Customer : Securities Firm
Scenario
- A rapidly growing securities firm, managing assets of over 10,000 Crs, was battling inefficiencies in customer onboarding at scale leading to sub-optimal customer experience and delayed time-to-revenue.
Challenges
- The nature of business mandated multi-step process of onboarding (including online and offline KYC followed by dematerialization of paper securities) with interfaces for regulatory approvals across different systems.
- The KYC processes had online and off-line variants (largely paper based) which made tracking and timely follow-ups difficult.
- The dematerialization of securities was a bottleneck - digitalization was necessary prior to transactions and hence revenue generation.
- Lack of accurate TAT measurements made planning for improvements anecdotal and ad-hoc.
Data Points
- The KYC step took 7-8 working days on average.
- The dematerialization step took approx. 2 weeks to complete.
- These two factors caused the time-to-first-revenue to be around 3-4 weeks.
Solution
-
Streamlining of scenario-based activities via Digital Playbooks
Playbooks were deployed for KYC (online & offline) and Dematerialization scenarios where role-based activities were to be carried out by team members. Notifications for tasks assigned were sent to the user's inbox to ensure no task went unnoticed -
Automation of Reminders
Due-date & completion-based reminders were activated to ensure users were alerted to upcoming or over-due tasks. This ensured an awareness towards timely completion of assigned responsibilities -
Dashboards for tracking progress
360* visibility of TAT of respective playbooks was provided for the management team to evaluate progress and assess team performance. This also allowed an analysis of specific tasks that witnessed the most overruns and corrective actions to be devised.
Results
- The TAT of the processes reduced by 36% (on average) resulting in faster operations and quicker time-to-first-revenue.
- The process efficiency increased by 85% on account of the time saved in carrying out the various sub-steps and eliminating noise/distractions.
- Enhanced and efficient customer experience.
