“The experience with the new digital onboarding process shows that data quality has significantly improved. Compared to the conventional process, the error rate has dropped by 65%.”Marc von Widekind – Head of Process Digitalization & Target Operating Model within Digital Solutions & Delivery, Credit Suisse (Switzerland) Ltd.
Monthly software releasesEnsures a continuous evolution of the online onboarding solution.
PersonasCredit Suisse chose to focus on four distinct personas for their front-end development: “Career starter”; “Young professional”; “Millennial mom”; “Experienced professional.”
Fun factorCredit Suisse invested in an innovative and user-friendly interface to draw in digitally-savvy users.
“…where allowed, many banks have now converted to paperless processing with e-signature consent, meaning those that haven't done so can appear to be antiquated. For an example of a bank that has established a paperless process, look at Credit Suisse's process for opening Bonviva private account packages in Switzerland”According to Gartner in CIOs Must Take the Lead in Overhauling Retail Banking Account Opening, Nicole Sturgill, May 8, 2018.
Appway’s onboarding platform enables Credit Suisse to quickly scale its onboarding solution for use in any other business area.
Since July 2017, Credit Suisse has provided all Swiss residents with the option to initiate a relationship with the bank through a completely digital onboarding process, known as Online Relationship Onboarding (ORO). The horizon, however, does not end with the onboarding of natural persons. For instance, the platform enables legal entities to complete the onboarding process via ORO. The bank can also use it to activate additional products or product ranges such as international wealth management.
Appway has worked with Credit Suisse for many years. In 2013, Credit Suisse Private Banking APAC introduced digital customer onboarding in Asia in conjunction with Appway. It was subsequently introduced in North America. The bank’s digital onboarding platform has, however, evolved significantly since it was introduced in Asia. In the beginning, only existing Credit Suisse customers could use the solution to activate additional bank products online or switch to a Bonviva package. Today, new customers can use it and complete the entire onboarding process themselves.
For Credit Suisse, this new process has greatly improved efficiency. The customers are offered a new experience with improved service quality. Service innovation goes hand in hand with improved internal processes. When a potential customer enters data digitally, the bank gets complete records, which it can repeatedly use throughout the entire organization.
Finally, the onboarding solution from Appway enables Credit Suisse to continuously improve the experience of online users, with attention to specific user groups, thereby empowering the bank to maintain its position as a pioneer in the market.
Key Highlights from Credit Suisse’s Success Story:
- A client onboarding solution with global potential
- The online channel and traditional branch complement one another
- Swift online collection of customer and KYC-related data
- 65% reduction in data errors, compared to conventional client onboarding