Banking on Analytics:

How Process Intelligence Helps You Retain More Customers

ARE CUSTOMERS GETTING LOST IN YOUR ONBOARDING PROCESSES?

A poor onboarding process can be costly. Delays and errors in the first steps of onboarding can result in lost customers and revenue.

Sources:

1 Client-Centric Onboarding: Hopes and Realities for Global Banks, Forrester and Pegasystems

2 Guide to Multichannel Onboarding in Banking, Digital Banking Report

3 Guide to Multichannel Onboarding in Banking, Digital Banking Report

4 Viacom Media

5 Document Process Intelligence: Extending BI and BPM to Improve Document-Centric Business Processes, Kofax and AIIM (The Global Community of Information Professionals)

6 Document Process Intelligence: Extending BI and BPM to Improve Document-Centric Business Processes, Kofax and AIIM (The Global Community of Information Professionals)

64%of banks have lost deals and revenue due to problems with their onboarding.1

The top 100 institutions have a

25%-40%rate of attrition.2

Each lost customer equals

$400 in lost revenue.3

1 in 3 millennialsare open to switching banks in the next 90 days.4

THE IMPACT OF GETTING IT WRONGYou never get a second chance to make a good first impression.

25-40%First year rate

of attrition among top 100

institutions

$400Negative

impact of an attritioned customer

64%Rate of banks

that report lost deals and revenue due

to problems in their current onboarding

$BBillions in fines in recent years

WHY YOUR CUSTOMERS ARE DROPPING OFF

To prevent customers from slipping away, you need insight into what is going wrong with your onboarding processes.

Process Intelligence (PI) provides insights into all of the processes that support customer onboarding and engagement.

While analytics provide data on what happened in the past, PI gives you visibility into what is currently happening. This allows you to take action in near-real time to improve your processes and address problems.

THE BENEFITS OF PROCESS INTELLIGENCE

of information professionals expect to see ROI from process intelligence within one year.6

Allow your customer to interact with you the way they want

Easily analyze and

streamline the onboarding

process

Gain instant visibility into

the entire case file

Avoid fines and penalties

Enhance the customer

experience

Increase efficiencies

Enhance visbility

Strengthen compliance

63%

√Document and evaluateyour customer onboardingprocesses from acustomer’s perspective(and not a banking processperspective), the outsidelooking in

√Examine the flow of casesthrough the work process

√Look for bottlenecks

√Discover exceptionalpathways

√Drill down and take actionsto enhance the customerexperience

√Determine which offeringsare successful and whichones aren’t

√Compare region to region

√Streamline your processesby removing unnecessarysteps

√Identify the areas wherecustomers are abandoningthe process, so you cantake action to delight yourcustomers

√Improve your complianceand reduce your risks

REAL WORLD SUCCESS STORIES

Global Top 5 bank

Canadian bank

US–based bank

Community bank

• Reduced cycle time foraccount opening by 40%

• Increased compliancecapabilities

• Eliminated the “pouch”• Reduced execution time

for all branch processes

• Increased compliance• Improved utilization of

central processing resources

• Delivered immediate visibilityinto the account openingprocess

Now you know that you can monitor and analyze the quality of your business process in next-to-real time. You can optimize your processes holistically based on actionable process insights. You can affect positive change across your entire organization.

And you, the architect of this process improvement initiative, have set yourself apart as the author of positive business outcomes. Watch how to onboard your next banking customer.

55%of information professionals plan to use a process intelligence solution in the future (up from 9% who are using one now).5

HOW CAN YOU KEEP MORE OF YOUR HARD-EARNED CUSTOMERS?

9% 11% 16% 21%

• Lack of offlinesupport

• Frustration withpaper forms,faxes, signatures

• Too muchinformationrequired

• Takes too longto decide on loan/another bankresponds faster

• Poor communication

• Need to supply thesame informationrepeatedly

• Too many divisionsor people at bankto coordinate

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