Efficient case management leading to better experiences

In a time of remote working and digital customer onboarding, it’s more important than ever to have the right SaaS solution available to carry out efficient case management which leads to better customer onboarding experiences.

Posted by: 
Alexis Fox-Mills
Nov 11, 2020

Establishing trust online

Each person applying for one of your financial products becomes a case or profile that needs to be managed. That management certainly begins at onboarding, but it doesn’t end there.

KYC, Risk and Compliance teams need to work on case management throughout the customer lifecycle [CLM], this ensures ongoing risks are controlled along with any other changes in status associated with a customer profile.

However, one of the most important CLM processes to get right is onboarding; it sets the tone for the ongoing relationship and it is where you start to establish trust with genuine applicants - and steer clear of the others.

Managing onboarding remotely

In a time of remote working and digital customer onboarding, it’s more important than ever to have the right SaaS solution available to carry out efficient case management so it can lead to better customer onboarding experiences.

Teams can’t swivel round in their chair and ask a question or call over their partition for the latest update. So, they need secure, cloud-based technology to deliver this collaborative environment, which can bring additional benefits to a business across the board.  

·      For customers delays are kept to a minimum and the experience is frictionless

·      Your company gets higher conversion rates and wins additional revenue as there are fewer drop offs in the process

·      Teams collaborate efficiently as they understand the status of each profile, what they are personally responsible for and which cases to escalate

Four areas of case management

There are four basic areas of case management it’s important to focus on at onboarding. Bringing attention to them can streamline due diligence and deliver efficiencies.

1)    Who is applying for your product

2)    The current status of their application(s)

3)    Completion of open tasks

4)    Approval or rejection of applications

1.     Who is applying for your product

When a member of the KYC/Onboarding/Compliance team views a new customer’s profile, they need to be able to see all the information about the applicant in one place. This sets them up with the basic information such as name, address, nationality, etc., so they can go on to take any relevant action on the application in the future.

Never underestimate the power of having customer information available in one place!

2.     The current status of an application

Understanding the status of an application at a glance enables teams to deal with outstanding issues or enhanced due diligence swiftly. If all the tasks associated with a workflow of onboard checks need to be “passed” to complete an application process, it’s essential those responsible for progressing applications know what needs to be done and can execute ASAP. Without this you risk introducing unnecessary delays and blockages to onboarding that are costly in terms of customer perception and conversion.

3.     Completion of open tasks

As mentioned, if every check needs to be “passed” to decide an application, it’s essential analysts focus on open tasks so they can be completed without delay.

Look for 3 things in a SaaS solution that will help compliance teams understand what's happening with an application and what they need to do:

1.     Task status - This will show whether necessary checks, in accordance with your risk and compliance policies, have passed, failed, or are incomplete

2.     List of checks – Make sure it’s possible to see a list of checks that were run (e.g. an Electronic identity check or Document verification check) and the results of each check

3.     Space to communicate – Teams needs to be able to share notes and files on each case for complete transparency and to ensure effort isn’t duplicated

4.     Approve or Reject the Application

Ultimately, you want to get to the point of deciding an application as quickly as possible. This doesn’t mean speed above all else, as compliance needs to be robust and many people in the industry will talk about “friendly friction” or “friction right” onboarding.

New applicants understand checks must be carried out and if the journey feels good, enabled by a smooth digital experience, they will start to build trust and loyalty from the get-go. What new customers have less tolerance for is bad digital experiences and unnecessary delay.

Straight through processing [STP] can be used to automate your workflow of compliance checks, aligned to company policies, for each new applicant and this is great for conversion and customer experience. However, not all applications can or ever should go straight through a process untouched and unseen, as that leaves firms open to risk.

The key is to ensure that when a profile is populated, when a process has been run, when checks have been completed, and when pass or fail decisions are clear, the application is simply approved or rejected within the system, so genuine customers are onboarded promptly and any ‘bad apples’ are weeded out.

More information

To discuss your case management requirements and how this could be handled in PassFort, please get in touch - a member of the team will be glad to talk to you. You will also find more information about case management in PassFort in this help article.

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