IBS Journal July – August 2015
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clear view of the client and the steps that need to be taken. It also enables a compre- hensive onboarding process that is clear for everyone involved, both on the bank and customer sides. ‘So now I know the cus- tomer, I know the pricing, I know whether I can offer a discount, for example, and I can start generating documents for onboard- ing. I will then get the required billing info, all on a consistent screen.’ Cowan adds that ‘Zafin enables the
business to carry out tasks such as creating new products without any involvement of IT, which is a major change from the previ- ous set-up’. A relationship manager can now cal-
culate the profitability of the custom- er upfront and how the revenue might change if some parameters change, includ- ing how it will impact the relationship manager’s bonus at the end of the year. ‘So not only do you change the client experi- ence, but you also change the entire rela- tionship culture, how the relationship man- agers deal with their clients and how they price the risk,’ Cowan states.
What’s next?
The next step is to bring further automa- tion to customer-facing solutions, says Cowan. ‘We are creating a new channel that will enable our clients to fully bypass the branch.’ New online and mobile capabil- ities will enable clients to select and sign up for products and services via digital channels, ‘all in one stream’, he says. ‘This is where technology is absolutely crucial.’ A prototype for a new-generation client onboarding experience has already been built, with all the documents created in an e-format. ‘So all can be done without any intervention from us – that is a huge difference.’ There is also a ‘data maturity’ project
Commerce Court, Toronto © Taxiarchos228, Wikipedia
underway at CIBC, which is being carried out together with IBM. ‘Data is our first and foremost piece,’ Cowan states. Struc- tured and unstructured data is collected, analysed, disseminated and fed into the Zafin platform, CRM and other systems, including regulatory and customer report- ing applications. There are thresholds that can be turned on and off, depending on what data is required. ‘Perhaps the next step would be to include social media data,’ Cowan muses. ‘This is where the concept of “big data” really comes into play.’
© IBS Intelligence 2015
www.ibsintelligence.com 39
case study: cibc
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