact.
Regardless of whether this is a mobile device, web portal, via fax or e-mail, we can facilitate its process automatically and in a timely way so that we provide a rapid response and transparent service to the user.
Getting Off to the Right Start
By using multi-channel onboarding solutions, banks and financial solutions can capture customer forms anywhere and anytime.
Managers can capture and scan forms at the branch location to allocate supporting documentation, while customers can submit forms themselves through mobile devices or web portals.
This centrally managed process could even start via ‘one’ channel and continue through another. In the meantime, the systems can extract and validate content automatically, manage exceptions and use Dynamic Workflow and Case Management intelligence to ensure the entire onboarding experience stays on-track.
Ultimately this process ensures that the customer stays on track and receives the best possible experience.
For the bank, this typically has no impact on the back-office systems, but is a crucial transition during the first days of the customers relationship and thereafter the foundation for customer loyalty is clearly defined.
The benefits outweigh the costs by an order of magnitude, in part because the solution requires little or no fundamental change to the existing business systems or in-house proprietary procedures.
Ensure compliance while minimising the Revenue Impact and Proactively Managing Risk
Solutions for compliance management are built around a unified content solution that ensures automatic records management and compliance. They minimise human touch-points by automating the capture of business critical information during the First Mile of customer interaction.
Once captured, the content of those interactions and processes are exported into the appropriate systems of record – all while ensuring the consistent application of business rules and regulatory compliance.
Solutions ensure full transparency of regulatory issues, while enabling rapid response to new mandates.
They enhance security and risk mitigation, while providing comprehensive compliance monitoring, alerts, reports, and analysis to help manage and meet compliance requirements.
Fast Track Applications with Mobile Devices
The Kofax Mobile Mortgage™ framework enables financial services organisations to quickly and easily deliver apps that engage customers and brokers in the loan process, giving them the ability to submit required documents in support of the loan application—all from the convenience of their mobile device.
When loan and mortgage processes reach a “not in good order” status, lenders can engage customers via their mobile device to submit the supporting documents and accelerate the loan process.
With a simple photograph from a smartphone or tablet, the borrower can capture, submit and validate driver licenses, tax documents, payslips, proof of address and more to keep the process moving forward—with immediate, automated acknowledgement or confirmation back from the lender.
Features & Benefits
Accelerate Revenue and Closing Time
Capture required documents and data earlier in the application process, and accelerate the closing of the loan and time to revenue.
Accurately Capture Documents
Patented Kofax software ensures the accurate capture of supporting loan documents, resulting in a better user experience.
Gain Full Visibility
Optimise the customer experience and enable the appropriate right-channeling capabilities with the aid of advanced analytics.
Extend to New Processes
Simplify and accelerate information-intensive processes such as mobile deposit, mobile bill pay, driver license extraction and more.
Engage in Real-time
Get results back to them in near real-time; develop brand loyalty and confidence from customers, now that they’re engaged.
Engage your customers via their preferred channel and empower them to participate in the loan origination process.
Dramatically Reduce Processing Costs
Because the Data is extracted automatically, it eliminates the need for back office resources, that would normally be tasked with manual data entry to get the required information. This reduction in time and manpower will bring immediate benefit to the entire application.