Case Study: Digital Transformation Of Client Onboarding Process Reaps $50 Million Efficiency Opportunity

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Growing online services and disruptive technologies forced a global financial institution to review and overhaul their manual processes and undergo a digital transformation. They enlisted ProcessArc, a customer experience architecture firm, to examine the firm’s process via a Lean Six Sigma lens. ProcessArc uncovered several pain points, including a heavy reliance on paper applications, unnecessary data collection, and a lengthy review and processing time.• Additionally, they reviewed what data is collected, how the data is collected and delivered to the operations teams. They created a more frictionless process, improving the client process by:• Creating a “universal” application• Developing a digital application process with business rules• Using predictive modeling in risk ranking• By doing so, ProcessArc reduced the:• Application submission-to-decision time by 20 days• Number of touchpoints by 50%• Probability of missing forms and critical client data by 90%• Overall, the changes resulted in a$50 million efficiency opportunity for global financial institution.

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Author:  Vanselow, Susan
Publication Date:  April 2018
ASQ_ProcessArc_CaseStudy-3.pdfASQ_ProcessArc_CaseStudy-3.pdf288 KB


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Barbara Peck
Barbara Peck
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Date Added: Oct 18, 2021
Date Last Modified: Oct 18, 2021
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