Apply a Lean approach, design thinking, and digital technology to solve key problems – fast
The bank asked Genpact to reimagine its onboarding process from end to end to bring it up to date. To achieve this, we used a blend of Lean interventions and digital enablers. But time was of the essence: We had just 4 weeks to overhaul 50 years of banking processes.
This short, design-led digital transformation project began with an assessment phase. We reviewed the available historical data and determined the most efficient approach, benchmarking process performance against industry best practices. Next, we held several design thinking workshops to focus on three key elements:
- The customer journey and key touch points
- Middle- and back-office processing and friction points
- The overall controls framework
We identified several issues that were keeping both bank and customers stuck in the past:
- Customers weren’t getting a consistent, integrated, omnichannel experience. Applying for a card online was vastly different from applying for one in person or by phone
- There was no up-front check for application completeness. If you left something out, you might not know until a day or two later
- The customer communication process was fragmented — there were more ways to communicate than ever before, but no consistency between them
- There were no real-time checks, such as know your customer (KYC), fraud, or sanctions, and no real-time credit risk assessment
- Customers had no “virtual card” to use during the gap between approval and receipt of their physical card
To address these issues, we developed a user-centric, intuitive omnichannel process (phone, online, branch), which provided a seamless customer experience. We itemized and standardized all onboarding processes, aligned them with regulatory needs, and — where feasible — automated them. Next, we proposed putting in place real-time KYC and credit checks to make instant decisions possible — all without needing to overhaul any legacy IT. The result: a sleek, new onboarding system that will please customers and propel revenue growth.