Private Bank Relationship Opening

Background

A private bank required clients to fill various forms with over two dozen signatures. Process and documentation also varied across different geographies. Tedious operational procedures increased dissatisfaction among clients and Relationship Managers. Processing errors due to non-standardization were also common.

Methodology

Analysis of present account opening process gaps

• Product-based forms
• Too many forms to fill
• Individual T&Cs
• Too many signatures
• Poor version control

Setting design principles

• Simple account opening form
• T & Cs for all products at establishment of relationship
• Minimal Customer Signatures
• Future Proof
• Private banking orientation

Drafting of Account Opening forms and T&Cs

• Drafted account opening form (6 sections including client welcome, client profile, etc.)
• Designed 8 sections of T&C
• Checklist to capture all documents

Business Outcomes

Enhanced Business

• Increased
• Three new sections

Client friendly

• Number of Signatures Reduced
• Easy to understand

Operational efficiency

• Cycle time reduced to 2 months
• Legal cost reduction of 40-50%