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Remote Customer Account Opening and Onboarding
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- 2. Typical remote accountopening workflow
- 3. Challenges with remoteaccount opening • New account applications can be complex and time consuming and without assistance, customers become frustrated. • Incomplete or incorrect forms starts the process over. • Time is lost due to sending paperwork back and forth with mail, email, scanning, faxing and in person visit requirements to a branch. • Customers became agitated without the option for digital convenience. • Abandonment rates as high as 50% = lost customer and revenue.
- 4. Remote account openingtypically flows like this today... • Nearly half of people who start an application online drop out on the first page due to the length of time it takes to complete the application. • 30% of applicants fail the online verification process and they have the option to visit a branch to complete their application and verify their identity. • Visiting a branch to open a new account is the end of the digital journey and the process reverts to outdated verification processes.
- 5. Remote Account Opening Undergoing adigital transformation
- 6. “While today's consumers expect excellentservice at physical locations, they also want a blended online and offline experience.” People want to choose how and when they transact
- 7. Customers today wantomnichannel access BRANCH DESKTOP MOBILE Online and offline experiences need to be connected
- 8. With complex transactions, most peoplestill require human assistance.
- 9. Success in digital,customer onboarding = taking a human- centered approach to convenience.
- 10. Without assistance, remote account opening isoften delayed and/or customers drop off.
- 11. Use technology tosolve simple human problems • In regulated industries, new customer onboarding requires more steps and customer can be left feeling exhausted and frustrated. • Specifically in financial services, the business of money is emotional and the goal is to use technology to reduce friction points.
- 12. How do wetake advantage of technology to make the process easier and reduce friction points?
- 13. eSignatureCollaboration Conferencing A solution thatsolves the pain in complex customer engagements by combining video conferencing, collaboration, identity verification and e-Signature all in a single user experience - bringing the human element to the digital journey. Liveoak
- 14. Current Use Cases •Insurance/wealth management customer onboarding • Retirement plan on-boarding • Corporate Customer on-boarding • Virtual customer one on-one-meetings • International customer on-boarding • KYC reviews
- 15. Rather than accepting limitations,innovate around the restrictions.
- 16. Create a human-centered, approachby taking advantage of the ability to web conference and collaborate with your customer. When engaging with remote customers, re-create the power of a face-to-face meeting.
- 17. There will alwaysbe a percentage of customers that will be referred to a branch for a credit decision or fraud suspicion. The goal is to use technology to help 90-95% of customers who will successfully complete the digital account opening process.
- 18. Key Features/Differentiators • Simplereal-time engagement using video, audio, video, chat and, co- browsing • In-session electronic signature and transaction fulfillment powered by DocuSign • Compliant customer data capture and secure file transfer • Multi-factor Identity verification utilizing video + photo snapshot of customers government issued ID • Cloud based archiving of conference data and events with auditable record of each session, down to the keystroke • Custom Branding
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