Treasury Management Onboarding: Tier 1 Bank

The Results

Summary

The Tier 1 Commercial Treasury team is streamlining its integrated payables onboarding process, reducing errors during implementation and build-out, accelerating time-to-market, and improving customer satisfaction through automation and data integration.

Problem

The bank’s Commercial Treasury team struggled with drawn-out and error-ridden onboarding experiences, primarily caused by a lack of available product knowledge and visibility into their third-party enabled Payables solutions. This lack of visibility ultimately trickled throughout the organization. Specific challenges included:

• Slow onboarding: Manual ‘stage-gate audits’ caused by high error rates drastically slowed down onboarding and activation timelines.
• Poor communication: Lack of client and banker visibility into the onboarding process led to a high volume of inbound calls and emails for status updates.
• High support volume: A lack of real-time information and automated workflows led to a high volume of inbound calls and emails from clients and bankers seeking status updates.

Solution

OvationCXM worked with the bank to create a comprehensive solution combining automation, integration, and knowledge management. This solution included:

• Unified interface: A single, four-panel screen to consolidate all real-time interactions, client data, and related tasks.
• Journey orchestration: Real-time visibility into the onboarding process for all stakeholders, including bankers, clients, and financial institutions.
• Data synchronization: Seamless data exchange with third-party ecosystem providers to ensure accurate and up-to-date information.
• Enhance data analytics: Advanced analytics to identify trends, optimize workflows, and improve decision-making.
• Knowledge base: A centralized repository of product knowledge and how-to guides with easy access to relevant information and how-to guides, reducing errors and accelerating the onboarding process.

Benefits

As a result of this comprehensive solution, this Commercial Treasury Team forecasts the following outcomes:

• A 75% increase in customer satisfaction, leading to deeper relationships and increased product adoption.
• A 20% reduction in onboarding time, saving valuable time and resources.
• A 30% decrease in inbound service calls, streamlining operations and improving efficiency.

By streamlining the onboarding process, the Tier 1 Commercial Treasury team unlocked significant operational efficiencies, allowing them to focus on strategic initiatives and deliver exceptional value to their clients. Read more about our Treasury Management Journey Orchestration.

Read the full Treasury Management Onboarding: Tier 1 Bank case study.