Getting It Over the Line

The phone rings … your boss in Head Office is asking about that new client. It’s an important piece of business, and the new revenue will be visible. Due diligence took a while, but it’s in place; and you got the service agreements done … wow, already been six months ago? Everyone was happy about the win.

Now this.

“So, how’s it going? We’re not seeing the new business volume in the reports. What’s happening?”

You begin to explain how it’s been difficult to get the files from the client’s ERP system to match your Bank’s formats, including the business rules for certain product variations (including the ones your client likes). Your team has been working with Operations – receiving, commenting, and correcting the client’s draft formats, sending them back, and so on. You’ve escalated a few issues to keep things moving. You’re almost there … you have been for a while. But the fact is, the new business volume has not started yet.

Even worse, you worry about your client getting anxious. Will this whole thing work?

You’re in the spotlight.

It’s time for a hard look at the “last mile” of customer on-boarding: technical integration.

In banking there is huge emphasis on (and investment in) client on-boarding from a legal, regulatory and compliance perspective. Banks spend millions on data, data and due diligence technology, legal and compliance advice, updates, and monitoring … all to ensure a client is properly vetted and accepted. Negotiating and completing product and service agreements (sometimes with multiple legal entities) can also be time-consuming.

Once all that’s done, you can finally get started doing great business, cross-selling and building the relationship magic with your new client. Right?

The process of linking clients with bank systems is vital to realising the efficiency gains corporate clients need, and count on. Unfortunately, the way many banks still perform integration work means this process is awkward, and takes longer than it should. Sometimes way longer. And the customer experience is … not positive.

Let’s take a look at fixing the “last mile” of customer on-boarding – or, getting the connectivity to the bank to work.

Faster validation of payment files is vastly better – it serves several important purposes:

• It shortens the time you need for the client to start working with you

• It improves client experience (after an exhausting due diligence process)

• You demonstrate expertise, that you’re ready yourself, enhancing your reputation

Let’s go a step further and look at a cloud-based validation service.

This self-service approach makes it a snap for corporate clients to quickly and easily “get ready” to go live with existing or new banking providers.

From the bank’s perspective, the SaaS approach means your clients can test what they need to, when they want, and the validation process has no impact on bank production systems. Once a client has validated their files, the next step is a production test with the bank, and then you go live.

What does an on-line testing platform look like?

• Accurately mimics the formats used in your bank’s payment system, with your branding

• Includes your bank’s detailed business rules – on top of national and scheme-level rules – for realistic results

• Clients upload files and immediately get an accurate report on what they need to correct, and how to correct it – fast

• A link to our Knowledgebase provides your client with more background information about the particular field or section of that payment – learning by doing!

Any time, any format

Clients can use the platform when they want – sign-up is straightforward, and files can easily be uploaded, analysed and corrected, ready for live testing.