Streamlined Account Opening Process
Client. Financial institution
Vision. To provide a seamless and consistent experience when opening an account, regardless of the channel used (in person, by phone, or online).
Our Mission
Simplify and streamline the account opening process to reduce complexity and frustration for both customers and employees. The goal is to optimize the process’s efficiency while ensuring its compliance and long-term sustainability.
Objectives of the simplification project:
Ensure consistency in the account-opening process, whether it is completed in person, over the phone, or online.
Integrate a vision of sustainable digital transformation by rethinking the key stages of the customer journey.
Make effective use of the data already available in the systems to avoid redundant requests for information and simplify interactions.
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Step 1: Study, analyze, and understand the current situation
We identified and took into account our client’s various constraints (legal, compliance, IT, and operational). We conducted eight interviews with users (employees and customers). We also analyzed the log of complaints and inquiries received regarding this process. These activities enabled us to map out the various current customer journeys (in person, by phone, and online), understand pain points, and identify concrete and realistic avenues for improvement.
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Step 2: Confirm our understanding and establish a shared overview
We prepared and presented to stakeholders a detailed mapping of their three current customer journeys (in person, by phone, and online). This mapping allowed us to highlight the pain points in each journey, as well as the inconsistencies between them. Each team then gained insight into the realities faced by the others (one team per channel). This knowledge-sharing exercise helped align the teams around a shared understanding and identify the inconsistencies that needed to be corrected to optimize the process’s efficiency and simplicity.
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Step 3: Design and evaluate a standardized and optimized process
We designed and mapped out a standardized, optimized journey that ensures a seamless and consistent experience across all channels. We then presented this journey to stakeholders during an ideation workshop, where we took the discussion a step further. This collaborative session allowed us to refine the new process so that it meets the needs and realities of all teams. The approach we adopted improves efficiency, minimizes the risk of errors, and enhances the experience for both employees and customers.
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Step 4: Adapt existing tools to support the new process
To ensure the effective implementation of the new process, we reviewed and simplified the content of approximately 15 different documents to create a contract template that can be tailored to clients' specific needs.
At the same time, we optimized the internal tool used in one of the channels to collect information from new customers so that it can be used across all channels.
Results
The new process has enabled the financial institution to improve its efficiency and better meet the needs of its customers and employees.
Reducing Irritants and Sources of Inefficiency
Reducing the time it takes to apply to open an account.
Reduced risk of errors.
Reduction in the number of documents to review and manage thanks to a flexible contract template.
Reducing employees' workload by automating contract generation (eliminating the need for manual copying and pasting).
Standardizing and Securing the Process
Standardization of account opening applications, regardless of the channel used (in person, by phone, or online).
Stronger compliance with regulatory requirements (consent and verification).
Implementation of a more seamless and self-directed learning path
Better support for employees and customers throughout the process.
More flexibility and decision-making power for customers to simplify their experience.
Reducing information overload by providing a personalized contract that contains only relevant information.
Where should we start?
It's easy. Every client started by just having a chat with us.