Customer Onboarding

Background

A leading financial institution bank with its operations across several countries were facing several challenges in onboarding new customers due to a manual onboarding process.

The manual process was time-consuming, error-prone, and resulted in a poor customer experience. The bank wanted to transform its customer onboarding process and partnered with xponential for assistance.

Client Challenges

Coffee Brand Challenges
Challenges
The bank faced the following challenges in its customer onboarding process:

Manual Process: The onboarding process was entirely manual, which resulted in a poor customer experience and was time-consuming.

Compliance: The bank had to adhere to various regulatory requirements, which made the onboarding process complex and challenging.

KYC Checks: The bank had to conduct KYC (Know Your Customer) checks, which were time-consuming and required a significant amount of manual effort.

Challenges:
The bank faced the following challenges in its customer onboarding process:

Manual Process: The onboarding process was entirely manual, which resulted in a poor customer experience and was time-consuming.

Compliance: The bank had to adhere to various regulatory requirements, which made the onboarding process complex and challenging.

KYC Checks: The bank had to conduct KYC (Know Your Customer) checks, which were time-consuming and required a significant amount of manual effort.

Solution

Solution

To address the bank’s challenges, xponential proposed a customer onboarding solution that included the latest tools and technologies to streamline the onboarding process. The solution included the following features:

Solution

To address the bank’s challenges, xponential proposed a customer onboarding solution that included the latest tools and technologies to streamline the onboarding process. The solution included the following features:

Digital Onboarding

The solution provided a digital onboarding platform that allowed customers to complete the onboarding process remotely, reducing the need for manual intervention.

eKYC Checks

The solution used eKYC (Electronic Know Your Customer) checks, which enabled the bank to verify customer identity digitally, reducing the need for manual KYC checks.

Due Diligence Checks

The solution used automated due diligence checks to ensure compliance with regulatory requirements, reducing the risk of non-compliance.

Automated Risk Assessment

The solution used machine learning algorithms to assess customer risk profiles, enabling the bank to provide customized offerings to customers based on their risk profiles.

Benefits

The implementation of the customer onboarding solution provided the following benefits to the bank:

Reduced Onboarding Time: The digital onboarding platform reduced onboarding time from days to minutes, providing customers with a better experience. Reduced onboarding time by 80%.

Improved Compliance: The solution enabled the bank to comply with regulatory requirements while reducing the need for manual intervention.

Improved customer experience: The digital onboarding platform and eKYC checks provided customers with a seamless onboarding experience. Improved customer satisfaction ratings by 90%.

Reduced Costs: The solution reduced the need for manual intervention, resulting in significant cost savings for the bank. Reduced costs by 60%.

Increased Efficiency: The solution automated several onboarding processes, resulting in improved efficiency for the bank. Increased efficiency by 75%.

Conclusion

By partnering with xponential and implementing a customer onboarding solution, the financial institution was able to transform its onboarding process, reduce onboarding time, improve compliance, and provide a better customer experience. The implementation of the solution resulted in significant cost savings, increased efficiency, and improved customer satisfaction ratings. With the help of xponential, the bank was able to provide customers with a more streamlined and efficient onboarding process, enabling it to focus on its core operations and provide better services to its customers.
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