Our customer development research shows that up to 20-30% of corporate clients drop-off at the onboarding stage. Here's the thing: the onboarding process is still complicated and requires lots of manual work from both client's and banks.
Here's the process now: an average client receives a request from the credit department to prepare and provide a package of documents: balance sheet and P&L, transcripts, and so on. Then, corporate client leaves for a week or two to collect this package. Then, the client gets comments from the #creditdepartment and leaves once again. Basically, the data collection process remains manual. And don't forget about ongoing communication between the two parties. So, from the client's point of view, the whole process is just confusing. And yes, corporate clients drop off at this stage of manual data collection.
It's not an easy process for the credit department either. As soon as the credit analyst gets a required package of documents, he enters data manually into excel. It also takes some time, increasing the risk of an error in data.
We are trying to simplify this process:
- So that the whole data collection process is digital;
- Not to exchange the documents but data more pleasantly and efficiently for both sides.
Therefore, we are improving the clients onboarding process, making it more accessible but also technologically advanced.
Then, data verification. How to assess the quality of financial data? I'll definitely explain this in the next post.