05/24/2017

Why CRM Systems Are Only Half The Answer To Better Onboarding

Joe Pitzo May 24th, 2017

Banks already know the pain points in their treasury onboarding process that cause dissatisfied customers.

Each step in the onboarding process at most institutions is paper-intensive and creates opportunities for redundant data, missing documentation, delays in receiving documents, errors, compliance risks, longer cycle times, customer and internal stakeholder dissatisfaction, and lost or delayed revenue.

Making matters worse are the staggering number of disparate legacy systems involved in the onboarding process. The typical financial institution has between five and 14 back-end systems supporting its treasury onboarding process, including a customer portal, various line-of-business systems, and a billing system.  These systems must be integrated for the treasury onboarding process to work.  But most of the information that financial institutions collect from customers never makes it into their back-end systems.

More financial institutions are addressing these issues using customer relationship management (CRM) systems to store information collected from customers, and to update the status of an implementation.

CRM Systems – Why to Proceed With Caution

But Gartner warns that there are significant downsides to building functionality within a CRM environment to support business applications such as treasury management onboarding:

  • CRM solutions lack strong workflow capabilities
  • Business users are often surprised at the degree of development effort required to achieve a solution with the workflows and base capabilities that they need
  • The learning curve for achieving competence in configuring and customizing CRM solutions is long
  • There is a lack of strong partners for users that want to “plug” BPM functionality gaps
  • Change requests typically require the involvement of the IT department

A better solution is to use a business process management (BPM) solution in conjunction with a CRM.

Using BPM and CRM systems together enables institutions to better manage the content required to onboard customers, without the big development lead-time and effort required to build this functionality into a CRM platform. Here are some of the benefits of using a BPM solution for treasury onboarding:

  • BPM solutions use smart forms to capture and validate information from customers
  • BPM solutions provide customers with multiple channels for signing documents: online, tablets, and physical paper that is sent via e-mail or mailed and scanned by the financial institution
  • Customers and internal stakeholders are automatically notified of events and status changes
  • Follow-up messages to customers can be automatically scheduled and transmitted
  • Online dashboards display the real-time status of an implementation

Best of all, leading BPM solutions provide out-of-the-box integration with internal systems and external applications, and purpose-built features and functions. These are some of the reasons that financial institutions that use CRM and BPM systems together for treasury onboarding are:

  • Reducing sales data entry by more than 25 percent
  • Decreasing manual follow-up activities by 80 percent
  • Reducing manual onboarding tasks by 50 percent
  • Increasing process efficiency by 35 percent

Want to learn more about improving your financial institution’s treasury onboarding process? Check out our latest complimentary white paper, Paperless CRM and BPM: Better Together for Treasury Management Onboarding.

This content is accurate at the time of publication and may not be updated.