LSPS enables financial institutions to reduce the front and back office inefficiencies endemic to the account opening process, making client onboarding a more streamlined process for both the financial institution and the customer.
The first impression of the account opening process sets the tone of the relationship between the financial institution and the customer, paving the way for future business opportunities. LSPS makes this process as seamless as possible both on the front end for the customer and on the back end, for the bank. LSPS coordinates the series of processes on the backend reducing the significant losses that banks incur through wasted time and excessive paperwork, while making the processes easier to navigate for the employee. This, in turn, provides a more agreeable experience for the customer. Specifically, LSPS allows banks to
- expedite the application process,
- maintain up to date compliance standards,
- reduce inefficiencies, and
- utilize data for future purposes.
Data capture is often the start of delays and significant paperwork. Instead of requiring customers to fill out multiple paper forms, switching to digital forms allows existing data to automatically fill all relevant forms. Options include
- eForms, RIAs, or a hybrid of both
- Digital capture
The first step, of course, is turning documents into eForms, RIAs, or a hybrid of the two. This can be complimented by utilizing digital capture, fax servers (FoIP), and E-signatures. The result is a simpler method for the customer and a reduction of paperwork for the bank.
Once paperwork is digitized, LSPS can cross business lines to autofill forms, where pre-existing data is available. When changes must be made to multiple forms, LSPS facilitates the implementation across the process spectrum. For example, if KYC rules are modified to request additional information, LSPS easily updates all relevant forms and processes, regardless of the product and bank division. All live process instances can be updated as well, informing the business user of the change required to an active account opening process, minimizing delays and confusion for the customer.
Information required for client approval varies based on many factors, ranging from type of product, to risk components, to income levels. As these factors change, LSPS provides the ability to safely make updates and ad-hoc changes to running process instances, resulting in fast and efficient implementation to all relevant parties and documents regardless of whether this occurs within a single division or across the entire bank entity. Ongoing monitoring of status triggers alerts for those instances requiring additional action, including those in mid process. The result is a more seamless flow for both the employee and the potential client.
Monitoring processes ranging from the time required to fill out forms to ensuring compliance with KYC and AML provides the business owner with an easy method to determine where bottlenecks occur and how best to eliminate the delays while still accomplishing the preset business goals. Through LSPS' intelligent goal-based solution, banks can determine how the system should respond:
- LSPS identifies bottlenecks and automatically resolves the problem within the preset parameters, with a notification to the business owner, or
- LSPS identifies bottlenecks and escalates to the business owner, with suggestions of best alternative paths to resolve the issue.
Once a new customer application has been approved, the process does not stop. From issuing welcome kits to providing ongoing communication, analytics can help determine how best to further serve and market to customers.
Positive customer service results in the strongest marketing campaign in which any business can engage. Should the bank opt to codify customers' comments and questions to help both their experience and the bank's ability to further fine tune its processes to assist the customer, then LSPS allows business owners to include customer input into their process model.