Account opening process for individuals and corporations Qorus Banking Innovation Awards 2023

Submitted by

Banco Santander

Premium

21/09/2023 Banking Innovation

As a core process, the customer onboarding required a complete revamp, with a new single process that combined the previous separate processes for account opening, KYC, individuals and corporations, and digital channels. The new solution covers all segments, from mass market to corporate, and is a paperless and flexible process, that can be straightforward with no backoffice for simple cases all the way up to a full onboarding experience for big corporations, with multiple ways to interact with the customer.

Innovation details

Country
PortugalCategory
Core Offering InnovationKeyword
Customer acquisition & loyalty, Operational excellence & efficiency, SME Banking, Automation, Retail banking

Innovation presentation

From an initial group of different processes for account opening, with separate applications as well for basic functionality – e.g. customer data and KYC, digital channels and cards – we created a new common and paperless process that guides the user and automates the collection of information, production of documentation and registration to ensure cohesion across the scope, with the account opened as soon as the client signature is obtained. The innovations include the integration of the KYC rules and the merging of different processes in one, shielding the user from the underlying complexity. A full account opening for a new client can now take less than 10 minutes without validation from the backoffice.

Want to keep reading?

Become a Qorus member to get access to all our innovations

Check our offer

Interested in learning more?

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.