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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.

See how the bank did it
Standard Bank story
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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
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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%.

Download case study
Everest reports
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.

Get the report →

“”

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

Everest reports

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.

Get the report →

How Standard Bank transforms Account Opening and KYC

Watch Michael Daniels talk about Standard Bank’s automation journey, including why they started with Account Opening and KYC and how they are scaling the automation.

Watch video
Michael Daniels talks about intelligent automation in Standard Bank
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$2.5M
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