Global Private Bank

Financial institution seeks to improve end-to-end account opening process

This leading global banking and financial services company offers financial products and services in major financial centers around the world. Its offerings cover wealth management, retail banking, fund management, corporate finance, risk management and derivatives.

Confronting challenges
The wealth management arm of the bank wanted to improve its account opening process, which was five times longer than its objective since it involved up to five different departments, and had a high and unpredictable standard deviation, making it difficult to manage client expectations.

The financial institution engaged Capco to identify the root causes of the long cycle time, build awareness of the end-to-end process and bottlenecks, and develop solutions for improvement. We began by conducting workshops with key representatives from different departments to review the existing process and brainstorm on efficiency improvements. We combined Lean, Six Sigma and business process management approaches to define and measure various project phases. Our approach centered around data, with key performance indicators and critical-to-quality outputs defined to track process improvements.

To ensure end-to-end responsibility and accountability, as well as long-term sustainability and continuous process efficiency, we created process ownership and process management roles. We also created a centralized account opening team composed of representatives from finance, compliance and the customer service center.

Key benefits

  • Significantly reduced account opening cycle time
  • Introduced clear roles and responsibilities and simplified tasks
  • Saved annual full-time employee costs on an ongoing basis
  • Created a shared understanding of the account opening process end to end throughout the bank
  • Improved customer service