Step 1: Application & Data Capture
There are far more data required to onboard SME and corporate clients compared to retail customers. Whether a client chooses to start onboarding via internet or mobile banking, VeriPark's Digital SME and Corporate Client Onboarding Solution provides a simple user interface to capture and verify the client's initial request and primary information digitally. In the due diligence phase, all necessary client information is gathered either from commercial data providers such as Dun & Bradstreet or by entering all the information manually. Once the details of the owners, directors, authorized signatories and POAs are also collected, clients can easily upload their financials. Then the system uses OCR (Optical Character Recognition) technology to handle all documents swiftly and accurately.
Step 2: Needs Assessment
Following data capturing, a detailed assessment of the client's needs is made through a Business Needs Assessment Questionnaire. The dynamic process is based on the input of the client. At this stage, banks can learn more about their new client, understand and assess their needs and then develop a comprehensive baseline of their most significant journeys.
Step 3: Product recommendations
Once the assessment is made, the solution gives banks the capability to offer the best possible products to their clients. The product recommendations are tailored to meet the client's needs, catering to their specific requirements.
Step 4: Document & Signature Capture with an Omni-Channel Approach
Every client is different. Using our SME and Corporate Client Onboarding solution, banks can serve their clients in a personalized manner while providing the flexibility to switch seamlessly between channels of their choice. They can either upload all documents digitally using the mobile app or internet banking, book a branch appointment or request an onsite direct sales agent visit. The digital contract generation and the DocuSign integration enable banks to get the client's consent with an e-signature.
Step 5: Checklist for documents and signatures
In an age of one-click ordering and instant approvals, SME and corporate clients no longer tolerate frustrating lengthy banking processes. In this last step, banks give their clients an option to easily check their documents and signatures or add any additional document later on with an application number.