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A large commercial bank engaged us to investigate opportunities within its payments and deposits areas to optimize the customer’s first impression and introduce efficiencies in the account opening process. The bank’s current processes were inefficient and created a negative impact on the customer experience as well as bank operations. An overarching goal of the bank’s initiative was to “make it easier for our associates to make it easier for our customers.”
We conducted a series of branch and “secret shopper” visits across markets to understand the customer journey with various types of account openings (consumer checking, IRAs, small business checking, CDs, commercial) and identify friction points and gaps. We also assessed the need for technology enhancements to increase reliance on digital solutions.
Using our Rapid Process Improvement approach, we identified process breakdowns and made recommendations to achieve “quick wins.” Friction points we identified included:
We made recommendations for improving the customer journey, which the client continues to implement today. The bank has realized increased efficiencies with short-term “quick wins” while implementing a broader strategy for account opening transformation. We continue to work with the bank on various process improvement and technology enablement initiatives to improve the customer experience.