Customer onboarding – the need
The customer onboarding process is the first touch point through which a prospective customer forms impressions about an organization.
Today the major challenge financial services firms face is Customer Management. Managing customer expectations from the time of onboarding is going to be a key differentiator for these firms to achieve customer loyalty as well as customer profitability. Building process efficiencies into the entire customer management cycle right through lead management, onboarding and then through the duration of the entire relationship will help the financial services firms a long way in achieving customer acquisition and retention enabling them to enhance their business volumes.
The key challenges to be addressed for enhancing customer experience:
Brickendon can engage with our clients to implement a solution framework that:
- Reduces the overall onboarding cycle time through automation, digitalization, digitization, and video KYC .
- Aggregates data from disparate systems and provide a 360-degree view of the entire onboarding process.
- Powers an efficient AI/ML workflow that quickly remediates and expedites the onboarding process.
- Single point data capture for the various customer on-boarding processes and ensure smooth onboarding experience and quicker customer productivity.
- KYC due diligence checklist at relevant stages.
- Automated exception and approval workflows based on business rules.
- Customer Profile Setup.
- Comprehensive 360 degree view of relationship models including customers, subsidiaries, individuals and account information.
- Customer profiling to cross-sell offerings from same LOB or other LOBs.
- Efficient interfacing with backend applications to provide a 360 degree view of the customer to various stakeholders enhancing leverage cross-sell, customer service experience and resolving customer issues.
- AI ML driven automated onboarding process reducing the overall time with accuracy and enhance compliance.
- Configurable workflows based on business logic for orchestration across different business lines.
- Digitised Document management for audit & regulatory compliance.
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