Real World Process Examples: BPM for Account Opening

Business Problem: We are one of the most successful banks in North America, but we saw an opportunity to further-increase our market position by re-inventing our process for customers opening new accounts. Previously, we experienced high account abandonment rates and loss of business due to inconsistent and time-consuming processes. Clients and prospects would routinely get conflicting information regarding their accounts from online, on-site, or call center bank channels, and openings would often take days or weeks to process.

Process Players: All customer-facing agents (tellers and call centers), Account Managers, IT, Customers/Prospects

Process Steps: Using our BPM driven process, we engineered a centralized account opening solution; a shared service that orchestrates processing and fulfillment from both web self-service and call center channels. Standardized forms for all channels were created and a set of internal approvals are sent through the bank automatically. Communication through call centers or e-mail confirmations notify customers of account approval and details consistently. The system provides the speed and technical capability to market efficiently, creating a unified and automated process.

Process Benefits: With BPM, the time needed for approval for account openings has decreased from days to minutes. The automated and consistent process dramatically decreased account abandonment rates, and increased customer satisfaction. We also have experienced an increase in new applications and significant reduction in operational costs.

*Sources and References:
Appian

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