Kofax Customer Onboarding™ Dramatically Transforms and Simplifies the Business Critical First Mile™ of Customer Interactions
Kofax plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today launched at Transform 2013 Kofax Customer Onboarding™, a software solution that combines Kofax’s industry leading capture, process management, analytics and mobile capabilities to allow organizations to provide a higher level of service, gain competitive advantage and better manage and grow their businesses while also greatly reducing operating costs. Customer applications and supporting documents can be captured from any source – including mobile devices, internet portals, desktop scanners and MFPs at the Point of Origination™. The solution then extracts and ensures the validity of their content, facilitates the resolution of exceptions and acquisition of trailing documents, and uses dynamic workflows to ensure that the onboarding process is completed in a timely, accurate and cost effective manner while optimizing the customer experience.
“All banks understand the importance of a well designed and thoroughly executed customer onboarding process,” commented Margaret Kane, chief executive officer and president at Kane Bank Services, a retail bank consulting group. “If the customer experience goes smoothly from the get go, banks experience lower attrition and higher cross-sell. In fact, 60 percent of cross-sell takes place within the first month. The second and third month account for 13 percent of subsequent product purchases, and only about 25 percent of the lifetime cross-sell for a customer occurs thereafter.”
“Many customer origination solutions result in documentation error rates between 20 to 60 percent, forcing the need for multiple human touch points and delays in new customer application processing,” Stuart Nielsen, executive manager, Mortgage Services, Suncorp. “We are actively building an onboarding solution that automates these processes across multiple channels such as mobile, web portals, branch network and third party. By incorporating multichannel capture with BPM capabilities that align to our business model, we deliver service scale to our business, reduce costs and better meet our customers’ needs.”
In the recent Bank Shopper Snapshot Volume 5, research firm Novarica found that mobile banking is critical for customer acquisitions – most people using mobile banking today will not switch to an institution that doesn’t provide a mobile banking app. Kofax Customer Onboarding makes it easier for financial institutions to engage with new customers via mobile devices.
“Kofax Customer Onboarding enables financial institutions to reach a higher level of customer engagement that achieves better efficiency, speed and satisfaction,” stated Martyn Christian, chief marketing officer at Kofax. “We leveraged our deep expertise in financial services with our industry-leading multichannel capture and dynamic case management capabilities to provide a smart process application that reduces manual costs and errors, significantly improves data accuracy, strengthens the compliance of banks’ customer onboarding processes and fosters a positive customer experience for new revenue potential.”