CUSTOMER SUCCESS

Standard Bank

Africa's largest bank transforms customer onboarding with automation

The bank has brought down account opening time to 5 minutes, freeing up employees from mundane work so they can focus on delivering a superior customer experience.

Key automated processes:

Third-Party Fund Administration account opening
Account opening for Mobile
… and 100+ more!

Results:

1 million transactions automated monthly
Account opening time brought down to 5 minutes
60% cut in vehicle and asset finance customer verification time

Embarking on an automation journey

In 2016, Standard Bank embarked on its automation journey with a view to addressing some key challenges, such as:

increased customer expectations
regulatory burden
employee dissatisfaction
the need to maintain multiple legacy systems.

After extensive vendor research, the bank chose WorkFusion as a single Intelligent Automation platform for their program.

Michael Daniels, Head of Operational Excellence and Automation at Standard Bank, explains:

“We chose WorkFusion as the most complete ‘one-stop-shop’ offering and the best solution to solve the bank’s challenges. WorkFusion has proven to be a great partner who worked with us to build the capacity internally and offered the top-class resources capable of dealing with the most complex challenges.”

Transforming customer onboarding with Intelligent Automation

For over four years, WorkFusion has powered the transformation of customer onboarding and KYC at Standard Bank with Hyper Automation capabilities:

Bots digitize, classify and extract data from documents
People handle exceptions with the human-in-the-loop capability
The bank benefits from centralized automation governance
Advanced analytics drives constant operational improvement

With over 100 processes successfully automated, Standard Bank uses Intelligent Automation to drastically decrease account opening times, reduce risk, and allow employees to focus on delivering a superior customer experience.

The bank also conducts a citizen development program that has certified over 100 staff members and achieved an ROI of over 300%.

Accelerated Intelligent Automation in Enterprises

In this report, Everest Group examines the concept of Accelerated Intelligent Automation and provides a detailed case study with the real experiences of Standard Bank.

“”

Intelligent Automation is changing the nature of financial services. Deploying WorkFusion has been transformational to the bank.

-Michael Daniels, Head of Operational Excellence and Automation

Accelerated Intelligent Automation in Enterprises

In this report, Everest Group examines the concept of Accelerated Intelligent Automation and provides a detailed case study with the real experiences of Standard Bank.

How Standard Bank transforms Account Opening and KYC

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80%

NEW BUSINESS
SUBMISSIONS
AUTOMATED

$1M+

IN MANUAL EFFORT
COST SAVINGS →

$2.5M

COST REDUCTION
IN 6 MONTHS →