↑TAT: It used to take 3 days to onboard a customer!
TAT↓: Customers are now onboarded within 3 hours!
Error prone: Manually filling forms is an error prone process. Any such mistake meant that the customer had to redo the entire process
Zero mistakes: Customers can fill all forms digitally now. Mistakes, if any, can be rectified immediately
Dissatisfied customers: High TAT and an error prone application process led to customer dissatisfaction.
Happy customers: Fully digital flows are not just easier to manage for VNS, but also give their customers a smooth and high end
Productivity is hampered: Employees had to spend time hand holding the customers through the account opening process
Getting in more customers: VNS’ salespersons are now liberated from paperwork and can focus on their actual job - getting in more customers
Inaccessible process: Customers who did not have access to printers or courier services could not be onboarded with VNS. Further, printing all the application forms was a costly proposition for the customers
Reach customers anytime anywhere: Customers can now get onboarded from anywhere - all they need is an internet connection
Storing paper is a hassle: Storing physical paper forms and documents was a business risk, prone to theft, loss and damage
Access all documents in one place: VNS can easily store and retrieve any document from their document management server
VNS Finance and Capital Services Limited was facing these problems earlier because, as a SEBI registered discount broking firm, it was required to collect executed copies of the following paper based documents to onboard a customer:
→ A 30 page account opening form
→ Self attested KYC documents (PAN card, Bank statement and Address proof)