COB Solution Demo

7/28/2019 COB Solution Demo

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Kofax Customer Onboarding Demonstration

[email protected]

Solution Enablement Specialist
mailto:[email protected]:[email protected]


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Today in Central Europe

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Customer Onboarding Creating Those Sticky Customers

3

11%

20%

6%4% 3%

1%

9%

14%

11%

12%

4% 6%

3%

9%

0%

5%

10%

15%

20%

25%

30%

35%

18-25 26-34 35-44 45-54 55-64 65 & Above Overall

Extremely Likely

Likely

Likelihood to Switch Primary Banks to Get Access to Mobile Banking

Among Smartphone/Table Owners Q2 2012

Q2 2012. N= 242 512 435 337 190 160 1,876

25%

31%

17%

9%7%

3%

18%

Question: Have you used mobile banking (i.e. have you accessed balances, paid bills, or made account transfers using your mobile device to access a mobile bankingwebsite or using a Mobile device application)?; How likely would you be to change your primary banking relationship to get access to a mobile banking service?Note: Number may not add due to roundingSource: AlixPartners Mobile Financial Services Tracking Study Q2 2012


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Timeliness in Customer Onboarding is Key

4

0%

2%

4%

6%

8%

10%

12%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

0 1 2 3 4 5 6 7 8 9 10 11

Attrition %

Cross-Sell %

Opportunities and Risks in Onboarding Abound

Retail Bank ExampleAttrition & Cross-Selling Rates among New Clients

(Retail Bank)

Source: 2008 Harland Clarke client case study

New CustomerAttrition %

New CustomerCross-Sell %

Onboarding Emphasis Months since Onboarding


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Typical Customer Onboarding Cycle

5

Source: - Virtusa

Behind the scenes onboarding processes and system frequency lack business agili ty

Challenges Impacts Results In

Inefficient and disjointed process Onerous application processes Long Average time to onboard clients

Loss of fees

High internal Cost to support

Longer time to market to add newproducts

Diminished competitiveness

Siloed customer, account and productinformation

Contradictory information creates confusionChallenges to support multiple products

Need to support multiple channels Poor and inconsistent client experience

Multiple systems, manual & paperbased workflows

Inability to track progress and manage the process

Increasing Regulatory environment Requires flexibility in system and processes

Line of Business Systems haveembedded entitlements

Entitlements are difficult to setup and support easilyand consistently across applications

Deposi t Credit Card MortgageComm

Banking

Treasury &

SecuritiesBrokerage

MailDirect:

Broker/Branch/Advisor Call Center Web/Mobile


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Customer Onboarding Best Practices - Forrester

6

Front end:Call center

Fieldoffice

Frond end:Web

Front end:Mail

Repopulation

Cross-selling

Document verification

Business data validation

Reference check Credit

Check

Credit riskassessment

Application decision

Welcome kits

Barcoding

Customer communication

analytics

Insurance Retail banking Loan management Citizen support Consumer products

Legacy system applications

E-forms RIAs Distributed capture Fax servers E-signatures

Point of service ECM components

Common productcatalog

Document output for customercommunications management

Business processmanagement

Business rules engine

Client-centric enrollment layer

Source: Forrester Research, Inc.

Best P ractices: Customer OnboardingAnalyst Author: Criag LeClair


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Customer Onboarding Best Practices - TowerGroup

7

Prescreening

and targetedoffers

ID existing andnew customers One Process, multiple products

Follow-up via the customerspreferred delivery channel

Clear instructionsto staff orcustomer

Multiple third-partydatabases fornon-customers

Bank databasefor existingcustomers

Multiple funding options:deposit account: deposit,

credit card, ACH

Instantverification

Fundingauthorization

Prefilled for existing clients

Ability to start in one channel, finishin another

Save and return

Help via chat, phone, or onlinecobrowsing

ID verification

Source: TowerGroupOnline Account Origination: The Perfect Recipe Requires the Right IngredientsAnalyst Author: Nicole Sturgill

Workflow 15 minutes for less


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What is needed to build a modern Onboarding Solution?

customer-focused

flexible

interactive

human-friendly

multi-channel

efficienttransparent

agile

conductor of legacy and modern

case-management solution

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Laura wants to switch banks

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Laura visits her local branch and fills in an application form

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Video - Scanning Application form with Kofax Capture Scan

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Laura receives a confirmation email.

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Video - Laura receives a confirmation email

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Laura is asked for Proof of ID and Proof of Address

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Video - Laura submits her Driver License with her iPhone

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Video Laura summits Proof of Address with Web Browser

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Video - Laura can review her progress

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The rest of Lauras application occurs automatically

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All of Lauras documents are In Good Order IGO.

No further human touch is required.


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Documents In Good Order

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Laura has successfully switched banks!

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Billy also wants to switch bank

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But Billy has a bad credit rating and history

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Billy has a bad credit rating

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Meanwhile back at the bank!

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Video Application SLA

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Video - Reports

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1The Forrester Wave for Multichannel Capture, 2012The Forrester Wave for Dynamic Case Management, 2011

Leader in Dynamic Case ManagementLeader in Multichannel Capture

Kofax/

AND

Kofax Double Leader Qualification for Customer Onboarding1

Forrester Waves