Maximizing Onboarding Efficiency: A Neobank’s Success Story
The Challenge
In its pursuit of enhancing customer onboarding efficiency and overall operational effectiveness, the Neobank faced several obstacles that underscored the necessity for a comprehensive solution. Here are the key challenges faced:
- Data Fragmentation and Lack of Centralization: The absence of a centralized platform necessitated the manual consolidation of data from various sources by both the front-office and back-office teams. This labor-intensive process was prone to errors, resulting in inaccuracies in critical data. Historical data retention was lacking, hindering trend analysis and capacity planning efforts.
- Error-Prone Manual Data Handling: Monthly data consolidation in Excel files, coupled with the application of filters and formulas to calculate KPIs, relied on manual efforts. This manual process was susceptible to data errors, potentially leading to delays in delivering essential analyses for critical business decisions.
- Dependency on Diverse Teams: Relying on multiple teams to extract data from different sources led to process bottlenecks. This scattered approach delayed data availability and affected the operational efficiency of the organization.
- Limited Real-time Data Analysis: Monthly data collection and reporting restricted the bank’s ability to perform near real-time data analysis. The lack of access to historical data hindered trend analysis and data comparison, limiting the bank’s capacity for informed decision-making.
These challenges emphasized the urgency of implementing a robust data and analytical platform to address these issues and optimize their customer onboarding process.
The Solution
Our implementation addressed the critical business need of providing a comprehensive, one-stop solution for the Neobank, proactively assisting its operations, front-office, and back-office teams in monitoring key performance indicators (KPIs) and tracking Turnaround Time (TAT) for ticket resolution. This solution was designed to empower the teams with real-time data and actionable insights, allowing them to optimize their performance and enhance overall operational efficiency in the customer onboarding process.
The Operations Analytics dashboard serves as the cornerstone of this solution, offering a wealth of valuable reports and insights. It plays a pivotal role in addressing the business need by providing the following functionalities:
- KPI Evaluation: Key performance indicators (KPIs) such as STP (Straight through process) and customer re-asks are meticulously tracked and displayed on the dashboard. This enabled the evaluation of ticket performance and identification of blockers in the onboarding process, ultimately leading to more informed decision-making, improved onboarding efficiency, and enhanced customer service quality.
- Customer Interaction Insights: The dashboard includes reports on re-asks, re-ask rates, re-submissions, and onboarding journey events. This data helps front-office agents gain a deeper understanding of customer interactions and onboarding efficiency, leading to an overall improved customer onboarding experience and data-driven decision-making.
- Real-time Data and Trend Analysis: The dashboard’s real-time data and trend analysis capabilities streamline reporting to upper management. This not only reduces the burden of tracking essential KPIs but also empowers upper management to take immediate actions, whether it involves swiftly onboarding new customers or resolving customer queries related to KYC.
The Operations Dashboard, with its rich set of features, empowers the bank to make data-driven decisions, improve customer service quality, and maintain a competitive edge in the digital banking landscape.
The Outcome
The implementation of our solution brought forth a multitude of benefits, positively impacting Neobank’s operations and overall business performance. Here are the key benefits that were achieved:
- Accelerated Decision-Making with Near Real-time Data: Our solution streamlined decision-making by automating data loading and dashboard refreshes, ensuring CXOs receive key reports instantly. This automation reduced a 3-week process to near real-time data access, greatly accelerating decision-making.
- Significant Reduction in Monthly Effort: Operations, Front Office, and Back Office teams experienced an 80% reduction in effort for data collection, transformation, and ad-hoc reporting tasks. The platform’s ability to store historical and near real-time data eliminated the need for extensive manual work. Now, teams only need to validate new data in reports.
- Enhanced Security and Brand Reputation: The solution enabled quick identification of fake customers based on their KYC document submissions. This capability bolstered security measures, preserving the bank’s brand reputation and credibility.
- Expedited Improvement Identification: With accurate historical data available in a centralized location, the bank achieved a 45% quicker identification of improvement areas. This data facilitated trend analysis of key KPIs, allowing for rapid insights into customer onboarding processes and experiences.
- Improved Collaboration and Efficiency: The centralized report repository provided easy accessibility to reports and analysis for different teams. This streamlined collaboration and facilitated the removal of process-related inefficiencies, fostering a more cohesive and efficient work environment.
- Error-Free, Consistent Data: Manual intervention was eliminated, ensuring error-free and consistent data across all operations. This data integrity boosted confidence in decision-making and operational activities.
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