The challenge
The client provides embedded financing and banking-as-a-service infrastructure to a range of its clients across the UK and Europe. As part of this offering, the firm must conduct rigorous onboarding checks on corporate entities with different structures and levels of complexity.
The onboarding process consisted of manual document collection (which was managed via email) and various onboarding questionnaires dependent on their client’s profile. The firm was also developing proprietary tools to assist with documentation collection.
The existing process flow had operational and customer experience challenges. The process was manual and took a long time to complete. The firm requested that Thistle review the onboarding journey and existing tools to identify opportunities for enhancement, efficiencies, and improved customer experience.
The solution
Thistle first reviewed the client’s existing onboarding journey and held multiple workshops and walk-through sessions. These collaborative forums were designed to identify core pain points and opportunities for enhancement. As part of this process, Thistle assessed whether the proprietary tool the firm was developing for document collection was suitable. Any recommendations that could be captured in its final development stage were made directly, in terms of automation and improved user journey.
Thistle then worked closely with the firm to redesign the onboarding journey. A full list of problem areas (such as duplication of specific tasks) was drafted, with clear recommendations made on solutions to each one. Thistle also drafted a proposed new operating model, incorporating the recommendations, and suggesting any new tools or how to better utilise existing tools.
Thistle held workshops with various stakeholders across Sales, Operations, Financial Crime and Compliance, Engineering, Legal and Senior Management to discuss the proposed model and recommendations. Any feedback and changes were captured at this point.
Thistle then produced the final onboarding operating model and process flow, with a clear list of recommendations to support operational implementation. These ranged from team structure changes to specific tweaks to operational tasks and new development areas for the proprietary tool.
After delivering the new onboarding model, Thistle provided financial crime expertise to the firm’s wider digital transformation project that will be impacted by adjustments to the onboarding journey.
The result
The client was provided with a finalised onboarding process flow and operating model that documented all process steps and tools across the teams involved in the end-to-end onboarding journey. The client also received a detailed and prioritised list of recommendations to implement the redesigned onboarding process.
The project was collaborative throughout, so the client received a fully tailored and useful model that met its requirements to:
- Improve operational efficiency, speed and capacity
- Enhance customer experience and reduce friction
- Utilise the tools to their full potential and
- Maintain strong regulatory compliance
“Thistle understood our brief for streamlining the onboarding process accurately, and took great care to understand the pain points and potential areas of improvement. Jess and the team delivered clear and insightful feedback, which I’m sure will vastly improve and accelerate the current onboarding process.”
Visit our Financial Crime page for more information on our services. You can also speak to a member of our team by calling 0207 436 0630 or emailing info@thistleinitiatives.co.uk.