Biz Hive · Financial Technology
Digitalising Onboarding and Account Mandating
for Business Bankers
Team & Role
Olatubosun Adebanjo: Head of Retail Banking
Ayomide Abiodun: Product Owner
Okei Joseph: UX Strategy & Design, UI design, Interaction Design
Target Audience
Single and multiple signatories business bankers
Platform
Android
iOS
Web
Background
Business Bankers operate accounts with multiple signatories. These signatories have different rights to the accounts - the documentation of these rights is called Account Mandate.
For context, in a multiple signatory account of five (5), two (2) signatories my be assigned the mandate to initiate transactions and the other three (3) to authorised (sign off) of a transaction.
The Problem
Onboarding. Mandating. Authorisation.
Over 48 hours for onboarding of business bankers
Business bankers operating multiple signatory account spend from 48 hours to completely onboard and be assigned their account mandate. This has led to an increased drop-off and account abandonment rate.
62% rise in cost of transaction token
The cost of tokenisation for account signatories has risen by over 62% in the last 5 years, making it a redundant option for both business and business bankers.
Avg. 2/5 rating by business bankers
Business bankers have resulted in leave poor rating for their experience with little or no comments especially because of they mostly drop-off during onboarding.
Further insights
Why is the onboarding tedious for business bankers?
After several investigations, we discovered multiple signatory accounts required complex onboarding workflows, including —
Determining the hierarchy of permissions within their business structure
Coordinating and ensuring all signatories processes their requirements without delays
Vetting accuracy and compliance within the central onboarding frameworks.
We also took the recent redundancy of the token in to consideration and found that the technology was fast out of trend and exposes the customers to possible fraud and other security risks.
Ultimately, business bankers ranked their experience on an average of 2/5 star, leaving little reviews about the actual banking experience because they already got frustrated at the point of onboarding.
Net Promoters Score reporting 72% of business bankers ranked their experience 2/5 stars and below
Strategizing for a solution
Firstly, I must emphasis that “team work makes the dream work”. A lot of cross-functional collaboration birth the Biz Hive solution.
Ideation started right from the customer service & data team then back to the product team. In the product team, we introduced a UX strategy that fosters simplicity and seamlessness considering our target audience.
Since business bankers care more about the functionality than aesthetics, it was established after several iterations that we stick to what works alone. No extra creativities!
Tackling onboarding
3 steps to Business bankers onboarding
Onboarding for business bankers is simplified. Registered signatory are required to confirm their identity through Credentials match and Liveliness test to completely access the business account.
On successful onboarding, other signatories are notified via email and SMS to onboard.
Mandate assignment
Signatories now know their account responsibility in a snap
Before now, business bankers have to visit the branch to get their account mandates but the solution here is a simplified 4 step mandate assignment.
1
Biz Hive Fetch signatory list from SOLEX database
2
Admin selects transaction authorisers
3
Notify other signatories to confirm list
4
Other signatories onboard, confirm or decline list
Beefed security and Efficient transaction
Introducing emerging technology and ushering Token out
As tokens become rather expensive for both the business and business bankers, we decided to introduce biometrics as a transaction authorisation layer.
This increases the customers confidence and loyalty. Who wouldn’t be loyal to those who have their interests at heart?
Say extras!
Since our business bankers love extras, we brought enough!
My transaction
Signatories can identify and filter pending, expired, successful, canceled and declined transaction easily.
Transaction Authorisers list
Every signatory can see who is authorising and who has authorised. Everyone is in the loop.
Ouch, what went wrong?
In the controlled live test, we almost failed
Remember during the digital onboarding, we introduced liveliness test, right? Our liveliness test system flagged 3 in 10 customers as “failed test”.
We proactively investigated the failed liveliness test and discovered 60% of the failed the test had obvious physical changes, unclear or extra person(s) in the background, under/over lightened environment amongst other unsubstantial reasons.
What’s next?
Providing a functional experience for Business Bankers
For the failed liveliness test, we created a dashboard that allows Biz Hive Admin manually inspect any failed verification, approve or permanently reject. Other failed liveliness were requested to retest.
Overall, we successfully digitalised the onboarding and account mandating for Business Bankers resulting in over 87% time saving. Improved functional customer experience for multiple signatory accounts.
Biz Hive · Financial Technology
Biz Hive · Financial Technology
Digitalising Onboarding and Account
Mandating for Business Bankers
Digitalising Onboarding and Account
Mandating for Business Bankers
Team & Role
Olatubosun A: Head of Banking
Ayomide A: Product Owner
Okei Joseph: UX Strategy, UI/UX design, Interaction Design
Target audience
Multiple signatories business bankers
Platform
Android
iOS
Web
Background
Business Bankers operate accounts with multiple signatories. These signatories have different rights to the accounts - the documentation of these rights is called Account Mandate.
For context, in a multiple signatory account of five (5), two (2) signatories my be assigned the mandate to initiate transactions and the other three (3) to authorised (sign off) of a transaction.
The Problem
Onboarding. Mandating. Authorisation
Onboarding. Mandating. Authorisation
Over 48 hours for onboarding of business bankers
Business bankers operating multiple signatory account spend from 48 hours to completely onboard and be assigned their account mandate. This has led to an increased drop-off and account abandonment rate.
62% rise in cost of transaction token
The cost of tokenisation for account signatories has risen by over 62% in the last 5 years, making it a redundant option for both business and business bankers.
Avg. 2/5 rating by business bankers
Business bankers have resulted in leave poor rating for their experience with little or no comments especially because of they mostly drop-off during onboarding
Further insights about the problem
Why is the onboarding tedious for business bankers?
After several investigations, we discovered multiple signatory accounts required complex onboarding workflows, including —
Determining the hierarchy of permissions within their business structure
Coordinating and ensuring all signatories processes their requirements without delays
Vetting accuracy and compliance within the central onboarding frameworks.
We also took the recent redundancy of the token in to consideration and found that the technology was fast out of trend and exposes the customers to possible fraud and other security risks.
Ultimately, business bankers ranked their experience on an average of 2/5 star, leaving little reviews about the actual banking experience because they already got frustrated at the point of onboarding.
Net Promoters Score reporting 72% of business bankers ranked their experience 2/5 stars and below
Strategizing for a solution
Firstly, I must emphasis that “team work makes the dream work”. A lot of cross-functional collaboration birth the Biz Hive solution.
Ideation started right from the customer service & data team then back to the product team. In the product team, we introduced a UX strategy that fosters simplicity and seamlessness considering our target audience.
Since business bankers care more about the functionality than aesthetics, it was established after several iterations that we stick to what works alone. No extra creativities!
Tackling onboarding
3 steps to Business bankers onboarding
Onboarding for business bankers is simplified. Registered signatory are required to confirm their identity through Credentials match and Liveliness test to completely access the business account.
On successful onboarding, other signatories are notified via email and SMS to onboard.
Mandate assignment
Signatories now know their account responsibility in a snap
Before now, business bankers have to visit the branch to get their account mandates but the solution here is a simplified 4 step mandate assignment.
1
Biz Hive Fetch signatory list from SOLEX database
Biz Hive Fetch signatory list from SOLEX database
2
Admin selects transaction authorisers
Admin selects transaction authorisers
3
Notify other signatories to confirm list
Notify other signatories to confirm list
4
Other signatories onboard, confirm or decline list
Other signatories onboard, confirm or decline list
Beefed security and Efficient transaction
Introducing emerging technology and ushering Token out
As tokens become rather expensive for both the business and business bankers, we decided to introduce biometrics as a transaction authorisation layer.
As tokens become rather expensive for both the business and business bankers, we decided to introduce biometrics as a transaction authorisation layer.
This increases the customers confidence and loyalty. Who wouldn’t be loyal to those who have their interests at heart?
This increases the customers confidence and loyalty. Who wouldn’t be loyal to those who have their interests at heart?
Say extras!
Since our business bankers love extras, we brought more!
My transaction
Signatories can identify and filter pending, expired, successful, canceled and declined transaction easily.
Signatories can identify and filter pending, expired, successful, canceled and declined transaction easily.
Transaction Authorisers list
Every signatory can see who is authorising and who has authorised. Everyone is in the loop.
Every signatory can see who is authorising and who has authorised. Everyone is in the loop.
Ouch, what went wrong?
In the controlled live test, we almost failed
Remember during the digital onboarding, we introduced liveliness test, right? Our liveliness test system flagged 3 in 10 customers as “failed test”.
We proactively investigated the reason for the failed liveliness test and discovered 60% of customers that failed the test had obvious physical changes, while the others had unclear or extra person(s) in the background, under/over lightened environment amongst other unsubstantial reasons
We proactively investigated the failed liveliness test and discovered 60% of the failed the test had obvious physical changes, unclear or extra person(s) in the background, under/over lightened environment amongst other unsubstantial reasons
What’s next?
Providing a functional experience
for Business Bankers
For the failed liveliness test, we created a dashboard that allows Biz Hive Admin manually inspect any failed verification, approve or permanently reject. Failed verifications were requested to retest.
Overall, we successfully digitalised the onboarding and account mandating for Business Bankers resulting in over 87% time saving. Improved functional customer experience for multiple signatory accounts.
Thank you for viewing Biz Hive. You'll love the next project →
Thank you for viewing Biz Hive. You'll love the next project →
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Driving growth for Early Stage and Series A Enterprises through Research, Strategy and Design. Do you have a question, an idea, or a project you need help with? Send an email :)
Designed and developed by Okei Joseph with 🥤 & 🍔
Copyright © 2024 Okei Joseph. All rights reserved.
Driving growth for Early Stage and Series A Enterprises through Research, Strategy and Design. Do you have a question, an idea, or a project you need help with? Send an email :)
Designed and developed by Okei Joseph with 🥤 & 🍔
Copyright © 2024 Okei Joseph. All rights reserved.
Driving growth for Early Stage and Series A Enterprises through Research, Strategy and Design. Do you have a question, an idea, or a project you need help with? Send an email :)
Designed and developed by Okei Joseph with 🥤 & 🍔
Copyright © 2024 Okei Joseph. All rights reserved.