Digital Onboarding

Project overview

Customer, a leading commercial bank, aimed to improve its customer onboarding process by introducing a Digital Onboarding Solution. The goal was to provide a seamless, secure, and fully digital experience for customers while reducing operational costs and meeting regulatory compliance requirements. The solution was designed to enable customers to open accounts remotely via their smartphones or computers, eliminating the need to visit a branch.

The Bank decided to partner with Finative to implement a fully digital onboarding within an 6-month timeline.

The challenge of project

Customer faced several challenges with its traditional onboarding process.

Seamless & streamlined digital account openings: The Finative team implemented seamless, best-in-class digital onboarding journeys through the Backbase Digital Onboarding Platform. This platform, meeting the industry’s latest standard requirements, allowed Bank to tailor its onboarding flow for Deposits, Cards, and Loan (which comprises CASA/ FD, credit cards and Cash Lite/ Balance Transfer).

With seamless cross-platform features, customers can transition smoothly between devices and forms, track their request progress, and engage in meaningful two-way interaction. For bank staff, the highly automated onboarding system serves as a valuable assistant, automatically contacting customers to address any incorrect information or updates required, thereby saving valuable time for more critical tasks.

Below are some main challenges in this project.

Inefficiency and Time-Consuming
High Operational Costs: The bank incurred significant costs for staffing, document storage, and processing.
Customer Drop-Off: Many potential customers abandoned the process due to lengthy and complex procedures.
Compliance Risks: Ensuring adherence to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations was resource-intensive and prone to errors.
Limited Accessibility: Customers in remote areas found it difficult to access branches, limiting the bank's ability to expand its reach.

Final results

The Digital Onboarding Solution delivered significant improvements for The Bank :

Increased Efficiency: The average onboarding time was reduced from 3-5 days to 10-15 minutes, drastically improving the customer experience.
Cost Savings: Operational costs were reduced by 40% due to automation and the elimination of manual processes.
Improved Customer Conversion Rates: The streamlined process resulted in a 30% increase in successful onboarding completions.
Expanded Reach: Customers in remote and underserved areas could now open accounts without visiting a branch, expanding the bank’s customer base.
Regulatory Compliance: The solution ensured full compliance with KYC and AML regulations, reducing the risk of penalties.
Customer Satisfaction: Post-implementation surveys showed a 95% satisfaction rate, with customers praising the convenience and speed of the process.

Project Details

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