Customer onboarding is emerging as a major area of focus for banks and financial institutions who are grappling with high operational overheads. Customers have become more informed due to the proliferation of digital channels, which are contributing to a lot of collaboration during the buying process. This is leading to a transition in the banks’ business models, which are now becoming more customer-centric as compared to their earlier product-centric approaches. Thus, they need to make their customer on-boarding process more efficient and economic even while providing tailor-made and customized service.
Challenges we address
- With the exponential growth in retail financial services and the addition of new mass market products, customers are increasingly demanding an “ask-once” experience from service providers. Without an efficient and streamlined customer onboarding process, banks are unable to extend multiple products to a single customer across their lines of business, thereby contributing to much customer dissatisfaction, and sometimes even terminating the customer-bank relationship.
- Operational delays are caused by a lack of monitoring and controlling the onboarding process of a customer
- Banks also struggle with redundant data and an inability to unify their customers’ identity across the bank
HCL’s Customer On-boarding Solution - Mbark
HCL’s customer on-boarding solution – Mbark, is designed to help wealth managers, insurers, and retail/ institutional banks manage and visualize end-to-end customer on-boarding workflows, data, AML, and KYC compliance routines, thereby enabling faster customer on-boarding. It has a strong data model, defined as per industry standards, for various industry domains and can help reduce on-boarding cycle time by reusing existing processes and legacy systems.
- Integrates all the existing customer on-boarding business systems and orchestrates processes according to the business requirements, thus ensuring that the business systems or processes do not change.
- Comes with business-aligned, platform-independent content and workflow management capabilities. This enables the seamless integration of the generic phases of the customer on-boarding process through data and process orchestration.
- Combines proven enterprise content management plug-ins. It has fully compliant workflows and manages content to enable customer on-boarding across diverse financial domains.