In order to comply with federal regulations, a large financial institution implemented an end-to-end customer onboarding process that included due diligence, terms assessment, agreement management, and product setup. The implementation forced bank employees to follow a rigid process, and average onboarding time jumped from two days to two weeks. Given the complexity of the process, traditional BI tools were ineffective at helping the bank understand what was taking so long, let alone communicate it to their customers.
Drawing on and expanding his blog post, Ivan Kornienko explains how a solution based on Apache Spark was used to combine all the relevant process data in one place and empower the business to understand the source of its inefficiencies. The results were then used to fix the process. While the onboarding time never dropped back to two days, it was reduced significantly from two weeks. More importantly, visualizing the complex process in an easy-to-understand manner greatly improved satisfaction scores from both financial advisors and customers.
Ivan Kornienko is director of user experience at BP3. Ivan is a passionate UX practitioner on a journey to make corporate employees love their jobs through better workplace apps. In addition to holding multiple patents, Ivan has written several books and often presents at conferences on topics ranging from workflow automation to process improvement to interface design.
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