Streamlined Corporate Account Opening Process Qorus-Infosys Finacle Banking Innovation Awards 2024

The project aimed to streamline the corporate account opening process, targeting several key areas to ensure efficiency, accuracy, compliance, and improved customer satisfaction. This involved redesigning the workflow to eliminate unnecessary steps, automate manual tasks, and as well as introductions of a self-data prefill solution. By reducing the overall process duration, the project managed to minimize the number of iterations required for account opening, thus significantly enhancing the customer experience. Furthermore, the initiative included Change Management initiatives such as training for staff to ensure they adapt to the new process, ensuring that every aspect of the process meets Know Your Customer (KYC) guidelines, regulatory compliance standards and aligned with the best practices in the banking industry. Through these comprehensive changes, the project was able to competitively position the bank as a leader in innovation and customer-centric services.

The project addressed the prolonged and iterative nature of the traditional corporate account opening process, which could at times extend over several months due to the extensive coordination required between branches and Back Office Support (BOS) to ensure new accounts being onboarded are compliant. This inefficiency was a significant pain point, leading to delays and customer dissatisfaction. By implementing a streamlined process, we were able to enhance communication and workflow between the branches and BOS. This involved adopting digital solutions and automated checks to ensure that all necessary steps were completed accurately, thereby improving overall efficiency and customer experience.

Traditional banking processes can often be cumbersome and slow, significantly impacting customer satisfaction and increasing operational costs. These inefficiencies create a pressing need for the Bank to innovate and streamline their services to retain and attract customers. In addition, competitors are actively improving their customer onboarding processes, making it crucial for our organization to focus on innovation in this area.

Customer feedback had consistently highlighted delays and frustrations with the existing account opening process, emphasizing the urgent need for improvement. In response, we leveraged on innovations in digital onboarding and process automation within the financial sector. By integrating advanced technologies, we were able to create a seamless and efficient onboarding experience that addressed customer concerns, enhanced satisfaction, and positioned our Bank at the forefront of financial industry innovation.

Departments Involved: • Business Change Management • Branch Operations • Back Office Support (BOS) • ICT

The project successfully reduced the average corporate account opening time at branches from 2 hours to 25 minutes, significantly enhancing efficiency and customer satisfaction.