7 years, 7 months ago

3 Tips to Improve New Client On-boarding

In its nature, new client on-boarding is prone to error. For example, to bring on a new customer a financial services firm often goes through redundant, manual paper-intensive processes – producing bottlenecks so large that it takes several weeks, or even months, for a customer to be fully integrated. The process, while seemingly effective at one point in time, is now flawed. Employees spend several hours entering the same data into several entry points and have little to no visibility into the new customer’s application progress.  

Time is money and customer service is critical, so we’ve pulled together three quick tips to help you on-board your customers more efficiently and effectively. Now you can save money, improve overall customer and employee satisfaction, and gain a strategic advantage over your competitors.

#1 – Select a flexible business process management suite
Out of the box solutions for your new client on-boarding process aren’t going to give you the competitive edge that you need. Business process management allows you to build a customizable new client on-boarding process that is agile enough to allow you to evolve and change the process over time. For example, OpenText BPM integrates into your existing systems, giving you the ability to

  • mask the complexity of underlying legacy systems
  • create an aggregated view of client information across multiple systems and departments
  • streamline and manage the best process for your success
  • monitor inbound workflow with ease, providing you complete visibility into the status of a new customer’s progress
  • improve customer service

#2- Get the right people together and collaborate
Process improvement will only be as good as the people, knowledge and skills that are brought to the table to implement the transformation. You need to capture the current on-boarding process and understand the people, process, systems and technologies that it involves. The best approach is to identify key stakeholders and understand the bottlenecks and why they occur before you start to remodel your process. From there you can analyze and determine the best approach for improving and automating your new process.

#3 – Monitor and report on your process
You will never know how much you have improved without setting a way to monitor and report on your process. Having visibility into your process is critical to your ability to control and manage your progress. You no longer have to worry about reporting on several regulatory mandates, including Know Your Customer (KYC), because BPM allows you to capture both your human-centric and system-centric processes. With these tools you not only have a holistic picture of how your organization’s on-boarding process is executed, but see down to the granular level details about a specific process, system or technology involved. A BPM suite with dashboard capabilities takes monitoring and reporting to a whole new level, giving you complete 24-7 visibility into every aspect of you process.

New client on-boarding doesn’t need to be headache
Long, unnecessary processes will hinder your organizations ability to on-board customers quickly – resulting in lost business to competitors. Investing in a robust, flexible BPM suite allows will help you automate and streamline key processes and dramatically improve your organization, resulting in increased ROI, higher productivity, better turnaround and more profitability.  

Do you have tips for improving new client on-boarding? Post a comment and share them.

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