Optimization of the onboarding process in a large payment organization
Work executed for large payment service provider
The Challenge of Compliance
The law imposes numerous requirements on payment institutions to establish a relationship with a new client. The organization is obliged to establish, maintain and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. When the institution is also a card acquirer and subject to the Payment Card Industry Data Security Standard (PCI DSS), the procedures are even stricter.
New clients have to be checked in many aspects and provide some documents and proofs. On the other hand, the clients expect the online process to be fully remote, lightweight, and straightforward.
Reconciling the requirements of the law and the client's expectations is an enormous challenge.
In addition, the process goes through almost the whole company involving many teams: sales, KYC team, credit card team, customer support, and technical customer support.
Achieving Stakeholder Satisfaction
The business and development teams head to solve many obstacles to proceed with task:
understanding the process and requirements of the various stakeholders (those responsible for onboarding, customer service, technical service, KYC, compliance, sales, marketing, and others)
finding solutions that will be compliant with the regulations and not overwhelming for the client and the internal teams
confirming that the solution will be satisfying for all the involved parts (including new clients) before the implementation
coordination of the incremental releases with all the involved teams as they need to adjust their processes and procedures step by step
As the product owner and team worked to fulfill the needs of various stakeholders responsible for different aspects of the business, they recognized the importance of understanding the entire process. By doing so, they were able to effectively balance and meet multiple requirements, leading to a successful outcome.
Streamlining Processes
separation of the main flow to handle the majority of cases and consideration of edge cases separately
key checks done automatically, allowing a client to start using the platform just after them
introduction of an electronic agreement
preparation of process mockups and, based on these, testing the process with customers before implementation
Incremental introduction of changes to the system and procedures
Enchanced Customer Satisfaction
Turnover Boost
Highly Automated Onboarding Process
Boosting Customer Satisfaction
The changes to the process have led to a significant simplification of the process and a reduction in its duration from several days to a few minutes. As a result, not only customer satisfaction increased but also the percentage of customers who abandoned the process fell. In addition, turnover among the newest customers increased significantly. In addition, process automation led to the fact that several people from the teams supporting the process were reassigned to other tasks.
