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COB Solution Demo

This document provides an overview of Kofax's customer onboarding demonstration. It discusses the typical challenges with customer onboarding processes and highlights best practices. The demonstration shows how Kofax's solutions can help streamline the onboarding process for a customer named Laura. It automates tasks like scanning forms, uploading identification documents, and reviewing the application progress. However, another customer named Billy has a bad credit history, requiring more manual review. The document emphasizes that Kofax can help banks improve the customer experience, reduce costs, and better manage regulatory requirements through an integrated, automated onboarding solution.

Uploaded by

Marc Combes
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
132 views

COB Solution Demo

This document provides an overview of Kofax's customer onboarding demonstration. It discusses the typical challenges with customer onboarding processes and highlights best practices. The demonstration shows how Kofax's solutions can help streamline the onboarding process for a customer named Laura. It automates tasks like scanning forms, uploading identification documents, and reviewing the application progress. However, another customer named Billy has a bad credit history, requiring more manual review. The document emphasizes that Kofax can help banks improve the customer experience, reduce costs, and better manage regulatory requirements through an integrated, automated onboarding solution.

Uploaded by

Marc Combes
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
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Kofax Customer Onboarding Demonstration

[email protected] Solution Enablement Specialist

Today in Central Europe

Customer Onboarding Creating Those Sticky Customers


Likelihood to Switch Primary Banks to Get Access to Mobile Banking Among Smartphone/Table Owners Q2 2012
35% 31% 30% 25% 25% 20%
14% 11%

Extremely Likely Likely


17% 18%

15%
12%

9%

10% 5% 0%
18-25 Q2 2012. N= 242
11%

20%

9%
4% 6% 4%

7%
6% 3%

3%
3% 1%

9%

26-34 512

35-44 435

45-54 337

55-64 190

65 & Above 160

Overall 1,876

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 banking website 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 rounding Source: AlixPartners Mobile Financial Services Tracking Study Q2 2012

Timeliness in Customer Onboarding is Key


Opportunities and Risks in Onboarding Abound Retail Bank Example
New Customer Attrition %

Attrition & Cross-Selling Rates among New Clients (Retail Bank)

New Customer Cross-Sell %

4,0% 3,5% Attrition % 3,0% Cross-Sell % 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% 0 1 2 3 4 5 6 7 8 9 10 11

12% 10% 8% 6% 4% 2% 0%

Onboarding Emphasis

Months since Onboarding


4

Source: 2008 Harland Clarke client case study

Typical Customer Onboarding Cycle


Behind the scenes onboarding processes and system frequency lack business agility
Mail Direct: Broker/Branch/Advisor Call Center Web/Mobile

Deposit

Credit Card

Mortgage

Brokerage

Comm Banking Results In

Treasury & Securities

Challenges
Inefficient and disjointed process Siloed customer, account and product information Need to support multiple channels Multiple systems, manual & paper based workflows Increasing Regulatory environment Line of Business Systems have embedded entitlements
Source: - Virtusa

Impacts
Onerous application processes Contradictory information creates confusion Challenges to support multiple products Poor and inconsistent client experience Inability to track progress and manage the process Requires flexibility in system and processes Entitlements are difficult to setup and support easily and consistently across applications

Long Average time to onboard clients Loss of fees High internal Cost to support Longer time to market to add new products Diminished competitiveness

Customer Onboarding Best Practices - Forrester


Field office Front end: Call center Frond end: Web Front end: Mail

Client-centric enrollment layer


Point of service ECM components
E-forms RIAs Distributed capture Fax servers E-signatures

Common product catalog

Business process management

Business rules engine

Document output for customer communications management

Repopulation Cross-selling

Document verification Business data validation Reference check Credit Check

Credit risk assessment Application decision

Welcome kits Barcoding Customer communication analytics

Legacy system applications


Insurance
Source: Forrester Research, Inc. Best Practices: Customer Onboarding Analyst Author: Criag LeClair

Retail banking

Loan management

Citizen support

Consumer products

Customer Onboarding Best Practices - TowerGroup


Workflow 15 minutes for less
Prefilled for existing clients
ID existing and new customers One Process, multiple products

Ability to start in one channel, finish in another Save and return Help via chat, phone, or online cobrowsing

Prescreening and targeted offers Funding authorization

ID verification

Clear instructions to staff or customer Multiple funding options: deposit account: deposit, credit card, ACH Multiple third-party databases for non-customers Bank database for existing customers Instant verification

Follow-up via the customers preferred delivery channel

Source: TowerGroup Online Account Origination: The Perfect Recipe Requires the Right Ingredients Analyst Author: Nicole Sturgill

What is needed to build a modern Onboarding Solution?


customer-focused flexible interactive human-friendly multi-channel efficient transparent agile conductor of legacy and modern case-management solution

Laura wants to switch banks

Laura visits her local branch and fills in an application form

10

Video - Scanning Application form with Kofax Capture Scan

11

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


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

27

Kofax Double Leader Qualification for Customer Onboarding1 Forrester Waves


Leader in Multichannel Capture AND Leader in Dynamic Case Management

Kofax/

1The

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

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