Digital Onboarding for Corporate Banking

Overview

The onboarding process in corporate banking can take 90–120 days, which is a long time in the digital age. The longer the onboarding period, the higher the danger of delay, revenue loss, or the breakup of a valuable client relationship. Multiple factors contribute to these long onboarding times, which include -

• The need to collect much more information about a corporate client as compared to an individual to effectively perform Know Your Customer and Customer Due Diligence processes.
• Extracting and digitizing the information manually filled in corporate baking onboarding forms.
• Lack of process orchestration required across multiple corporate banking teams, legacy systems, and public sources of information to effectively evaluate corporate risk.
• Often an absence of a shared case view of an onboarding application leading to multiple rounds of back and forth between the bank and the corporate client to obtain information sometimes which has already been previously shared.
• Ever changing business and regulatory environment requiring banks to continuously adapt and evolve onboarding practices.

Key Features & Functionality

Our application provides a comprehensive set of features and functionalities designed to streamline the corporate onboarding process.
Efficient Information Collection

• A guided wizard experience for corporate customers to provide information required by the bank to carry out KYC and customer due diligence.
• A secure document management system for sensitive document uploads.
• AI-powered document extraction ensuring accuracy and reducing manual data entry efforts
  Workflow Automation
• Business Process Management (BPM), Robotic Process Automation (RPA) and Artificial Intelligence (AI) to automate labor intensive tasks and orchestrate decision-making processes.
• Automatically create Know Your Customer (KYC) and Customer Due Diligence tasks from pre-defined workflow templates per onboarding case type.
  Centralized Case Management
• Corporate customer information is centralized into cases seamlessly integrating with other data sources to provide a 360-degree view in a unified record view.
• Ability for corporate banking team members to define case workflows, track progress, assign tasks, and collaborate on case-related activities such as through case notes and document management capabilities.
  Automated Agreement Generation and E-Signatures
• Pre-defined agreement templates are utilized to automate the generation of agreements.
• Built-in integration connectors facilitate electronic signing of these agreements.
  Monitoring and Process Improvement
• MI reports to provide insights into cycle times for individuals and organizations to identify bottlenecks and irregularities enabling continuous process improvement for more efficient corporate onboarding workflows.

Benefits & Business Impact

Our digital onboarding solution for corporate customers offers several benefits:

• Efficiency and Speed: Digital onboarding reduces the time and effort required for corporate customers to complete the necessary paperwork and verification processes. This can significantly shorten the onboarding timeline from weeks to potentially just a few days or even hours.
• Enhanced Customer Experience: By eliminating the need for in-person visits and paperwork, digital onboarding provides a smoother and more convenient experience for corporate customers. They can complete the process remotely, at their convenience, which improves satisfaction and reduces frustration.
• Cost Savings: Traditional onboarding processes can be costly due to paperwork, manual processing, and the need for physical infrastructure. Digital solutions streamline these processes, reducing costs associated with administration, storage, and logistics.
• Improved Accuracy and Compliance: Digital onboarding solutions include built-in validation checks and compliance measures, ensuring that all necessary information is collected accurately and meets regulatory requirements. This reduces errors and minimizes the risk of non-compliance.
• Scalability: Digital solutions are easier to scale as the number of corporate customers grows. They can handle larger volumes of applications and onboardings without significant increases in resources or infrastructure.
• Integration with Existing Systems: Our digital onboarding solution comprises low-code connectors that can integrate seamlessly with existing CRM, ERP, and other backend systems. This integration improves data consistency and operational efficiency.
• Analytics and Insights: Digital onboarding platforms can provide valuable analytics and insights into the onboarding process. This data can be used to optimize workflows, identify bottlenecks, and improve the overall efficiency of customer onboarding.

Overall, our digital onboarding solution for corporate customers not only modernizes the onboarding experience but also enhances operational efficiency, improves compliance, and contributes to a better overall customer experience.