Engagement Summary
In late-2019, Monticello Consulting Group (Monticello) partnered with the change management team at a leading U.S. financial institution to support the strategy and operations of a new client onboarding program. This program was initiated by the client to consolidate and standardize their previously disjointed and highly manual onboarding processes. The goal was to create an efficient and centralized core platform to be used globally across the organization. The Monticello team was brought in midway through the three-year implementation in order to enhance the strategy and drive the project to a timely completion. The team provided the client with the necessary leadership and program management to achieve their ambitious timeline and meet global stakeholder needs for a successful implementation. The Monticello team created and delivered a revised strategic roadmap, taking into consideration changing business and regulatory needs. Next, the team leveraged their client onboarding expertise to ensure a quality implementation and that all stakeholder needs were properly assessed. Finally, the team ensured that the data management aspect of the program was designed to provide stakeholders and senior leadership teams with clear and insightful KPIs in order to facilitate more efficient decision making in the years to come.
In order to ensure that the client onboarding platform was being efficiently utilized, the Monticello change management team, operations excellence, and automation experts partnered cross-functionally with business and technology groups to strategically prioritize high impact areas for improvements. The team recommended and implemented automation to streamline the end-to-end process, reduce onboarding cycle times, and improve customer satisfaction. In conjunction, the team enhanced existing proprietary applications within the bank to ensure connectivity between all platforms and downstream systems.
Front-to-Back Client Onboarding Workflow
Monticello’s focus was also to redesign the client onboarding program’s manual reporting process. By defining robust JIRA labeling standards, the team was able to create a dashboard within JIRA to provide real-time insights and business intelligence needed to spot trends, mitigate risks, and make informed decisions.
Case Study Detail
PROJECT BACKGROUND
Client onboarding is the process by which a financial institution introduces new clients to its business. Onboarding is a complex and time-consuming process that involves negotiations and agreements, account setup, and regulatory compliance with Anti-Money Laundering, Know Your Customer, and the Foreign Account Tax Compliance Act (FATCA). The onboarding process is unique to the client’s needs and the country specific regulations which add significant complexity and time to the onboarding process. Over time, our client’s processes became disjointed and inconsistent due to the highly manual nature of the process that were in place. There was a clear business need to centralize and streamline the process, accelerate client onboarding times, and meet regulatory mandates. A robust global dashboard was also required to support leadership decision making.
ENGAGEMENT OBJECTIVES
Program Management
Implemented a customized governance model to align program and project execution with business objectives and enhanced metric development for transparent and effective communication and decision-making.
Worked with business owners and users to develop strategy and business cases for new product features
Liaised with stakeholders to gather business and functional requirements for streamlining and automating business processes
Supported release management including end-to-end go-live planning, testing, and execution
Data Management & Analytics
Drove tangible business outcomes through intelligent capture, analysis, and reporting of Key Performance Indicators (KPIs).
Defined labeling standards for JIRA tickets to provide clear insights in development work and defect resolution
Created a centralized JIRA dashboard to replace the manual reporting process and provide automated program and workstream level metrics
Developed KPIs and reporting metrics for management communications. Addressed and escalated risks and issues while attaining necessary sign-offs required for completion of documentation and processes
BUSINESS VALUE
Monticello Consulting Group provides services across the financial services industry to collaborate with business and technology to reduce costs, manage risks and seize growth opportunities. By working with clients to understand the complex nature of client onboarding and assess the impact it has on both existing and new business models, Monticello enables clients to target the pain points with the highest return on investment. Our team partnered with onboarding managers, reference data teams and technology to develop business requirements and oversee the end-to-end implementations of enhancements to the new client onboarding platform. By leveraging our client onboarding subject matter expertise, program and project management toolkit, and data management and visualization capabilities, Monticello ensured the platform was adopted across all lines of business globally while simultaneously providing more robust insights into program health to the senior leadership team. Most importantly, the client experience was enhanced and transformed as onboarding volumes increased 28% and cycle times were reduced by 47%.
