Get Started with Customer Onboarding
Learning Objectives
After completing this unit, you’ll be able to:
- Explain customer onboarding in banks.
- Explain the challenges of customer onboarding.
- List the benefits of using the prebuilt sample app.
- Describe the features of the application.
Explore Customer Onboarding in Banks
In banks, customer onboarding is the process of integrating new customers into the bank's system and enabling them to use the banking services effectively. Onboarding includes four stages: data collection, verification, approval, and account opening.
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Data collection: Collect valuable customer data and make informed business decisions. Discover areas of opportunity to improve offerings or products that better align with customer needs and expectations.
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Verification: Verify customer information. Verification checks are a standard security protocol.
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Approval: Review records created for onboarding applicants, and then approve those records.
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Account opening: Open a new account to convert a lead into a customer. Make sure it’s easy for customers to open accounts with your bank. Otherwise, they may go to your competitor.
From a business perspective, retail customer onboarding is highly nuanced and complex. Banks comply with different regulations, maintain stringent documentation, and deal with complex products and services. You must ensure a smooth and compliant onboarding experience to build long-term customer relationships and increase your revenue. But this is often a challenge in the banking space, and results in huge fines to financial institutions.
Onboarding Challenges
Here are some typical challenges faced by banks and their customers due to inefficiencies in the onboarding process.
Bank Challenges
- Changing regulations and laws
- Legacy systems with poor flexibility and scalability
- Lack of a single view of the customer
- Long and complex onboarding cycle
Customer Challenges
- Repetitive requests for documentation
- Inefficient paper-based processes
- High onboarding turnaround time
- Generic products and services
- Inconsistent customer experience
Streamline Onboarding with the Onboarding App
Cumulus Bank is a leader in retail banking and uses Financial Services Cloud to manage its operations. Matt O’Brien is a trusty Salesforce admin and Ryan Dobson is a financial advisor at Cumulus. To streamline the onboarding experience at Cumulus, they decide to use the sample onboarding app in Financial Services Cloud (FSC).
By automating complex back-office processes, the app enables you to deliver a whole new customer onboarding experience in banking.
Here are the benefits of using the app.
- Eliminate the inefficiencies and errors inherent in manual onboarding.
- Capture, digitize, and visualize all of your customer data in a single place, rather than trying to locate it across siloed systems.
- Ensure superior customer service with business rules that stop customer cases from getting stuck.
- Earn loyalty with every interaction and lower onboarding abandonment rates.
- Speed up labor-intensive processes.
- Ensure compliance with an efficient authentication process.
- Provide visibility and connectivity across departments.
Features of the App
The sample app includes many features that can be deployed to your Salesforce org and customized to meet your unique onboarding needs. Let’s see how these features ease the onboarding process.
Discovery Framework
With the Discovery Framework data model and the power of OmniStudio, create digital forms to expedite questionnaire-driven data collection and validation. Remove error-prone, manual tasks, and streamline data collection to support regulations and policies.
Flows
Flows and flow orchestrations help you automate the onboarding process.
Know Your Customer Data Model
Use the Know Your Customer (KYC) data model to get a complete view of the customer's identity, risk profile, and financial position. With this information handy, decide whether to approve a loan application or offer customers a new product or service.
Decision Matrices and Expression Set
Decision matrices and expression sets make up the Business Rules Engine (BRE). Decision matrices are lookup tables that contain user-defined input and output columns. The engine takes in inputs and then looks up the appropriate outputs. When an expression set calls a decision matrix, the engine locates the table row that matches the input values and returns the output value for that row.
Validate Document
Use the Validate Document feature to verify customer information. For example, when a customer uploads documents after taking an assessment, you can verify that the data in the documents is consistent with the information in the customer’s party profile and related records.
Approval Processes
Streamline the end-to-end document approval lifecycle with approval processes. Specify and automate the sequence of steps that are necessary to approve a record.
Up Next
You’ve learned how the app can help you streamline customer onboarding. Follow along as Matt prepares the org in the next unit so he can start using the sample onboarding app. Get ready!