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Our client faced multiple operational and technical challenges. Their existing infrastructure for account opening was preventing the bank from realizing its growth objectives. Both the in-branch and digital account opening systems were outdated, inflexible and unable to support seamless onboarding.
Another big friction point was the client’s digital banking platform, which had been heavily customized, making upgrades prohibitively expensive and preventing the bank from taking advantage of vendor updates and integrations. The resulting technical architecture was fragmented and inefficient. Manual processes, siloed data and a lack of real-time KYC/EDD capabilities created risk exposure. Moreover, onboarding processes for small business clients were particularly cumbersome, often involving unnecessary complexity and elevated costs.
Leadership recognized that to achieve its strategic ambitions, the bank needed to radically improve both digital and in-branch onboarding capabilities, consolidate vendors and streamline its technology stack.
We deployed a cross-functional team that conducted a six-week, high-touch assessment of the bank’s account opening ecosystem. Through collaborative sessions with stakeholders across banking areas, the team identified key pain points, along with opportunities to streamline the onboarding experience.
Customer journey mapping and peer benchmarking revealed how far the bank lagged industry standards. The team then evaluated multiple modernization paths: continuing with the existing in-house platform model, upgrading to a SaaS-based managed service model, or pursuing a complete omnichannel platform replacement. Each option was assessed for cost, staffing implications and time-to-value.
Our work culminated with a comprehensive options analysis outlining the pros and cons of each strategic path, supported by high-level cost modeling and implementation estimates. The analysis gave leaders the information necessary to choose the right approach that would support long-term business goals.
Our thorough analysis and recommendations gave executive leadership a clear, data-driven path forward. With strategic direction firmly established for both consumer and small business account opening, the bank was able to align its digital roadmap with its broader growth objectives.
By presenting a compelling case for transitioning to a SaaS-based platform—complete with cost modeling and resourcing implications—we empowered leaders to rethink their approach to onboarding with confidence. The engagement also spurred the initiation of an RFP process to identify a next-generation digital banking platform, setting the stage for long-term operational efficiency and modernization. Ultimately, our work laid the foundation for a broader digital transformation and a future implementation engagement focused on execution and change enablement.