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Digital Transformation of Client Onboarding Process Reaps $50 Million Efficiency Opportunity

Summary: Growing online services and disruptive technologies forced a global financial institution to review and overhaul their manual processes and undergo a digital transformation. They enlisted ProcessArc, a customer experience architecture firm, to examine the firm’s process via a Lean Six Sigma lens. ProcessArc uncovered several pain points, including a heavy reliance on paper applications, unnecessary data collection, and a lengthy review and processing time. • Additionally, they reviewed what data is collected, how the data is collected and delivered to the operations teams. They created a more frictionless process, improving the client process by: • Creating a “universal” application • Developing a digital application process with business rules • Using predictive modeling in risk ranking • By doing so, ProcessArc reduced the: • Application submission-to-decision time by 20 days • Number of touchpoints by 50% • Probability of missing forms and critical client data by 90% • Overall, the changes resulted in a $50 million efficiency opportunity for global financial institution.

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