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Faster onboarding of new customers

Regulatory compliance and customer experience are of utmost importance. This customer story explains how Itera's innovative approach to integrating technology and agile methodologies has streamlined the onboarding process and strengthened regulatory compliance at a large financial customer.

The project in brief

From weeks to hours

In collaboration with our customer, Itera has developed and continues to enhance a lean and efficient onboarding process for new customers. By integrating seamlessly with public solutions and implementing secure digital signings, we have improved the customer experience, reduced the need for customer service inquiries, and ensured compliance with regulatory standards. 

 

Meeting regulatory demands 

The financial sector operates within a highly regulated environment, with increasing compliance demands and stringent 'Know Your Customer' (KYC) requirements. These regulations prevent fraud, money laundering, and other illicit activities.

In addition, customer onboarding and ongoing verification are essential processes. Our solution enables banks and financial providers to identify the real owners of accounts and comply with regulatory requirements.

This requires knowledge of the processes, seamless integrations to public solutions that not only minimizes the tasks customers need to complete, but also enhances their overall experience. Additionally, our solution includes secure digital signing capabilities, further increasing trust and expediting the onboarding process. As a result, our customer has observed a reduction in customer service inquiries. 

Embracing continuous development and Artificial Intelligence

The financial sector is constantly evolving, and regulations are subject to change. To meet these evolving demands, we believe that artificial intelligence (AI) can play a significant role.

By leveraging AI technologies, we can optimise the onboarding process even further and enhance the overall customer experience. The future solution we envision will benefit the entire financial sector, enabling compliance, improving customer service, reducing the workload for customer service teams, and mitigating potential instances of fraud. 

The large financial customer

This leading enterprise consistently seeks to remain at the forefront of technological progress. Although they have chosen not to disclose their identity, their collaborative efforts with Itera have proven to be exceptionally successful. 

Enhancing the existing solution

Our customer initially had a solution that catered to compliance requirements at the time and lacked integration with third-party systems. The onboarding process of new customers was time-consuming, taking several weeks to complete.

Recognising the need for continuous development and improved customer experience, our customer sought a solution that could adapt to increased compliance requirements, expedite the onboarding process, and ensure data security. Itera's track record of previously delivering successful solutions to the customer that aligned with their IT and business requirements, made us the ideal partner for this endeavour.   

The onboarding process, which took weeks, has been transformed into hours

Collaboration and high value delivery

Itera formed hybrid teams consisting of testers, scrum masters, project managers, developers from the Nordic countries, Slovakia and Ukraine, and additional resources from our Cloud and Application Services teams. This collaborative approach enabled us to create a solution that delivers high value to our customer and their new clients.

The onboarding process, which took weeks, has been transformed into hours. This significant improvement has had a profound impact on customer satisfaction, enhancing the overall customer experience and the efficiency of the customer service department. Building on this success, our customer has expanded the implementation of our solution to other product areas that required improved onboarding processes. 

Solution methodology and tools

Itera's solution methodology and tools were aligned with our customer's IT and business requirements and their existing frameworks. We adopted an agile approach, utilising the Scrum framework and ensuring deep customer involvement at every stage.

Our solution is 100% cloud-based, leveraging Microsoft Azure, Azure Kubernetes Services, and Azure DevOps. We have employed a wide range of technologies to create a robust and scalable solution. In addition to the solution itself, Itera maintains several service agreements at both the application and infrastructure levels, ensuring ongoing support and maintenance. 

As we move forward, Itera remains committed to driving innovation and delivering transformative solutions that exceed our customers' expectations. Our collaboration with this large financial customer demonstrates our ability to adapt to evolving regulatory demands, enhance customer experiences, and empower financial institutions to thrive in a rapidly changing landscape. 

Let's talk about the financial services industry

Let's talk about the financial services industry
Simen Aasen Engebretsen
Head of Financial Services & Insurance

Simen Aasen Engebretsen