Infosys spearheaded an initiative to optimize and streamline the digital account opening process for a top 10 US bank post-merger. In partnership with Infosys, the bank embarked on a transformative journey to implement best practices and enhance efficiency in the overall client onboarding process.
This case study illuminates the collaborative efforts and strategies employed by Infosys to drive efficiency, customer experience and operational excellence in a complex post-merger scenario for account opening process.
Key Challenges
- Legacy on-premises application was used before the merger
- Disjointed interface had many screens and manual data entry
- Inconsistent processes and broken interactions requiring manual assistance
- Same application was used for many lines of business (LOBs) and had a joint code base (code change for one LOB impacted codes for all other LOBs)
- Non-scalable and incapable to absorb higher volumes post-merger
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The Solution
Redefining processes with bespoke application for account opening
- Revamped the account opening process by streamlining operations
- Developed a bespoke application hosted on cloud for support.
- Rationalized data entry to improve efficiency and time effectiveness
- Synchronized tasks such as AML, KYC and online banking registration
- Integrated with bank portal, supporting both banking center and online self-service clients
- Significantly improved user experience, capable of scaling and handling much higher volumes at a faster speed
Innovating the future with a customized solution approach
- Tailored application for end-to-end account opening, integrated with KYC, AML and Cards
- Code clean-up, scalability and ability to handle merged entity transactions
- Operational improvements
Benefits
Streamlined account onboarding experience
Reduced account opening time and lower client drop rate
Increased client satisfaction and experience
Segregated code with no impact on other lines of business
