02.07.2018 05:54 pm
In May 2016 HSBC launched the ambitious digital transformation project with the internal name “CoreDocs,” The internal name came from the concept of having “Core” forms (documents) that would be globally applicable no matter where the applicant was and separate “Addenda” forms which would collect locally required regulatory data.
The approach was to build a tailored onboarding experience on top of a commercially available platform. The platform would serve as a dedicated system for data gathering to support onboarding and KYC processes, then serve as a gateway to push onboarding data to existing HSBC systems.
The bank identified several priorities for the new platform:
• An improved client experience, with friendly navigation and conditionality to reduce client effort and unnecessary data input.
• A globally harmonized onboarding solution with a unique look and feel for clients and a consistent set of questions delivered through a digital portal to replace the paper-based forms.
• Prepopulation of fields when possible.
• A continuous feedback loop on the customer experience to drive continual improvements.
• Time to market. The aim was to be in as many markets as possible within a few months.
HSBC chose a customer onboarding platform, Avoka Transact, as the basis for their global commercial onboarding project. Avoka was founded in 2002 in Sydney Australia, and now has operations across Australia, North America, and Europe. Avoka has digitized over 100 million transactions for more than 100 clients. The company has won numerous industry awards for its customer experience solutions
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