Being in your customer’s shoes
A good customer experience reflects a better conversion, that is a lower acquisition cost. That is possible if the customer can:
- answer the demands of the company, as for the documents for instance, using any channel
- be quicker in the account opening, with less data input for instance (you did ask for the documents already, right?)
- be on top of what is happening, with errors or without (tell me what to expect and let me participate).
- be aware of the issues that may have arised, with NO calls.
Multichannel account opening
The opening of a financial product on-line has very strong compliance requirements, such as the anti-money-laundering regulations and risks control. The company is liable for its on-boarding procedures and most of the requirements are not negotiable. That is what happens with required documents, typically IDs and signed forms.
The problem of the on-line opening is that:
- The customer doesn’t always understand what the bank needs,
- The process last always for several days,
- If there is any issue, everything becomes a frustrating mess, such as not letting the customer start again… because he already exists!
Beware of the numbers that you may not like. For instance, every time you request a document from a customer:
- Up to a 30% never responds if not followed-up.
- Up to a 20% of the documents received will be somehow wrong.
That is not what you would call exceptional, is it?
Kopernik break-up
According to our methodology, Kopernik, account opening on-line could be broken-up along the following dimensions:
A 10-weeks set-up. Why is it possible?
First, because Balandra already provides all that you need:
- a process skeleton and its management tools
- a customer management to create contacts, calls, mails etc.
- a document management to solve the compliance requirements.
Second, because our design methodology, Kopernik, helps a lot in the simplification of the design problem, so that it can reflect the sentence we always hear: “In theory, this is very easy”.
Last, but not least, because this is not as integrated with your systems as you could think. First of all, you are talking about non-customers. What this sorts out is actually what you haven’t managed to fit in your systems or that you have hard-coded somewhere.