Client Onboarding Bank CIC
As part of its digitization strategy, the bank CIC has modernized and merged its onboarding systems. It was important to them to reduce paper and avoid unnecessary media breaks. Together with UMB, the bank therefore developed a specific client onboarding system that exactly meets their needs: All peripheral systems, documents and rules are now connected and directly integrated. This not only increases efficiency, but also makes work easier for everyone involved.#Digitalisierung – IoT
Time consuming and error prone
At the bank CIC, different systems were previously used for client onboarding: depending on the type of customer, different applications were required. In some cases, the employees had to enter data at various points and create the corresponding documents manually. The subsequent reviews and approvals within the Bank were carried out on paper: A complex process. Moreover, the aging applications no longer met the digital standards of the bank CIC. It was time to renew the systems and thus optimize the time-consuming and sometimes error-prone tasks in customer advisory, compliance and back office.
Teamwork for success
To ensure that the old process was not transferred to the new system, it was first thoroughly analyzed. UMB and CIC rely on teamwork: The process verification was carried out together with the employees of the customer service and back office. This enabled them to contribute their experience with the previous software and their wishes for the new solution. This made it possible to identify all important pain points, eliminate unnecessary steps and parallelize tasks wherever possible. At the same time, all necessary interfaces to peripheral systems were planned. Through this intensive cooperation with the people who ultimately use the application and the project management, the new process was accepted right from the start. Especially in the customer advisory service, everyone was looking forward to the imminent improvement of the client onboarding. Even during the development phase, UMB was in constant contact with the bank CIC. The responsible project team was closely involved in the process and was able to check, test and challenge progress itself every two weeks. When the new system finally went live, the enthusiasm was great. The customer service employees in particular could hardly wait to use the new client onboarding. No wonder, after all, the new system drastically simplifies their daily work: On the one hand, they now only have to enter all data once, and on the other, all important documents are automatically generated and archived. Onboarding has thus become much more efficient and is no longer disturbed by media breaks.
How to make work fun
In the first three months numerous dossiers have already been opened with the new client onboarding. Everyone got used to the new system very quickly and is now enjoying the ongoing improvements that it has brought and will bring. At the same time, few support requests were made – a good sign, as this usually means that an application is easy to understand and use. The old systems could therefore easily be replaced and dismantled. Overall, the introduction of the new tool was a complete success, bringing the desired benefits to all those involved. Now, onboarding clients is fun again!
The project team was also closely involved during the development period and was able to check, test and challenge the progress itself every two weeks.
- Clear rules define the process flow and guide while onboarding
- Approvals can be requested in parallel, are transparent for the approval authorities and can be viewed at any time
- Great work simplification in the back office thanks to integrated interfaces.
On average, the effective working time per onboarding has decreased by 40% compared to the old system.
The average working time including waiting times was reduced by 30%.
Thanks to parallelization and simple processing, the throughput time could even be reduced by 50% in certain cases.
Update: onboarding legal entities
Meanwhile, the client onboarding system has been extended for legal entities. For example, it is now possible to register stock corporations or limited liability companies for a bank account via this tool. During the process, up to 15 authorized signatories are recorded and automatically checked for duplicates in the core banking system. The system also has a decision tree. By answering six questions, it recognizes whether the legal entity is an operating Swiss company or a domiciliary company. Depending on the result, the client onboarding automatically retrieves data and makes the corresponding documents available. In addition, all documents relevant for opening are completed, generated and archived in the client onboarding system with just one click. This increases data quality, simplifies the work of relationship managers and in turn shortens the processing time per dossier.