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Multinational bank logoMultinational bank

Financial services organization speeds and streamlines customer onboarding with process automation powered by OpenText™ AppWorks™

Multinational bank logo

About the multinational bank

A person typing their credit card details on a laptop

This large bank serves millions of customers, families, and communities across the globe, helping them achieve success through financial advice, products, and services.

Summary

Challenges

  • Address the growing demand for convenient banking experiences that nurture customer loyalty.
  • Eliminate digital friction caused by manual, paper-based processes in the customer onboarding journey.

Solution

  • Replaced paper processes with digital workflows through process automation.
  • Ensured key customer data is available 24/7.
  • Drove further time-savings with automated data capture.

Results

  • Performance diagram fast up Accelerated customer onboarding, lifting satisfaction
  • Performance chart line bar noaxis Reduced paper to decrease environmental impact
  • AI factory manufacturing line packing robot arm Laid the foundation for cloud and AI innovation

Challenges

  • Drive growth by offering more streamlined and convenient banking experiences
  • Eliminate friction on the customer journey by removing manual, paper-based processes

This large multinational bank offers a comprehensive range of services—from personal and commercial banking to wealth management, corporate banking, and more. It aims to become the bank of choice for consumers and businesses alike in key global markets.

As part of its long-term growth strategy, the bank has embarked on a digital transformation initiative—aiming to enhance the customer experience and strengthen security by digitizing products and processes.

A spokesperson for the multinational bank said, “Transformation means more than simply converting paper processes into digital workflows. Our goal is to impress our existing customers and attract new prospects by offering the most streamlined and convenient banking experience.”

One of the first areas that the bank aimed to transform was the onboarding process for new customers. Because it operates in a highly regulated industry, the bank must ensure it performs appropriate Know-Your-Customer (KYC) and anti-money-laundering (AML) checks. In the past, customers were required to bring personal identification documents and other paperwork to their local branch, where employees would manually enter the information into the bank’s digital systems and perform the necessary checks.

“Our KYC process is essential for regulatory compliance, but running the process manually was time-consuming for customers and added friction to the onboarding journey,” continued the spokesperson. “To help onboard customers faster, we looked for a way to automate as much of the KYC process as possible.”

Four people having a meeting

By implementing OpenText AppWorks, we’ve created digital workflows that make our onboarding process far more efficient.

Spokesperson
Multinational bank

Solution

Working with OpenText Professional Services, the bank replaced manual, paper-based KYC workflows with a highly automated intelligent document processing solution based on OpenText AppWorks with OpenText Extended ECM and OpenText Intelligent Capture.

Products deployed

  • OpenText™ AppWorks™

    Build smart, engaging, and easy-to-deploy process automation and dynamic case management applications with a low-code development platform

  • OpenText™ Extended ECM

    Securely govern the information lifecycle by integrating an enterprise content management solution with leading enterprise applications

  • OpenText™ Intelligent Capture

    Automate manual content processes, such as back-file conversion and onboarding, and transform paper and digital content into actionable data

Service deployed

  • OpenText™ Professional Services

    Engage flexible engagement models, end-to-end solution implementation services, and more than 1,000 product-certified consultants globally

Replacing paper processes with digital workflows via process automation

The bank selected OpenText AppWorks as the foundation for its new digital processes. A low-code app development platform, OpenText AppWorks empowers the bank to automate processes and optimize key activities such as customer onboarding.

The spokesperson commented, “One of our first use cases for OpenText AppWorks was to create a digital workflow that allows us to capture all KYC information in a secure way. Using custom business logic and a purpose-built taxonomy for KYC data, we’ve created a solution that enables branch employees to complete essential onboarding processes faster than ever.”

Ensuring key customer data is available 24/7

By combining digital automation from OpenText AppWorks with centralized content management from OpenText Extended ECM, the bank can ensure that customer data is always available and easily accessible to authorized business users.

“Whenever we onboard a customer using our OpenText AppWorks workflow, we automatically create a folder for them in OpenText Extended ECM,” explained the spokesperson. “We store all customer data and documents using a standardized folder structure, which makes the information very easy to find.”

Driving further time-savings with automated data capture

To further streamline the KYC process, the bank is currently implementing OpenText Intelligent Capture. When the deployment is complete, the intelligent document processing solution will enable the company to use machine learning and AI to accurately extract information from KYC documents—significantly reducing the manual work involved.

“We are looking forward to leveraging the AI and data extraction capabilities of OpenText Intelligent Capture,” said the spokesperson. “By freeing our people from manual tasks, they will have more time to provide value-added services for our customers.”

From the very beginning of its digital transformation project, the bank has relied on expert support from OpenText Professional Services.

The spokesperson added, “OpenText Professional Services has been an integral part of our transformation initiative. We’ve now been working with OpenText Professional Services for almost five years, and throughout that time we’ve found them to be extremely knowledgeable and responsive.”

two persons reviewing a document in front of a laptop

OpenText solutions have become an indispensable part of our day-to-day work, and we plan to expand our digital processes.

Spokesperson
Multinational bank

Results

Using OpenText AppWorks and its other OpenText solutions, the multinational bank is enhancing its KYC processes and moving more of its paper-based activities to digital workflows—driving continuous improvement to the customer experience.

Accelerated customer onboarding, lifting satisfaction

By building automated KYC processes on OpenText AppWorks, the bank is achieving its goal of streamlining the customer onboarding journey.

“By implementing OpenText AppWorks, we’ve created digital workflows that make our onboarding process far more efficient,” confirmed the spokesperson. “We can now track all in-process activities from a single point of control, which helps employees take rapid action to keep applications moving forward. Onboarding is now much faster—a key differentiator that translates into greater customer satisfaction.”

Reduced paper to decrease environmental impact

With the introduction of OpenText AppWorks, the bank has significantly reduced the need to print and send paper documents within the organization. As well as accelerating internal collaboration, decreasing the use of paper is helping the bank to drive down its environmental impact.

“By partnering with OpenText to digitize our processes, we’re substantially reducing the amount of paper we use during our day-to-day operations, reducing our carbon footprint and preparing for sustainability measures in the years to come,” explained the spokesperson.

Laid the foundation for cloud and AI innovation

As it plans for the next phase of its digital transformation journey, the bank is confident that its partnership with OpenText will continue to be a key enabler. The bank is currently exploring the possibility of migrating its solutions to the cloud to improve operational cost-efficiency and boost the availability and security of key platforms such as OpenText AppWorks. At the same time, the bank intends to investigate the potential of AI to enhance its services.

“Going forward, we will look into how AI can help streamline our processes—and we’re very excited by innovation from OpenText in this area,” concluded the spokesperson. “OpenText solutions have become an indispensable part of our day-to-day work, and we plan to expand our digital processes. OpenText is a strategic partner for us, and we look forward to strengthening that relationship in the years ahead.”

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