Insight & Analysis

Press Release: CoCoNet presents its fast and cost-effective digital solution for onboarding banks’ corporate customers at Finovate West Digital

Published: Nov 2020

23rd November 2020 – CoCoNet is today presenting its innovative onboarding solution for banks’ corporate customers at cutting-edge online technology conference Finovate West Digital.

Newspaper press release

With the fast and cost-effective solution, banks can follow a fully digital process for onboarding their corporate customers. This allows them to onboard customers in days, instead of in months – which was typically the case in the past. The flexible solution is part of CoCoNet’s Customer Lifecycle Management portfolio, which helps banks to support their customers throughout all the different stages of their lifecycle.

Beneficial for banks

Banks can benefit from the new solution in several important ways. Firstly, they can save time and money by no longer following manual processes such as printing documents and sending letters. They can also make their services available to new customers almost straightaway, which allows them to start earning revenues sooner. Finally, they are delivering a very positive user experience to their new customers from the outset, setting the foundation for a strong relationship over the longer term.

Tailored for corporate customers

CoCoNet’s digital onboarding solution for banks’ corporate customers is completely different from the digital onboarding processes already used in retail banking. This is because it is specifically designed to accommodate complexities such as individual user rights, intricate permission and authorisation structures, and customers having subsidiaries in different countries.

The onboarding solution has integrated co-browsing software, which enables bank advisers to interact with their customers in real-time collaboration and via video chat. Queries can therefore be easily resolved, creating a good experience for customers. Bank staff also have access to an onboarding dashboard, which allows them to monitor and resolve any issues that arise with a customer’s onboarding process.

“As experts in corporate banking, we know the challenges banks face in their everyday customer relationships,” said Björn Hassing, CEO of CoCoNet. “So, we decided to support them by addressing the issue of lengthy onboarding processes for corporate customers. We wanted to emulate the lightning-fast onboarding processes that already exist in retail banking by transforming the ‘slow boarding’ that currently exists in the corporate world into ‘quick boarding’.”

Finovate West Digital

Finovate is one of the most important events in the financial calendar. It showcases breakthrough technologies through a blend of short-form demos and key insights provided by thought leaders. Over the years, it has shared some of the most promising innovations in banking and financial technology. This year CoCoNet is participating in the event for the first time.

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