Omni-channel Retail Banking Experiences for Tier One BankCreation of a digital onboarding experience to open a new account
Given customer acquisition and engagement is such a critical part of the client lifecycle, Synechron worked with a large, global retail bank in Dubai to create straight through processing (STP), a digital onboarding experience created through user experience design matrixing combined with OCR and NLP to scan the required identification card and salary letter required to open a new account. As part of legacy onboarding, a new customer or existing customer signing up for a new product would need to provide certain documents such as passport, government ID and employment verification letter that all needed to be processed and stored manually. We applied this onboarding experience to the Loans client onboarding experience.
We then supported the client to create mobile-first public websites for Offers, Airmiles, and Mortgages. We took a mobile-first approach to these projects with the goal for existing or prospective clients to easily educate themselves on products and services.
Finally, we worked with the client in Dubai to create its first digital-enabled bank branch in the UAE that brings together these digital elements into a unique, interactive physical space. To create the digital branch, we used design thinking to map and optimize the full customer journey and managed and executed everything from the buildout and interior design of the physical space to the guided tour of that space through the interactive digital user interfaces. This included an interactive digital map of the space, tutorials, and full digital onboarding within the branch for an end-to-end digital experience supported by in-branch staff. To empower the in-branch staff, we conceptualized additional future-forward features such as smart-watches and tablets for staff use.
- Synechron’s STP solution for Loans onboarding was accurate in 80% of customer cases when analyzing documents required for onboarding.
- The STP initiative helped to reduce new applicant processing time from 12 days to under 24 hours.
- The cards and loyalty projects delivered a strong user experience for enhanced customer engagement.
- The digital branch initiative allowed the bank to deliver integrated, measurable digital elements with the ability to track views, leads, duration, and analytics across digital branch properties to inform future digital branch strategies.
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