How my Wedding Reminded me of Corporate and Investment Banking Onboarding

Really, you ask? Ok, maybe there are only a few parallels, but, yes in some ways the processes and issues are similar. Bear with me for a moment. I was recently married, and when my wife and I were planning the event, we chose a venue that had “approved vendors” that we were required to use for music, food, lighting, beverages and the like. While the venue tried to help us coordinate with each one of the vendors for our overall wedding experience, it was definitely disjointed. One had paper fax forms to gather information; another only wanted to communicate over the phone; a third had a great website that helped us plan the music. With each interaction, we were asked for much of the same information—names dates, phone numbers, address, etc. So we duplicated effort endlessly and actually had to help the DJ coordinate with the venue, coordinate the venue with the photographer, and so on and so on. While it still turned out to be a great wedding, it didn’t happen without my wife and I putting in some significant time – and perhaps too much effort – coordinating all the vendors.

So how is preparing for one’s approaching nuptials similar to Corporate and Investment Banking onboarding? Well think about the wedding event as the client getting all the products and services set up and performing their first transactions—in essence saying “I do” with the bank. Typically during the onboarding process, customers have multiple divisions asking them for much of the same information. Often, customers feel like it’s nothing but a bunch of disparate processes with different divisions of the bank that are not talking to each other.

With this in mind, how can banks create a unified process and “one-face” to the client while streamlining the entire process and speeding the customer to post-implementation bliss, or the “honeymoon”? And how can banks get to the honeymoon in a way that maximizes the cross-sell and upsell of additional products and services to gain the majority of large client relationships? There are several things banks must do:

  • Create transparency for the customer regarding all that is involved throughout the whole process.
  • Ensure transparent integration between the various internal groups and departments.
  • Build alert and escalation processes to ensure compliance with SLAs.
  • Ensure that the customer provide information only once, either using manual entry behind the scenes or, preferably, with integrated processes that share data across multiple channels and applications.
  • Automate the process and eliminate data re-entry and communication failure points.
  • Adopt a more client-centric, change oriented, and business-friendly technology approach.
  • Communicate with customers across multiple channels, synchronized for branch, online and mobile access.

Given this opportunity, we at Pega have been working with Forrester Research to survey Corporate and Investment Banks to quantify the extent of the problems, impact to revenue and cost, and some of the best ways to solve the problem and with what technology. We invite you to register for our May 7 webinar and a forthcoming white paper to learn what we captured in the survey and how your bank can deliver a wonderful “wedding” followed by a long-lasting marriage with its clients.