Client Onboarding &
Discovery Framework
About the project
Salesforce's new Client Onboarding app streamlines the customer onboarding process for banks. It offers customizable templates and features that cover application initiation, document validation, risk assessment via identity verification and screening checks, and final approval. Easily deployable within your Salesforce setup, it ensures personalized solutions for your onboarding requirements.
Team
1 Ux Designer, Project Manager, 2 Scrum Teams
My Role
UX, research and usability testing for end to end client onboarding Journey
Duration
2022 -2023 (3 release cycles)
Project Brief
How might we empower customers, financial professionals and their teams to collect and validate important client information, verify identity, adhere to compliance regulations to quickly open and monitor accounts through frameworks built within FSC?
Scale across geos & subverts by building customizable components and services for common workflows.
Enable collection of auditable and traceable responses in order to assess needs, risks and perform due diligence during onboarding
Integrate with core systems to enable straight through processing of key verification, approval, and account opening workflows
Application overview
Why Client Onboarding?
In light of the ongoing shift towards fully digital banking and the increasing emphasis on process automation, it is imperative to address the mounting concerns surrounding subpar onboarding experiences. For any business, knowing your customer (KYC) is challenging. Financial institutions must comply with KYC and Anti Money Laundering (AML) rules which requires the consumer shares personal information. All too often identity checking processes are not designed for the digital world.
100%
Customers/AEs who look at discovery framework(FSC feature) ask for our plans for onboarding.
53%
of global wealth managers are concerned about losing clients due to dropouts during their poor onboarding experience.**
63%
abandonment rate of financial applications in EU in 2020*
Collaborative Design Engagement
We initiated several design partnerships with a curated group of willing customers who generously contributed their expertise. These collaborations were instrumental in providing valuable insights into the current market dynamics, the daily routines and workflows of applicants during the onboarding process, as well as diverse use cases.
Insights
The process of onboarding applicants to a bank can be complex, and several problems can arise during this process. Some common issues found during workshop conducted include:
Lengthy and Complicated Documentation
The sheer volume of paperwork and documentation required for loan applications or account openings can be overwhelming for applicants. So applicants drop-off during the process.
Integration Management
The financial onboarding process involves verification and validation of information from 3rd party providers. currently there is no way to manage and orchestrate these integration callouts.
Identity Verification
Verifying an applicant's identity is crucial but can be cumbersome. It may require multiple forms of identification, which some applicants may find difficult to provide.
Lack of Digitalisation
Some banks still rely heavily on manual, paper-based processes, leading to delays and inefficiencies. Digitising the form creation process will solve problems related data collection.
Product Roadmap
Our collaboration was instrumental in developing a standardized application process that encompasses multiple stages. The in-depth discovery sessions led to identify key requirements and any existing gaps in the process.
Intelligent form builder - Enhance and automate the form creation process by using OCR capabilities to extract the data from physical forms to create questions. Create form layouts.
Document Matrix - Ability to submit a standard or a rules driven list of Documents and attach them to the assessment record as document checklist items.
Signature Component - Provide an ability to sign the summary. This will help the user in reviewing the submission
OCR Assisted Document Validation - Enable automated document validation. Find & compare the documents and submitted information against the records.
Integration Orchestration - Manage multiple aspects of an integration. Manual vs automatic triggered, callout retries, manage dependencies between integrations.
Application Stage Management - Manage the entry and exit criteria of a stage, action items, integration callouts for a stage in a record.
Key Persona
Application Journey
01
Key Features
OCR Assisted Document Validation
In Onboarding of financial products, a customer is typically required to submit different documents, like an ID proof, and Address Proof. These documents once submitted are validated against the information submitted by the customer. This forms a big part of the onboarding exercise.
The Problem Statement
How can we create a streamlined system enabling mid-office agents to effectively cross-reference and validate customer-submitted documents with the information gathered during the onboarding process, enhancing accuracy and efficiency in document verification?
“As a Mid Office Agent, I need to verify details of the submitted documents with the information submitted by the customer”
Find & compare the documents and submitted information In case of mismatch, ability to assign tasks and add comments Approve or reject documents and validate information on recordsThe Process
Extract Data and Verify Documents
Optical character recognition assisted document verification, mapping records to either approve or reject a document while allowing reviewers to add comments for context or clarification.
Feedback from the customers
We thoroughly validated the document validation flow and integrated significant feedback into the design.
Enhance visibility by overlaying mapped data onto the document: Displaying extracted information on the document enables Mid Office agents to promptly identify and rectify errors.
Assign Case Verification tasks to relationship managers or agents: Assigning the verification of customer information to specific personnel streamlines the process and ensures accuracy.
Image Extraction for Identity Verification during video KYC: Extract images from KYC documents and integrate them into the repository for seamless identity verification during video KYC procedures
Manual Verification: Perform manual review and validation of records, especially for challenging documents that are difficult to extract and map, notably handwritten ones
Link Extracted Image to Records
Extract images from the documents using Optical Character Recognition (OCR), save image to a record this will help the agent during the Video KYC verification by matching the capture video and the extracted profile picture of the customer.
Manual Review and Verify Documents
Conduct manual review and validation of records: In instances where document extraction and mapping pose challenges, particularly with handwritten documents, a manual verification process becomes necessary.
02
Intelligent Form Builder - Digitising Forms
Enhance and automate the form creation process by using OCR capabilities to extract the data from physical forms. Adding question to the assessment question bank and create form layouts.
Key Challenges
Time Consuming
Use of multiple tools (Assessment question, Question selection and Layout) and large data equates to waste of time
Accuracy and Efficiency
Manually extracting content from digital and paper-based document and mapping it is time consuming and error prone. A lot of typing to digitize forms.
The Problem Statement
How can we develop a user-friendly platform that empowers administrators to seamlessly digitize physical forms, efficiently store the extracted information, and create accessible repositories for future use and reference?
““As a admin, I need to quickly digitize physical documents and forms. Make sure I have all the assessment questions to create a form layout”
Creating Assessments Designs form layouts and and define properties to the form fieldsThe Process
Extract Text & Create New Questions
Create digital form from the extracted questions and related response values. Also save the extracted questions to the question bank.
Use Existing Question Sets
Generate digital forms from questions in the repository, facilitating expedited form creation and selection based on specific question sets or categories.
Onboarding App
Integrate seamlessly with Salesforce Financial Services Cloud for swift and secure identity verification, KYC compliance, and risk screening during onboarding. Enable quick collection and validation of customer information, ensuring a smooth onboarding journey. Implement automated workflows to enhance efficiency.
Impact
Automotive Cloud
The onboarding app has markedly improved and streamlined the customer onboarding process across various Salesforce clouds and financial institutions, garnering positive feedback from organizations such as IDFC, Standard Bank, and Morgans Financial Australia. These components are seamlessly customizable, allowing precise alignment with unique onboarding requirements. Furthermore, our design partnerships with banks have provided additional requirements, further enriching the app's functionality and adaptability.
Health Cloud
FSC Insurance Cloud
I would be delighted to provide further details about the project and its impactful outcomes in person.
Thank you