In the rapidly digitising world, a significant number of new customers is approached and onboarded via digital channels. The onboarding process is the first interaction of the customer with the bank, and the basis for all customer related processes onwards. It should therefore be rock solid. A well-designed customer onboarding process supports the mission and strategy of the bank and should increase conversion rates, lead to faster time to revenue and improve cross- and upsell.

It has proven to be a challenge for banks to find the optimal way of offering their services online; they need to balance security, compliance and risk, while keeping a seamless user experience. At INNOPAY we believe security and convenience are two sides of the same coin. We can help banks to solve this struggle and create a differentiating experience.

We understand customer needs, have a thorough understanding of the regulatory requirements and how to apply existing solutions and techniques to the specific requirements of your organisation. 

Onboarding in Retail Banking

Customers expect digital, relevant and fast onboarding processes; a seamless integration of services with their devices. In a commoditised market like Retail Banking, a well-designed onboarding process is a key competitive advantage.

Our services

To help banks (re)design their onboarding process, we offer the following services.

Quickscan 

New technologies for identification and verification of customers are regularly introduced. It is essential for banks to monitor their peers and competitors. We use the benchmark model, accompanied with an inside out analysis to see how your process is performing and where improvements can be made.

Onboarding Strategy & Design 

Onboarding is the basis of all client-related processes, so you better do it right. We are experienced in helping banks to come to a shared desired customer onboarding journey. And not only for the tech-savvy customers, but for everyone. A company-wide shared and modular onboarding flow will enable companies to seamlessly help its customers across channels, products and events. 

Innovative Compliance & Risk Analysis 

Balancing risk and regulatory requirements with a seamless user experience are one of the biggest challenges for banks, as they tend to follow a ‘better safe than sorry approach’. At INNOPAY we know the regulatory requirements from the inside-out and have guided many risk assessments to jointly determine what the best fitting journey would be. With new technologies available, it is no longer needed to approach them as opposites. Even better, new technologies can enable a more secure process and a better customer experience. 

Optimisation of current process

For many organisations it would be a dream to start from scratch, but in reality, this is almost never the case. Onboarding processes grew over time, shaped by legislation, organisational circumstances and changing customer demands. When redesigning the process, we leverage our extensive experience to determine the quick wins, provide insight in what technologies and partners can support the desired outcome and to realise the MVP with a faster time to market.

Onboarding Technology and Vendor Selection

New technologies across the various steps in the onboarding process allow for a seamless user experience while remaining a secure process. At INNOPAY we help banks analyse requirements, asking the right questions and guide an RFI and RFP phase and select the suitable onboarding partners. Our work is supported by in-depth knowledge of different solution providers which are part of INNOPAY’s network. In our vlog and podcast “Meet the Vendor” we discuss the solutions that providers are offering in the market and what is coming up next.

Onboarding in Corporate Banking

Technology is enabling innovation, but banks are often not using the potential to improve their corporate client onboarding processes. Current processes require a high effort from the customer and are costly and complex for the bank. We can help banks innovate and digitise their corporate onboarding process by providing insights in customer preferences and leverage our onboarding experience in both retail and corporate banking. We enable quick results via our Experience Lab, showing how security and convenience are two sides of the same coin.

We can help those organisations with their corporate onboarding process by providing insights in customer preferences, leveraging our onboarding experience in both retail and corporate banking. We enable quick results via our Experience Lab, showing how security and convenience are two sides of the same coin.

Corporate Onboarding Benchmark Survey

With the market for corporate client onboarding not being very transparent, it is unfortunately difficult for banks to understand the performance of their onboading process compared to competitors. Using the corporate onboarding benchmark, accompanied with an internal analysis on key performance indicators, we provide organisations with more insight on the process, and how quick wins can be realised, without the need to do a complete re-design. 

If you are curious to know how your onboarding process is performing, including in comparison with other players, fill in the INNOPAY Corporate Onboarding Survey

Our services

 

Corporate Onboarding Strategy and design

Onboarding is the basis of all client-related processes. We are experienced in helping banks to come to a shared desired customer onboarding journey. A company-wide shared and modular onboarding flow will enable companies to seamlessly help its customers across channels, products and countries.

Prototype the onboarding vision 

For many organisations it is a dream to start from scratch, however in reality, this is often not feasible. Onboarding processes have evolved over time, are shaped by legislation, organisational circumstances and changing customer demands. Legacy architecture and processes are the number one reason for banks to be hesitant to innovate their existing onboarding processes. At INNOPAY, we use our Experience Lab to prototype and combine new technologies with existing processes to demonstrate the impact on customer experience and the internal organisation.

Innovative compliance & risk analysis 

Balancing risk and regulatory requirements with a seamless user experience is one of the biggest challenges for banks, as they tend to follow a ‘better safe than sorry approach’. At INNOPAY, we fully comprehend the regulatory requirements and have managed many risk assessments to jointly determine what the best customer journey. New technologies can enable a more secure process. It is essential to perform a thorough risk assessment and define a CDD policy that suits your organisation.

Streamline CDD processes

Often customer due diligence (CDD) processes are manual operations, leading to repetitive data entry and limited ‘first time right’ principles. At INNOPAY, we help organisations streamline these operations and reduce operational costs and enhance the customer experience at the same time. 

Onboarding technology and vendor selection

New technologies allow a seamless user experience in corporate onboarding process while remaining secure. At INNOPAY, we help banks analyse requirements, asking the right questions and guide an RFI and RFP phase and select the suitable onboarding partners. Our work is supported by in-depth knowledge of different solution providers that are part of INNOPAY’s network. In our vlog and podcast “Meet the Vendor” we discuss the solutions that providers are offering in the market and what is coming up next.

 

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