High-Volume Industries: Customer Onboarding at the Double

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In the cutthroat world of high-volume platforms, efficient customer onboarding can be the difference between thriving and barely surviving. One such business, a burgeoning marketplace based in Europe, faced an uphill struggle with an onboarding process that was working against them. 

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Relying on a manual, spreadsheet-driven system supported by an ever-expanding team of bean counters, they gradually became more and more hamstrung by blockages in the system. 

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Here, we look at the problem they faced, the innovative solution they implemented thanks to Detected, and the remarkable results that followed.

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The Problem: Manual Onboarding Bottlenecking Growth

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For the marketplace, the onboarding process was anything but streamlined. It was working with data fed into a spreadsheet, with a large – and expanding – team of people responsible for manually searching for and entering information. The data they came up with was used to calculate a risk score based on a complicated formula. 

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It was repetitive, to say the least, but coupled with the significant time required to approve each client, bottlenecks started to severely limit the company's growth potential.

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Worse still, not only was the process glacial, but errors and inconsistencies kept creeping in. With each new client requiring human intervention to gather and input numbers (which were then laboriously reviewed and scored), mistakes were commonplace. 

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It was a frustrating time: potential clients faced long wait times before their applications were approved, resulting in dissatisfaction, poor first impressions, and, in some cases, lost business.

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Despite the pain being endured by both the marketplace and its customers, the worst irony was that only minimal useful information was ever captured. Its creaking data capture protocols meant the company could not validate information provided by clients, meaning all that time invested failed to minimise risk.

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And the problems only continued after customers finally got approved: there were no systems in place to monitor clients and the marketplace couldn’t track changes in their status or compliance over time.

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The Solution: Leveraging Automation with Detected

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Thankfully, the company turned to Detected and we deployed a powerful, customisable tool designed to automate and streamline the onboarding process. 

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Overnight, the marketplace was able to transform their approach and achieve impressive results.

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1. Automated Approvals: A major change was the introduction of automated approvals. Based on custom compliance rules, Copilot was able to process and auto-approve 59% of customers within just five minutes. The turnaround drastically reduced manual workload for the team, introduced serious efficiencies, and enhanced customer experience.

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2. Streamlined Case Management: For the remaining 41% of customers who required manual review, Detected provided a comprehensive case management system. All relevant data was presented in a single, easy-to-analyse company profile, allowing compliance to complete reviews efficiently and accurately.

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3. Continuous Monitoring: Another leap forward was the implementation of continuous monitoring. Ongoing protection was ensured by alerting the compliance team as to any changes in the status of onboarded clients. This proactive approach allowed the company to maintain high standards of compliance long after onboarding.

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Outcomes: Faster Onboarding and Increased Revenue

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The impact was profound. By automating processes, the company saw a big increase in efficiency and a reduction in time to revenue. Notable outcomes included:

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1. High Auto-Approval Rate: With 59% of customers being auto-approved within five minutes, the company could onboard new clients faster than ever before. This ultimately allowed the company to scale faster.

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2. Decreased Time to Revenue: Streamlining led to a 28% decrease in time to revenue. Faster onboarding meant that new clients could start generating revenue sooner, boosting the bottom line.

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3. Improved Data Quality and Compliance: Comprehensive data collection and continuous monitoring ensured first class data quality and compliance. This not only mitigated risks but enhanced the company’s reputation in the market.

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Broader Implications: Efficient Onboarding in High-Volume Industries

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The success of this European marketplace highlights the broader implications for high-volume industries. Efficient onboarding is not just about speed; it's about creating a seamless, automated process that balances the need for thorough compliance checks with the demand for rapid approval times.

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In high-volume industries, where the sheer number of new clients can be overwhelming, automation is key. Tools like Copilot by Detected transform labour-intensive processes into streamlined workflows, freeing up valuable resources and allowing companies to focus on customer satisfaction and growth.

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To find out more about how Detected can support your business, please get in touch with one of the team. We’re excited to show you what it can do.

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“Efficient onboarding is not just about speed; it's about creating a seamless, automated process that balances the need for thorough compliance checks with the demand for rapid approval times.”

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Copilot was able to process and auto-approve 59% of customers within just five minutes.

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