Introduction
A leading trust and fund management company faced challenges in its client onboarding process, which impacted the overall customer experience. The organization needed a solution that would streamline onboarding, ensure compliance, and reduce operational inefficiencies. Truviq Systems partnered with the company to implement an intelligent automation solution tailored to their specific needs.
The Challenge
The client’s existing onboarding process was lengthy, involving multiple manual steps for due diligence and Know Your Customer (KYC) reviews. This resulted in:
- Delays in onboarding new clients.
- High turnaround time (TAT).
- Limited processing capacity.
- A lack of self-service options for customers, leading to an over-reliance on human intervention.
The company aimed to create an end-to-end onboarding process that would:
- Improve customer experience.
- Ensure compliance with KYC and due diligence.
- Reduce manual intervention and processing time.
The Solution
Truviq Systems delivered a comprehensive solution using Pega Client Life Cycle Management with integrated KYC functionalities. The key components of the solution included:
- Self-Service Portal: A customer-facing portal to enable seamless onboarding and self-service.
- Legacy System Integration: Integration with existing legacy applications and payment gateways for a unified workflow.
- Robotic Process Automation (RPA): Automation of repetitive tasks to minimize human intervention and reduce turnaround time.
- Credit Card Management System: A lean and dynamic system for streamlined credit card processing.
- Business Intelligence Tools: Reporting and data extraction tools to provide actionable insights.
This solution not only automated manual efforts but also ensured compliance and improved efficiency across the board.
The Results
The implementation of the Truviq Systems solution delivered significant value to the client:
- Reduced Processing Time: RPA dramatically decreased turnaround times.
- Increased Processing Capacity: Automation allowed the company to handle a higher volume of client applications efficiently.
- Enhanced Customer Experience: The self-service portal provided customers with a seamless and user-friendly onboarding journey.
- Actionable Insights: Business intelligence tools enabled better reporting and data-driven decision-making.
Conclusion
Through intelligent automation and innovative technology, Truviq Systems successfully transformed the client’s onboarding process. The solution not only addressed their challenges but also positioned the company for future growth by enhancing operational efficiency and customer satisfaction.
Ready to elevate your business processes? Partner with Truviq Systems for cutting-edge automation solutions!