At a glance
Solution category
Customer onboarding
Geography
Global
Built by
Virtusa
The challenge
Typically the onboarding process for SME accounts is complex, semi-automated, and siloed, with multiple challenges associated with it:
- Lead time to open an SME or corporate account typically can take up to 100 days
- Complex process due to non-standardised and repetitive data collection and processing
- Lack of transparency during the application process and inadequate communication, causing potential customers to drop off
- Longer onboarding processes result in a loss of cross-sell and up-sell opportunities during the initial customer engagement period
- High operational cost due to more focus on know your customer (KYC) and know your business (KYB) adherence
The solution
The Virtusa-powered SME Customer Onboarding platform enables banks to accelerate the SME customer onboarding journey. The platform verifies the business and company representative credentials and enables financial institutions to onboard customers conveniently and digitally.
This solution includes powerful and proven features to help banks make faster decisions while onboarding a customer, ensuring that required compliance and due diligence are enforced during the entire application process.
Benefits
Benefits to financial institutions
- Quick, hassle-free, straight-through processing of applications via real-time API integration
- Instant KYB and KYC process, capturing company information, shareholders, and directors’ information instantly for any country that allows access to the corporate registry
- The solution comes with Extendable Workflow to support customised workflows for several need-based validations, which are proprietary to banks
- Lower cost of acquisition and cost-to-serve
- Greater operational efficiency through automated processes
Benefits to SME customers
- Easy, convenient, truly digital, and straight-through processes for customers. A shift from paper to data allows for improved rearrangement, autofill implementation to prevent asking the same questions, user-friendly and interactive information, and digital signatures
- Significantly reduces the time it takes to open an account – from 100 days to just a few minutes
- Easy, secure, stress-free onboarding anytime, virtually anywhere, without the need to visit a branch
- Reduced journey friction for the customers and therefore reduced customer dropouts during the digital onboarding process
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How the solution works
The Virtusa-powered SME Customer Onboarding platform is a powerful tool that enables financial institutions to onboard small and medium enterprise (SME) customers in a simple, fast, and digitally empowered manner, and adopt a straight-through processing mechanism.
The solution features a series of functionalities, such as user registration, instant KYC and KYB checks, product recommendation, compliance validations, ESG score, e-signature validation, and customer onboarding in Thought Machine’s Vault Core. The entire process, from application to account opening, can be completed rapidly.
The solution is integrated seamlessly with Thought Machine's Vault Core and other third-party applications for KYC and KYB checks, ESG scores, and so on, collaborating with the existing ecosystem of the bank. This solution offers a quick, hassle-free, straight-through processing of an application using real-time API integration by capturing all required information, such as company details, director and shareholder information.
Through modern, open-architecture design, the solution is easily pluggable with any financial institution’s existing workflow engine, credit score systems, and compliance system. The inbuilt extended workflow capabilities of the platform allow seamless integration with any CRM or workflow engine, such as PEGA, Salesforce or Microsoft Dynamics, with minimal disruption, providing banks with an economical and viable onboarding tool enhancing the digital footprint.
"
We believe that Thought Machine is one of the leading new-age, core-banking provider with a composable architecture and numerous pre-configured financial products. We are excited to work with them on a seamless digital onboarding journey because of the ease of using their APIs and a superb marketplace ecosystem
"
Amit Bhute
SVP & Head, Banking Practice
Virtusa
What does the solution achieve?
Creating digital onboarding enhances customer experience, and integrating the onboarding workflow into a business rules engine facilitates uninterpreted processing.
This integration with Virtusa delivers:
- Faster customer onboarding – reducing the average lead time significantly
- Reduced operational costs and enhanced efficiency through automated processes, KYC, KYB, and account opening
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