Automation of standard processes in banking – win-win for customer and bank

Whether digitisation is seen as an opportunity or a risk is up to each company itself. However, it becomes a risk if you leave it to the competition to use it as an opportunity. The clever use of digitization and automation offers banks in particular the opportunity to offer their customers a much less complicated customer experience. By significantly streamlining processes that were previously stressful for both sides – for example customer onboarding. The basis for this is a set of qualified customer data. Where these come from and how a largely automated onboarding process can proceed is outlined below.

Win-Win situation through automation of standard processes in banking

1. It seems simple: automatically completed web forms

Filling out a long web form is the first hurdle a prospective customer has to overcome on the way to becoming a new customer. Countless surveys have shown that the more long and complex the form, the higher the bounce rate. Reduce the effort for your customers to a minimum by filling out the form automatically. Customers only need to enter and confirm their company name. All other form fields are automatically filled with the corresponding data – the visible ones as well as any others in the background. Now, all that is required is a review by your customer and a final click to send. Within one minute he has everything done. 

For this purpose, the data is obtained from the database of a service provider such as Implisense. An intelligent algorithm keeps the comprehensive profiles of all companies registered in the German Commercial Register up to date. With the help of the Implisense API, an interface to your web form, this data is automatically retrieved. A noticeable relief for your customers and an extremely comprehensive data set for your bank. 

2. The result: a detailed company profile

By using the data retrieval function of Implisense you get a much more extensive set of data than you would be able to retrieve from a new customer using such a form – hundreds of data points for each company. You now have a comprehensive company profile, which forms the basis for further automation, without your customer having to become active again. 

Exemplary company profile of Volkswagen on the free search platform Companies and Markets.

3. Fast and standardized: Automate your checks

The comprehensive data set enables you to automatically verify the legitimacy (KYC) of your new customer and to automate credit allocation processes. Thanks to the uniform structure of the data, standardised processes such as these can be mapped digitally very efficiently. Your employees save a lot of work and your customer receives a result quickly. Another piece of the puzzle in his satisfying customer experience already during onboarding.

4. Human intervention in cases of doubt: complete onboarding

For customers whose situation is clear, the system automatically decides whether the onboarding was successful or the customer’s request is rejected. If, on the other hand, an individual assessment is required, the algorithm passes the case on to an employee for a personal review. Automation does not necessarily mean dehumanization. Even cases that deviate from the standard are taken into account appropriately and do not automatically fall through the grid. The automatic processing of standard cases, however, makes daily business noticeably easier for you and your customer. 

5. After onboarding: identifying potentials for cross- & upselling

Even after customer onboarding, the data record remains a valuable resource for you. The Implisense algorithm keeps the data up to date. In this way, your marketing and sales staff will recognize exciting opportunities for upselling and cross-selling. This process can also be automated: By Implisense automatically searching for similarities between this customer and groups of existing customers, you can find out whether a customer is likely to be interested in a particular offer. A powerful tool to use your sales resources more efficiently. 

Take advantage of the opportunities that digitization offers for banks. By efficiently automating standardized processes, you gain time for your employees and create a satisfying experience for your customers – not only in onboarding.

Exemplary company profile of Volkswagen on the free search platform Companies and Markets.

Customer-friendly onboarding process in commercial banks

Onboarding a new corporate client at a bank can be a tedious and time-consuming process. Not only for the bank, but above all for the customer. Collecting numerous data and documents, filling out countless forms and waiting for creditworthiness and identity checks is not only time-consuming, but often also unpleasant for the customer. As a result, customers often exit during onboarding and thus become lost to the bank in the long term. Although little can be changed about the necessity of these formalities in view of risk regulation and not least legal requirements, it is nevertheless worth taking a critical look at your bank’s customer onboarding process – and optimising it in terms of speed and transparency as well as the associated costs for the customer.

The key challenge in customer onboarding

The decisive challenge is to ensure that this process does not become a frustrating experience for the customer, despite the multitude of unavoidable formalities. Otherwise, the new business relationship with your bank already begins with a negative experience. Instead, at this point you already have the opportunity to present yourself to your new customer as an efficient, transparent and, above all, service-oriented company. By designing your bank’s onboarding process in a customer-oriented manner, you can create positive customer experiences at an early stage that contribute to long-term customer loyalty. Take a look at these three fields of potential optimization:

1. transparency through the onboarding process

Few things are as frustrating as waiting for an indefinite period of time. Avoid feelings of frustration during onboarding by making the process transparent right from the start. And keep your customers up to date with regular updates. They should know what to expect right from the start. In addition, you can create small experiences of success and prevent frustration by continuously making the progress of the onboarding process visible to them.

2. automation of customer onboarding elements

Frustration with onboarding: filling out numerous formsIn particular, filling out numerous forms for data collection is annoying for your customers. If something is forgotten or not filled out completely, there will be further delays. You can easily avoid this and give your customers an early customer-focused service experience. Simplify data collection by automating data collection and submitting completed forms to your customers. All they need to do is review the information and make minor additions if necessary.

Completed forms for onboarding By integrating the Implisense API into your systems, you have access to the most up-to-date data records of all companies listed in the German Commercial Register.

Now, why should your customer invest this time when you can already provide him with the right technology and data to do it automatically?

3. efficiency of the onboarding process

The aim should be to make the onboarding process as efficient and fast as possible. As a result, your bank benefits not only from increased customer satisfaction, but also from calculable cost savings. Thanks to the extensive digitalisation of the process, savings are made not only in large quantities of paper, but above all in time and personnel resources – on both sides. The use of specialised teams for customer onboarding can also contribute to a lean structure. In addition, analyze your onboarding process and find out where most customers get lost. In this way, you can approach a customer experience that is as positive as possible during onboarding.

The early experiences made by your customer with your bank are particularly important for the coming customer relationship. Because it is against this background of experience that they will also evaluate the future business relationship. If a negative image is already being created at this point, this will change the way in which everything that follows is perceived. That’s why it’s worth investing in a customer-friendly onboarding process.