Transforming the First Mile : Kofax Customer Onboarding for Financial Services. Leveraging Technology to Onboard Customers Faster and Drive Loyalty

Transcription

1 Transforming the First Mile : Kofax Customer Onboarding for Financial Services Leveraging Technology to Onboard Customers Faster and Drive Loyalty

2 Table of Contents CONTACT KOFAX AMERICAS Kofax, Inc Laguna Canyon Road Irvine, CA EUROPE Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD + 44 (0) contactus.emea@kofax.com ASIA Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore (0) mailbox.asia@kofax.com Customer Onboarding Challenges 3 Customer Onboarding Process 4 Leveraging Mobile 5 Benefits of Kofax Onboarding Solution 6 For more Information 7 Contact Kofax 8 2 of 8

3 Customer Onboarding Challenges Banks need to figure out how to appeal to a more demanding generation of customers with a fast, streamlined onboarding process. 90% of new customers abandon account applications before they are completed* Ineffective and disjointed process Siloed customer, account and product information Need to support multiple channels The Impact of Inefficient Onboarding Onerous application process Hard to support multiple products Poor and inconsistent client experience Negative customer experience Long average time to onboard clients Loss of transaction fees The average branch reported closing 100 accounts for every 112 accounts it opened per month.** ** Cornerstone Advisors Multiple systems, manual and paperbased workflow Increasing regulatory environment Business systems have embedded entitlements Inability to track progress and manage the process Requires flexibility in system and Processes Entitlements are difficult to setup and support High internal cost to support Longer time to market to add new products Diminished competitive-ness and market share 3 of 8

4 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 Mail Branch Call Center Web/Mobile Paper MS Office PDF/TIF/JPG Files Fax s Portals Mobile Devices Digital Scanners MFPs/MFDs XML/EDI Data Streams Deposit Brokerage Optimized Customer Experience and Greatly Reduced Operating Costs Mortgage Securities Credit Card Commercial Banking ERP/CRM/LOB/ECM Records Mgt. Databases & Other Archives IT & Telecom Infrastructure Integrated with LOB System to: Verify Identity Compliance Detect Fraud Establish Account Transfer Funds 4 of 8

5 Leveraging Mobile Customers expect to connect with your bank around the clock through a multiplicity of channels and devices. Channel of Choice Kofax next-generation onboarding solutions generate efficiencies - they incorporate every channel that banks and customers use to communicate and do business, whether faceto-face at branch offices, through regular mail or , through web portals, or using apps designed for mobile devices. Kofax Onboarding Solution Offering a full range of channels for banking customers can complicate the onboarding process. Bank App Local Branch Visibility Via Web Portal Customer Submissions Processing Tracking Error Correction Alerts Phone Trailing Documents 5 of 8

6 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 9% Fewer staff needed for head-office processing 14% Lower cost of equipment than centralized scanning operations Broad Ranging Benefits of a Distributed Capture System 32% Reduction in misplaced documents 24% Increase in scan and data validated closer to the customer 38% Savings in storage, transportation & handling costs 57% End-to-end process time reduced Source: Survey of more than 200 financial services companies. 6 of 8

7 For More Information Click Below to Access Additional Resources DATA SHEET WHITE PAPERS VIDEOS Customer Onboarding Data Sheet BENEFITS ESTIMATOR Client Onboarding: Move to Channel of Choice and Reap Rewards Customer Onboarding Kofax Customer Onboarding Benefits Estimator Distributed and Mobile Capture Customer Testimonial 7 of 8

8 Contact Kofax AMERICAS Kofax, Inc Laguna Canyon Road Irvine, CA EUROPE Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD + 44 (0) contactus.emea@kofax.com ASIA Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore (0) mailbox.asia@kofax.com 8 of 8