Client: A leading commercial bank in Singapore that aimed to streamline and enhance its customer onboarding process for retail customers.
Objective: To develop a digital onboarding solution that allows retail customers to seamlessly onboard products such as CASA (Current Account Savings Account), credit cards, and personal loans. The solution aimed to reduce manual intervention, enhance customer experience, ensure regulatory compliance, and accelerate the time to market for new customers.
Platform: The system was designed to run on AWS to leverage its scalability, security, and cost-efficiency while ensuring high availability and performance.
The bank faced several challenges in its existing onboarding processes:
The onboarding solution was built on AWS Cloud to address the bank’s challenges. Below are the key components of the solution:
A. Customer-Centric Digital Onboarding Journey
– Unified Onboarding Process: A single onboarding workflow was designed to cater to all products (CASA, cards, and loans), enabling customers to select multiple products in one application.
– Self-Service Portal: Customers could initiate and complete onboarding through a user-friendly web and mobile interface.
– Real-Time Document Upload and Verification: Customers could upload necessary documents (e.g., ID, income proof) for validation, supported by AI-powered OCR for automatic data extraction.
– Progress Tracking: Customers could track the status of their application in real-time, reducing queries to customer service.
B. AWS Cloud Architecture
Scalable Infrastructure:
– Amazon EKS for running the application layer with autoscaling to handle variable traffic.
– Amazon RDS for storing structured customer and application data, ensuring high availability and data integrity.
– Amazon S3 for secure and scalable storage of uploaded documents.
API Gateway and Integration:
– Amazon API Gateway enabled seamless integration with the bank’s core systems, credit bureaus, and external KYC/AML services.
– Serverless Components: AWS Lambda was used for processing real-time tasks, such as document validation, credit score checks, and eligibility calculations.
– Elastic Load Balancing (ELB): Ensured fault tolerance and distributed traffic across multiple EC2 instances.
Caching and Performance Optimization:
– Amazon CloudFront for content delivery and caching, reducing latency and improving user experience.
C. Advanced AI and Machine Learning
– AI-Powered Verification: Integrated Amazon Rekognition for facial recognition to match selfies with ID documents during eKYC.
– Fraud Detection: Machine learning models built on Amazon SageMaker identified potential fraud by analyzing application patterns and flagging anomalies.
– Credit Scoring: Used historical data and AI models to calculate personalized credit scores for loan and card approvals in real-time.
D. Security and Compliance
– Encryption: All customer data was encrypted at rest using AWS KMS and in transit using TLS protocols.
– Access Control: Role-based access was implemented using AWS Identity and Access Management (IAM) to ensure data security.
– Audit Trails: AWS CloudTrail and AWS Config provided complete visibility into changes made to th
The AWS-based onboarding solution delivered significant improvements for the bank:
– Reduced Onboarding Time: Customers could onboard products within 10 minutes, compared to the previous process that took several days.
– Increased Conversion Rates: The simplified and streamlined journey reduced application drop-offs by 25%.
– Operational Efficiency: Automation of document verification and data extraction reduced manual effort by 40%, allowing staff to focus on complex cases.
– Improved Scalability: The solution handled 50% more concurrent users during peak periods without performance degradation.
– Compliance and Security: The system ensured full compliance with MAS and PDPA, reducing regulatory risks.
– Customer Satisfaction: Post-implementation surveys reported a 95% satisfaction rate, with customers praising the convenience and speed of the process.
At our IT solution company, we are committed to exceptional
Each demo built with Finative will look different. You can customize anything appearance of your website with only a few clicks