3 ways smart process applications speed up customer onboarding

April 22, 2013

Payments Video Thumbnail

Business process management professionals looking for ways to strengthen their company’s bottom line should start by improving customer onboarding using a smart process application. Smart process applications can help speed up customer onboarding, with less people; leading to lower costs and higher revenue. In this article we explain three critical areas that benefit from the implementation of a smart process application.

Eliminate queue time

The amount of hands-on processing time spent on an application for account opening is relatively short compared to the total amount of time between the application being submitted and subsequently approved. Currently, most banks require three weeks to process an application, yet one of our customers has reduced their average onboarding timeframe to less than 3.5 hours. One of the key opportunities is to eliminate the period of time that an application sits in an inbox waiting to be processed. Smart process applications can start processing information as soon as an application is started and automatically route key information to those working on the approval process. By reducing the number of people involved and using smart process applications, the amount of time an account application sits idle can be significantly reduced or automated out completely.

Reduce errors

Human error is another factor that slows down application processing. Currently, most application forms are paper based. Applicants often provide wrong information or miss required pieces of information. Smart process applications replace paper forms with digital forms. Help boxes appear every step of the way to ensure the applicant understands exactly what to do and rules are applied to important fields to ensure they are filled in correctly. These steps significantly reduce the number of applications that need to be returned to the applicant due to incompletion or errors and markedly improve not-in-good-order metrics.

Streamline information gathering

Smart process applications can help streamline information gathering by minimizing the number of required fields an applicant needs to fill. A lot of information is available through external sources, such as public domains or specialized databases. For example, FICO provides information on credit worthiness that can be used as part of an automated application process. Using a smart process application to retrieve FICO scores is considerably faster than evaluating an applicant’s credit worthiness manually, and in some cases can deliver a near-immediate approval.

Smart process applications can drastically speed up customer onboarding by reducing the application processing period and simplifying the experience for the applicant and the employees. Doing so improves the bottom line by reducing cost and increasing revenue. Consider how the implementation of a smart process application could benefit your company’s customer onboarding process and carefully reevaluate your current process to identify areas that could be improved with this technology. Doing so could deliver benefits across a range of important metrics.