SME onboarding can be a complex, siloed process plagued with multiple challenges, such as:
- Extensive lead time and high operational costs due to manual effort involved in Know Your Customer (KYC) and Know Your Business (KYB) processes
- Non-standardization and repetitive data collection and processing
- Lack of transparency and inadequate communication during the application process
- Longer onboarding processes resulting in loss of cross and upselling opportunities
Virtusa and Thought Machine’s SME Customer Onboarding platform enables banks and financial institutions to accelerate the small and medium enterprise (SME) customer onboarding journey.
This solution seamlessly integrates with Thought Machine’s Vault Core, enabling a straight-through processing mechanism to help banks make faster decisions while onboarding customers. The platform ensures compliance and due diligence are adhered to throughout the application process. In collaboration with Sedicii, our tool adeptly captures customer data, ensuring secure completion of Know Your Customer and Know Your Business checks, along with live verification of customer identity.
The SME Customer Onboarding platform encompasses a variety of functionalities:
- User registration
- Instant KYC and KYB adherence
- Product recommendation
- Compliance validation
- ESG scoring
- E-signature validation
- Customer onboarding in Thought Machine’s Vault Core
- Accelerated process journey from application to account activation
- Hassle-free, straight-through application processing using real-time API integration to capture all required information, including company, director, and shareholder details
The open-architecture design of the platform enables swift implementation with any financial institution’s existing workflow engine, credit score, and compliance systems. The platform’s built-in extended workflow capabilities allow for seamless integration with any CRM or workflow engine, such as PEGA, Salesforce, or Microsoft Dynamics with minimal disruption.
The SME Customer Onboarding platform provides many benefits to help financial institutions and SME customers streamline onboarding and application processes, save time and costs, and maximize productivity through automation.
Benefits for banks:
- Quick, hassle-free application processing through real-time API integration
- Instant KYB and KYC processing: capturing company and shareholder information instantly for any country that allows access to the corporate registry
- Extendable workflow capabilities to support customized workflows for need-based validations
- Decrease acquisition and service costs
- Process automation to enhance operational efficiency
Benefits for SME customers:
- Paperless processes for easy, convenient, and seamless implementation
- Significantly reduced lead time for account activation – from 100 days to just a few minutes
- Easy, secure, and stress-free onboarding anytime and virtually anywhere
- Reduced customer journey friction to lower customer churn during the digital onboarding process