Corporate Customer Lifecyle Automation for a Large Japanese Bank

Overview

Headquartered in Tokyo, the bank works across personal, corporate, and investment banking services with a network that extends across more than 39 countries and regions, 15 of which are in Asia.

Challenges

The bank wanted to streamline its customer onboarding and eKYC process to deliver a consistent and delightful customer experience. However, their processes were largely manual and paper-driven. This led to several challenges in the form of lack of transparency, error-prone operations, higher turnaround time, inconsistent digital experience, etc.

These challenges hindered the bank’s ability to catch up with growing market needs, technological advancements and increasing competition.

The Bank Digitally Transforms Its Onboarding and eKYC Process

The bank was looking for a technology partner that could help it achieve its business goals. The bank used Newgen’s solutions to design and implement processes that facilitated automation of eKYC and customer onboarding.

Using Newgen’s solutions, the client offered omni-channel initiation, which essentially means a customer could initiate an application on one channel and complete it on another. It created a seamless flow of information throughout the process by streamlining workflow across departments and branches. This ensured a 360-degree view of the process with the solution and ensured increased transparency.

Further, the solution not only helped in meeting regulatory compliance, it also helped leverage the information received through KYC. This directly reduced the burden of collecting KYC documents and verifying the same when the customer purchases a new product or creates a new relationship with the client. Seamless data integration with various internal and external systems made the operations much easier by avoiding manual data entry.

More importantly, the agile solutions helped the client evolve with changing market conditions and keep up with technological advancements. The bank future-proofed its processes as it could now meet its current needs while staying prepared for the future.