The Onboarding Experience
Onboarding clients easily and efficiently
The Challenge
This was one of my first projects when I joined the retail team at my first job. In this project, we deployed a custom software solution for onboarding clients. The software was under continuous development for more features, bug fixes, and feature updates based on usage and real-world behavior of the teams on the ground.
This project had a major challenge; there was limited reporting coming from the software. Sure, there were basic elements and there was some oversight on how the system was performing. But I, as a manager of analytics and performance, needed more. We knew from the feedback on the ground that there were issues, but the reports we were getting didn’t show any problems whatsoever. Furthermore, some of the essential reports were only provided once every six months. This was because it took at least 3 months to get the needed data from the vendor, and a further two months for the data to be processed and presented in Excel format.
In order to address the reporting challenges, I initiated the following:
Created a data model that would act as a repository to hold the essential data points needed for further analysis
Created an Extract, Transform, Load (ETL) system that would migrate data from the core system into the data repository on a daily basis
Built some visual and interactive dashboards using Tableau to put in front of executives on a daily basis
Followed an interactive process of enhancing the data model and the dashboards based on our stakeholders’ feedback and their main priorities
The Value
Increased Success Rate
When we started, the success rate of applications meeting the service level agreement (SLA) was close to 10% for about 100 applications per month. Within three years the success rate increased to 40% for over 1,000 applications per month, and we were able to increase our success rate and the volume of applications we could handle.
Increased Revenue
This project, one of many, had a significant contribution to driving revenue growth from $100 million to $400 million in four years. Here’s how:
Increased the ability to process applications with fewer errors
Better oversight, prompts, and alert management for applications approaching deadlines
Improved coaching ability from managers to teams on how to set priorities and how to better resolve issues
Improved Return on Investment
With any major software project, especially in banking, millions are invested per cycle. By having meaningful data metrics we could find bottlenecks and showstopper bugs that were previously left alone and allocate the necessary resources to make improvements in these areas.
The investment made to implement this reporting solution was minimal. We already had the tools in our environment. The only investment was the time for one developer (me), who was already on staff, to create everything over a few months.
The Solution
An interactive visual dashboard for executive leadership and operators on the ground
High-level KPIs that show performance towards the main objective
Trends for multiple metrics to show if the changes are having the desired impact
The ability to dig deeper into the data to answer more questions and find issues before they become issues
Deeper performance analytics and insights
Daily updates to enable a more proactive system
Integration with other systems to provide additional context and to consolidate how many sources the teams need to check to ensure they can be successful