Unlocking the Value of Account Opening With Component Business Modeling
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Overview: Worldwide, banks are looking for ways to eliminate the inefficiencies that have crept into their business structures, not only to reduce operational costs, but to better attract and keep customers. The new generation of customers, accustomed to increasingly innovative shopping experiences, insists on satisfying and faster interaction with financial institutions. Driven by high customer expectations and competitive pressures from market leaders, banks are being forced to reassess their delivery and customer management strategies. As an important function that often serves as the "first face" to a potential customer, account opening (AO) is a natural candidate for improvement.
To help ease cost and revenue concerns, leading banks are looking to transform their AO activities at the enterprise level -- an undertaking which is markedly different from the traditional process-based improvements performed within the business unit silos of organizations. Component business modeling (CBM) is an approach which allows banks to launch this transformation and substantially improve efficiency levels by fundamentally restructuring today’s siloed organization.