Challenges

To digitize and replace complex, paper-based onboarding and KYC processes which is client-centric using Digital onboarding platform /technology

Primary target

Which group does your product/service primarily target?

Description of Innovation

A seamless client experience through a simple and transparent digital portal, supported by a fully integrated and rules-based onboarding process which replaces paper-based forms and manual processes Simple, Fast & Transparent on-boarding solution for new clients for account opening

Results

Currently 98% of new clients are onboarded digitally, this has largely enhanced the Bank's capability to onboard increasing volumes of new clients with the same resources.

Lessons Learnt

Continuous enhancements based on customer feedback, prefill/re-use customer information (internal & external sources), embed digital signatures (if regulators approve) and cross-sell opportunities.

KYC requirements for SME and lack of digital signature process or electronic verification of company / owner documentation restricts the extent of digitization / automation