Treasury Management Onboarding: Tier 1 Bank

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.

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