Since the onboarding process is the initial point of contact with a customer, streamlining it and making it user-friendly is critical to customer satisfaction and retention. Also, in response to government regulations such as FATCA (Foreign Account Tax Compliance Act), KYC (Know Your Client) and AML (Anti-Money Laundering), financial institutions are challenged with gaining insights from onboarding documentation related to both retail and institutional customers.
With its ability to correlate structured and unstructured information, MarkLogic enables the search and retrieval of existing documentation, making the onboarding process more customer-friendly by eliminating redundancies. It also enables banks to access the troves of information locked inside the onboarding documents for analysis and regulatory compliance purposes.
Improve Customer Retention While Complying with New Regulations
In the landscape of diversified systems across departments and geographies, onboarding new customers is a long and complex process. Additionally, banks are faced with new regulations requiring access to specific information contained in onboarding documentation (such as nationality).
With MarkLogic, the only Enterprise NoSQL database, onboarding documents become fully indexed and searchable and can easily be correlated to customer information systems and other sources of structured information. This allows for greater customer insights and analytics against this data, and enables a more streamlined onboarding process.
Agile Access to Unstructured Information
Since MarkLogic stores all data as document-centric XML, it eliminates the need for a rigid data model, alleviating a tremendously time- and resource-consuming effort. For example, a scan of a customer’s passport would not conform to a data field in an RDBMS. However, an OCR-equivalent that has been semantically-enriched and indexed, can be easily accessed using MarkLogic. To assure compliance with FATCA, a search of Passport and Nationality would quickly ascertain whether or not the customer is American.
MarkLogic is built on a horizontally scalable, shared-nothing architecture, able to handle sub-second search on millions or even billions of records. As the only Enterprise NoSQL database, MarkLogic is also fully transactional, ensuring that all updates are processed reliably.
Benefits of Using MarkLogic for Customer Onboarding
- Increase speed and success rate of onboarding new customers across product lines and geographies
- Enhance customer relationships with deeper insights of their wants, needs, and prior interactions
- Improve search with a consolidated view of all customer data into a single search results list
- Reduce costs and improve accuracy of customer onboarding
- Comply with new regulations requiring access to onboarding documentation