CoCoNet joins panel of industry experts for Finextra webinar on the digitalisation of banks’ corporate onboarding processes with Société Générale and Berenberg
- Discussion highlighted that digital onboarding solutions offer banks huge opportunities to accelerate processes while enhancing customer satisfaction.
- There is no one-size-fits-all approach – banks should tackle the biggest hurdles first to achieve quick wins.
Dennis Rochel, Head of Innovations from the leading digital banking solutions provider CoCoNet joined a panel of industry experts yesterday, to consider how banks can benefit from improving their customer onboarding experience. The discussion took place in the context of a webinar hosted by fintech news provider Finextra, in association with CoCoNet.
During the webinar, Rochel explained how banks can successfully implement digital corporate onboarding solutions. Other experts on the panel included Daniel Wellmann, Business Manager at Berenberg, and Prasoon Mukherjee, Vice President at Société Générale, who shared their own practical experiences.
Strategies for smoother onboarding
The aim of the webinar was to give banks an overview of the possible challenges and opportunities associated with the digitalisation of corporate customer onboarding processes. It also provided encouragement to banks looking to take this step and offered actionable advice to help them achieve long-term success with digital onboarding.
The webinar provided useful insights into the key considerations for banks during the planning phase of implementing a digital onboarding process. Daniel Wellmann in particular provided valuable insights on this topic, as Berenberg has already successfully digitalised its corporate client onboarding with the support of CoCoNet. The webinar also explored some of the many obstacles banks may face during implementation – such as a lack of integration between internal departments – and suggested ways to overcome these.
Corporate banking professionals who attended the webinar valued the opportunity to hear from experts, including the first-hand experiences of their peers in other banks. They were also intrigued to learn that by using a state-of-the art digital solution, they could potentially reduce the time it takes to onboard new customers and additionally reduce operational risks. With a digital solution, banks’ customers can access their products and services in a matter of days, rather than weeks or even months – which was the case in the past.
A digital onboarding process offers seamless communication, allowing banks to quickly exchange contract documents with customers. Additionally, it allows them to accelerate their product sales and cross-selling opportunities, and generally provide a rich experience that their customers will love.
The webinar highlighted that banks should not be afraid to adapt their onboarding processes and they can often get positive results quickly by taking a step-by-step approach to implementation. It is important to start by undertaking analysis of existing processes to identify their potential for optimisation.
“Through our experience of implementing numerous projects, and working with our customers, we know that many banks face similar challenges when it comes to optimising their onboarding processes,” explained CoCoNet’s Dennis Rochel.
“The discussion confirmed that there is no single way to optimise processes and that banks should focus on their biggest hurdles during the corporate onboarding process first to eliminate them and thus speed up their processes. The approaches, challenges and solutions that we discussed during the webinar should provide a good basis for them to do this. Naturally, we are very happy to support them every step of the way.”