Before engaging with Daylight, the bank primarily used paper-based processes that introduced high error rates and unnecessary complexity, which did not align with their digitization strategy. Error rates for these specific functions ranged as high as 80 percent, resulting in substantial back office costs.
From a productivity standpoint, many processes at the branch and customer-service level required filling multiple documents where much of the data was duplicative. Maintaining redundant records slowed productivity and increased errors and omissions. Additionally, there were many multi-step processes that needed to be simplified and condensed.
When the bank opened new accounts, branch employees needed to fill duplicate information into multiple records. Then they would manually enter that information into a series of databases. After all that, correspondence to the client would need to be completed by yet another party.
The organization needed a streamlined digital solution to minimize each customer’s time spent opening an account. Customer experience would be smart, only asking relevant questions. In addition, all documentation tied to that process would be filled and pushed downstream in a way that allowed for easy consumption of that data.
The new digital solution needed to:
Reduce the complexity of the digital experience for both branch employees and customers.
Create a fast, smooth, seamless customer journey.
Reduce errors and omissions.