novobanco Personal Client Information Update Qorus-Infosys Finacle Banking Innovation Awards 2024
PortugalCategory
Reimagining the Customer ExperienceKeyword
Customer experience, Data
Innovation presentation
novobanco transformed the way clients update personal information, creating a seamless omnichannel experience. Our secure, user-friendly solution empowers clients to update data remotely using eIDs or by uploading ID documents. This eliminates branch visits, boosts efficiency, improves regulatory compliance and at the end of the day allows as to better know our clients and serve them the best way. Over 10% of our digitally active clients now update data monthly, with significant gains in customer satisfaction and operational cost savings.
Concept and Objectives: Client Information update is crucial in banking, KYC is a fundamental lever for preventing AML but also for improved customization and personalized experience.
Our goal was to modernize personal information updates, empowering clients and improving efficiency. Previously, a time-consuming branch visit was required. We aimed to: - Allow remote data updates (without branch visits) in a smooth and comfortable manner - Increase data accuracy for improved product personalization - Integrate data updates into other customer journeys
Reasons Behind: - Outdated process hindered customer experience and regulatory compliance. - Manual updates were inefficient and prone to errors. - Personalized offerings required accurate client data.
State of Competition - While some banks offer online data updates, ours is unique in its: - Integration with eIDs for instant verification - Secure document upload with optical character recognition (OCR) - Seamless integration into other customer journeys
Sources of Inspiration: We looked to best practices in secure online identity verification and user-centered design principles.
Departments Involved: A multidisciplinary team of Client Relationship Manager, Operations, Transformation, IT developers, business analysts, legal, compliance, and risk management personnel collaborated on this project.
Main Results So Far: - Over 10% of digitally active clients update data monthly (5,000+ clients) - Reduced update processing time from 15 minutes to zero for remote updates - Increased customer satisfaction with a user-friendly, omnichannel experience - Improved regulatory compliance through timely data updates - Reduced the risk for regulatory fines
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