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Digital client onboarding «Balboa»

The Challenge

Unused synergies, high cycle times

Modernization of client onboarding had been a focus for some time at both Baloise Bank SoBa and Basler Versicherungen. Cumbersome process steps and a lack of support in customer consulting led to long processing times and insufficient data quality for both parties. Accordingly, they were pursuing the same goal: a digital platform that would enable them to benefit from common synergies and automate processes. Furthermore, the new onboarding solution should succeed in linking the diverse systems of both companies and optimally integrate all persons involved in the process. Last but not least, both companies wanted to move away from manual checks of new customer relationships, internal checklists and physical documents.

the solution

Everyone contributes

At the beginning, the project team analyzed the obstacles and needs in the onboarding of new customers in order to subsequently design the appropriate solution path. This resulted in a tool called «Balboa», which provides support both for customer contact and for professional data processing in the core banking system. This allows employees to focus on the essentials during a consultation: building new customer relationships – personally and digitally at the same time.

The new customer experience arouses curiosity about the broad product ranges of the bank and insurance company. While the consultant guides through the intuitive process, the customer is made curious about the wide range of products offered by the bank and insurance company. The interactive user experience lets everyone playfully participate in the process. Contracts are generated in real time and can be signed with a qualified electronic signature (QES) using a smartphone during the consultation. At the end of the consultation, an IBAN is directly reserved in the core banking system for the new customer relationship. This means that initial transactions are already possible from this point on. Opening an account or applying for life insurance thus takes just a few minutes.

We offer customers an uncomplicated solution without cumbersome forms or paper contracts. In a customer consultation, we guide our counterpart in dialog through the interactive and completely digital process - simply and securely.
Marco Meneghini
Project Manager Baloise Bank SoBa

the result

Reducing workload in the backoffice

Also the back office team of Baloise Bank SoBa benefits from the new client onboarding. Efficiency in processing customer dossiers has significantly increased thanks to «Balboa», as the software communicates with twelve different banking and insurance systems during the end-to-end process and a fully automated exchange of information.

Employees in the back office retain control of the open steps at all times by means of the specially developed task overview – effectively THE central processing point. This makes processes less error-prone and much clearer. It has never been so easy for the back office teams to distribute tasks and meet deadlines. Thanks to UMB’s support, both the bank and the insurance company succeeded in taking another important step towards their strategic goal of «Simply Safe» with «Balboa».

Advantages

  • Efficiency increase in new customer business
  • Improving data and work quality
  • High transparency in the back office thanks to a specially developed task overview

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