Financial Institutions (like Banks, Insurance Companies) make significant investments into attracting new customers. Yet, the first real test comes in the onboarding process of a new customer. Customers are accustomed to fast and painless interactions, even from their mobile phones. Too often, they are disappointed with their initial banking experiences. Many consumers abandon an onboarding process when applying for a bank account. Lengthy, paperwork-heavy processes, time-consuming authentication and difficulty in filling out forms are among the top of the offenders, driving consumers to seek out digital-first alternative that give them the speed and ease they want. Customer experience is also so important for customers that they’re open to switch banks to get it. Clearly, if banks can’t deliver a fast and seamless onboarding experience and, in particular a mobile one, customers will try another financial services provider. Thanks to widespread adoption of instant, digital ecosystems, today’s consumers expect immediate satisfaction. Customers demand convenient end-to-end purchasing or servicing in real time, accessible from anywhere, at any time. Without even realizing it, they’ve come to expect the same experience from banking services and products as well.
But, one of the biggest challenges financial services sector faces in creating the onboarding experience that consumers expect is, the increasingly complex requirements to meet Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Banks must complete intensive checks for money laundering and fraud before they agree to handle a customer’s money, otherwise they could face penalties. Therefore, customer identity authentication and due diligence are becoming more intensive and time-consuming.
Given the gap between customer expectations and the current reality, Intracom Telecom has expanded its solutions’ ecosystem aiming to help financial institutions to streamline their onboarding process and stay compliant and competitive. With the right technology, it’s easy to both satisfy the regulatory demands of the compliance officer and the demands of the consumer — without compromising on either. Intracom Telecom proposition focuses on the following ways that are capable of closing the onboarding ‘gap’:
Intracom Telecom Digital Transformation suite of solutions, includes:
Customer Onboarding: Intracom Telecom proposition for Customer Onboarding is based on a platform that allows the FI to implement a digital onboarding journey offering a competitive advantage with hyper-personalized journeys, with seamless data connectivity, and automated compliance and security controls to reduce risks and costs. Remote advisory processes are also offered that provide both customer and bank representatives a guided, predefined process to complete the customer identity verification and additional advisory steps. A no-code framework enables non-technical teams to create and launch hyper-personalized products & journeys. All driven by data and powered by automation. An easy-to-use visual builder also makes the whole process super simple. Bank users, can build and extend Data Models, build Data Pipes to external Data Sources, build Digital Customer Journeys, create Digital Customer Personas, create Business Rules, Decision Matrices and Scoring Engines.
Solution aims to digitalize offline processes - as per Bank’s requirements - in a quick, paperless and highly efficient operational way, ensuring end-2-end automation. AI enabled process steps, regulatory compliance (eIDAS), documents upload & verification (OCR), integration with 3rd party systems and exceptional customer experience are some of the deliverables. Bank can onboard new customers in less than 5 minutes; customers get access to their account and their card and they can start transacting immediately without needing to go to Bank’s branch. In the diagram below you may see a ‘ready-made’ digital onboarding journey - at a glance:
Digital Sales: Offer your customer a next level of lending by giving them tailored loans with costs and conditions made to fit their profiles. Surprise your customer with easy applications, transparent and efficient. Whether it’s secured or unsecured, in-branch or online, assisted or self-service, our Digital Workflows will make the ‘apply for a loan’ process easy and friendly. Make the process less hassle, by paring down data entry with prefill for existing customers, or onboard from scratch in just a few easy steps. Gather data more efficiently with OCR tools and run identity verifications quicker with AI-driven Facial Recognition. Offer them quick decisions via a Scoring Engine that can check eligibility, run real-time risk scoring and automate decisions, all at speed. And you can do it while integrating multiple data sources. New loans digitally signed, sealed and delivered with loan contract ready to sign in no time. Digital Document and eSignature Processors will take care of everything for you. Once that’s done, we’ll tap into your core to set up the loan and reimburse the funds.
Offer Customer-Centric Savings, where customers can open an account in just a few simple steps via a fully digital, paperless process, from Video Identification & Advisory to the eSignature. Existing customers can open an account in an instance, thanks to prefilled activation journeys, while for new customers a seamless process is in place, that couldn’t be simpler. Either way, it’s all done in under 5 minutes.
Make the so-far complicated and long Mortgage loans, simple, via streamlined digital application, data integration and digital workflows that will move everything along quickly and smoothly. Prefilled activation journeys for your existing account holders and simple and seamless ones for new customers. Automated KYC and AML checks, through a Scoring Engine and speed up decision-making with Automated Decision tools and cut time-to-money for your customers. All by being compliant and leaving your employees to focus on more complex tasks.
Be capable of building and launching new products fast with a Digital Product Factory with no code needed. The DIY innovation is made easy with a self-service product creator for non-technical teams of your Bank!
The journey steps may include: Customer accesses current account package offers via Bank’s webpage, selects a product matches his needs, then defines contact details (e-mail address (for the link to be sent in order to retake the process on a later stage – if needed)) and mobile number (for OTP to be sent in order to validate the number)), Identification OCR and selfie (ID card data capture and selfie provided to reduce manual input and run face recognition), guided live call to complete the KYC and to offer assistance to the customer (the ‘Assisted Customer Onboarding Flow’ via the Call Center), document generation and signing through QES, account opening (e-mail transmission of the related documents signed by both parties). System triggers the account opening in the core system.
The journey steps may include: Customer access on Bank’s homepage, definition of contact details, company details, documents’ upload, identification, OCR and selfie, guided live call to complete the KYC and to offer assistance, payment - if this is the case (i.e. Client will be redirected to a payment page in order to pay online the related account charges – if required), document generation and signing through QES, real time account opening (via integration to the Core Banking) and e-mail transmission of the related documents signed by both parties.
The journey steps may include: Customer initiates the loan application, by performing a loan simulation with amount required, interest type, installments type, and other options (like income details, insurance). Loan application cycle starts with the capture of all financial and personal information of the main borrower (In the branches’ flow there is the possibility to add multiple borrowers and guarantors). Application is automatically analyzed with multiple integrations with backend systems to gather and analyze data (e.g. Fiscal Authorities, Credit Bureau, Black Lists, etc.). The analysis engine collects all the necessary information and assess eligibility and credit risk based on (easily defined) rules. Following the automatic analysis, the flow may include a manual check & approval step. A Credit Officer of the Bank can perform additional assessments and the loan application can e submitted to an approval flow. Loan application can still be adjusted in this step as the approval is given on the maximum amount the customer can get. Any up-sale like increasing the loan amount or adding additional product can be configured at this step. Once the loan is approved, the loan contract is prompted for digital, qualified signature (paper sign is also supported for branches’ flow).
Similarly the SME digital lending flow is a seamless customer journey ensuring customer and stakeholder KYC, real time scoring and risk assessment, automated approval flow based on the business rules defined by the Bank (i.e. company exposure, financial indicators, type of loan product selected), documents generation, QES of all generated documentation and instant loan account opening with immediate credit to the cash account of the customer.