Initial impressions are often the most lasting ones. It's clearly the case in today's fast-paced market, where a customer's first impressions ("moments of truth") of an enterprise will either make or break the business deal. So much so that progressive businesses are looking at innovative ways to provide customers with value propositions that they find engaging, meaningful and attractive – in the first instance. Ensuring an efficient onboarding process is one step towards keeping customers and keeping them interested.
Onboarding customers can be a challenging proposition, which involves keeping pace with constantly changing international regulations, dealing with incomplete client data, and using newer technologies to maximum advantage. In today’s world of rapidly evolving regulations and compliances, organizations that use multiple point solutions for their onboarding face a range of issues. Such as repetitive collection of data and ineffective integration with systems for Customer Relationship Management (CRM), transaction processing, Anti-Money Laundering (AML), and Know Your Customer (KYC). All of these result in inferior customer experience, high operational costs and significant loss in potential revenue.
Organizations with inefficient onboarding systems are twice as likely to lose a new customer within the first 3-4 months. However, with optimized onboarding in place, businesses can drive strong growth and customer satisfaction while improving opportunities for cross-selling and upselling.
The Infosys Account Origination System, part of the Infosys Onboarding Suite, enables enterprise-class onboarding with data capture and due diligence capabilities to automate decisioning and fulfillment.
The system handles varied requirements of onboarding, addressing multiple stakeholders across verticals – including customers, partners, vendors, and merchants. Its robust architecture ensures strong integration, with quick configuration of entry screens, and rules and workflow processes at runtime. Moreover, the system optimizes onboarding time while significantly reducing cost of ownership.
The Infosys Account Origination System comes with capabilities like robust data capture, integrated due diligence, automated decisioning, and fulfillment. The system ensures high data quality and integrity, as a result of efficient multichannel data capture, centralized document management, de-duplication algorithm, and inbuilt data enrichment engine.
The system helps build new opportunities by providing a unified customer view across departments, business lines, and products. It expands the horizon for cross-selling and upselling, enhances customer satisfaction, and monitors compliance in an ever-changing regulatory environment.
Infosys Onboarding Suite
Infosys Onboarding Suite helps enterprises simplify the onboarding of customers and other entities by automating and streamlining the onboarding process and managing regulatory compliance. The suite provides enterprise-class onboarding capabilities across different stakeholders, products and channels. It also makes available a centralized system, which takes care of account origination, due diligence, and compliance requirements. Infosys Onboarding Suite has a flexible and comprehensive decision-based risk framework, which includes enhanced reporting capabilities designed to assist enterprises in complying with existing checks like KYC and AML, as well as evolving regulations like FATCA.
Infosys Onboarding Suite comprises of two products: Infosys Account Origination System and Infosys Forward Compliance System.
Infosys Forward Compliance System enables enterprises to effectively manage and monitor regulatory compliances around FATCA and its various Inter-Government Agreement (IGA) flavors – and stay ahead in an intensely competitive market.