Helping a global bank improve its customer journey by implementing a new client onboarding tool.
Our client, a global commercial bank, wanted to improve its existing client onboarding process that was highly manual and inefficient, took an average of 14 days and resulted in a poor client and colleague experience.
The bank sought a new client onboarding tool that would reduce time and effort during the process, while also increasing control and efficiency.
Alongside this, it required a full review of the processes and operating model in order to drive improvement and maximise the benefits of the new tool. This included support with workflow optimisation.
Baringa’s UK and US offices brought together a range of specialists in banking, risk, technology, people and process to work closely with the client on building a new onboarding and know your customer (KYC) tool that would streamline the data collection process.
We collaborated with stakeholders in operations, technology, compliance, legal, product and customer management to mobilise, design, build and implement the tool and roll it out globally. It was introduced in an iterative way through a test and learn agile approach across two of the bank’s international branches. We also held training and enhanced the processes needed to support the technology change.
We also played a leading role in defining and implementing a governance structure by introducing the appropriate communication channels, as well as providing project management expertise to oversee reporting.
Outcomes and Impact
The automated workflow tool and new client user interface supercharged the onboarding process and achieved a smoother experience for bank users. Onboarding time was reduced from 14 to six days and there are enhancements planned to reduce this even further to three.
Baringa implemented a global governance structure for the programme, as well as a central repository for client onboarding documents and data capture. We established an international approach to client onboarding in order to harmonise KYC jurisdictional differences.
We also designed the revamped global workflow to enhance the end user and colleague experience. This was done by identifying and unblocking key bottlenecks, documenting process maps and streamlining the key information that needed to be captured from the end user. We also ensured our client team’s agile capabilities and knowledge were improved.
Client Project Manager: “Collaboration, easy communication on what is working or where we can consider course correcting, willingness to share experience to help bring the team along…..Baringa are a model business partner and trusted business colleague.”
Ben Reid, Baringa, Financial Services, Partner: “As a strategic partner of our client we were delighted to play a critical role in this key industry challenge. We brought together our global Baringa teams across all of our key disciplines to deliver targeted expertise as and when the client needed it. We significantly reduced processing times and increased automation, whilst at the same time improved client and colleague NPS. This was a fantastic outcome.”