kofax customer onboarding for financial services
TRANSCRIPT
Transforming the First Mile™: Kofax Customer Onboarding for Financial ServicesLeveraging Technology to Onboard Customers Faster and Drive Loyalty
2 of 8
Table of Contents
Customer Onboarding Challenges 3
Customer Onboarding Process 4
Leveraging Mobile 5
Benefits of Kofax Onboarding Solution 6
For more Information 7
Contact Kofax 8
CONTACT KOFAX
AMERICAS
Kofax, Inc. 15211 Laguna Canyon Road Irvine, CA 92618-3146
+1 949 783 1333 [email protected]
EUROPE
Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD
+ 44 (0) 870 777 3767 [email protected]
ASIA
Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore 048619
+61 (0)2 8916 [email protected]
3 of 8
Customer Onboarding Challenges
Banks need to figure out how to appeal to a more demanding generation of customers with a fast, streamlined onboarding process.
Loss of transaction fees
High internal cost to support
Longer time to market to add new products
Diminished competitive-ness and market share
Negative customer
experience
Long average time to onboard clients
The Impact of Inefficient Onboarding
Ineffective and disjointed process
Siloed customer, account and product
information
Need to support multiple channels
Multiple systems, manual and paper-
based workflow
Increasing regulatory
environment
Business systems have embedded
entitlements
Poor and inconsistent
client experience
Onerous application
process
Requires flexibility in system and
Processes
Inability to track progress and
manage the process
Hard to support multiple products
Entitlements are difficult to setup
and support** Cornerstone Advisors
The average branch reported closing
100 accountsfor every
112 accountsit opened per month.**
90%of new customers abandon account
applications before they are completed*
4 of 8
Customer Onboarding Process
Customer onboarding is one of the most important events in the life cycle of a banking customer, setting the stage for the entire relationship going forward.
Traditional customer onboarding processes lack business agility
Kofax provides an essential link between Systems of Engagement & Systems of Record and drive results
Commercial Banking
Mortgage Credit CardSecurities
Integrated with LOB System to:
Verify Identity Compliance Detect Fraud Establish Account Transfer Funds
ERP/CRM/LOB/ECM Records Mgt.
Databases & Other Archives
IT & Telecom Infrastructure
MS Office PDF/TIF/JPG
Files
Optimized Customer Experience and Greatly Reduced
Operating Costs
Paper Fax
Digital Scanners MFPs/MFDs
Portals Mobile Devices
Emails
XML/EDI Data Streams
Deposit Brokerage
Mail Branch Web/MobileCall Center
5 of 8
Leveraging Mobile
Customers expect to connect with your bank around the clock through a multiplicity of channels and devices.
Kofax next-generation onboarding solutions generate efficiencies - they incorporate every channel that banks and customers use to communicate and do business, whether face-to-face at branch offices, through regular mail or email, through web portals, or using apps designed for mobile devices.
Kofax Onboarding SolutionOffering a full range of channels for banking customers can complicate the onboarding process.
Visibility Via Web Portal
Channel of Choice
Bank App
Phone
Local Branch
Email Customer Submissions Processing Tracking Trailing Documents
Error Correction Alerts
6 of 8
Benefits of Kofax Onboarding Solution
Kofax Customer Onboarding transforms the critical First Mile of customer engagement, ensuring that banks collect the right information up front, the way the customer wants to interact with the bank.
Kofax customer onboarding solutions allow banks:
Achieve New Levels of Customer Service and Satisfaction
Increase Efficiency and Productivity Mitigate Risk and Promote Compliance Reduce Operational Costs Increase Revenue and Profitability
Broad Ranging Benefits of a Distributed Capture System
57%End-to-end process
time reduced
14%Lower cost of equipment
than centralized scanning operations
38%Savings in storage,
transportation & handling costs
32%Reduction in
misplaced documents
24%Increase in scan and data validated closer
to the customer
9%Fewer staff needed for head-office processing
Source: Survey of more than 200 financial services companies.
7 of 8
For More Information Click Below to Access Additional Resources
BENEFITS ESTIMATOR
DATA SHEET WHITE PAPERS VIDEOS
Kofax Customer Onboarding Benefits Estimator
Customer Onboarding Data Sheet Client Onboarding: Move to Channel of Choice and Reap Rewards
Distributed and Mobile Capture
Customer Onboarding
Customer Testimonial
8 of 8
Contact Kofax
AMERICAS
Kofax, Inc. 15211 Laguna Canyon Road Irvine, CA 92618-3146
+1 949 783 1333 [email protected]
EUROPE
Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD
+ 44 (0) 870 777 3767 [email protected]
ASIA
Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore 048619
+61 (0)2 8916 [email protected]