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Our client, a preeminent community bank in Texas and a national leader in responsible financial services innovation, has been leveraging their secure proprietary cloud banking platform to create custom digital solutions. They sought an optimized customer onboarding system to allow parents or legal guardians to open bank accounts for their children.
The Problem
The existing setup had multiple offline and online components, leading to reduced productivity and lower reusability of front-end components. To address these challenges, our team took a comprehensive approach to develop an efficient onboarding application flow.
The Approach
Leveraging the power of Unqork as our primary tool, we constructed a digital engagement layer that simplifies the onboarding process. The system enables sponsors (parents) and target users (children) to input Know Your Customer (KYC) information and undergo an approval process through APIs. Our solution comprises three sub-processes: Onboarding form, KYC Validation, and Plan Selection. Additionally, we integrated various tools such as Docmosis for disclosure agreement creation and PDF document generation, Plaid for funds transfer, SendGrid for email notifications, Jumio for KYC validation, and the Google Address API for prefilling information, with address validation provided by the USPS API. The application is optimized for both mobile and desktop usage, with robust measures for data purging and user session management to ensure the security of personally identifiable information (PII).
The Results
The impact of our optimized solution has been significant:
- Efficiency: The comprehensive onboarding flow consolidates all necessary steps, saving coordination time.
- Flexibility: Sponsors can now enroll up to six children and open as many as 18 bank accounts within a single process.
- Scalability: The modular approach of the KYC process supports multiple flows, making it adaptable for use across various applications.
- Turnaround Time: The customer onboarding process has been significantly accelerated, reducing the time required to onboard new customers.
In conclusion, our collaborative efforts with the leading Texas community bank have resulted in an optimized customer onboarding system that not only improves efficiency but also provides flexibility and scalability. By leveraging innovative technologies and an optimized workflow, we have empowered our client to deliver a seamless onboarding experience to their customers.
To learn more about our solutions and how we can help your organization optimize processes, check out our website or contact us at info@chenoainc.com.