Reduction in drop offs
Increase in TTR
Background and Problem
A Cypriot payments platform that operates an aggregated payment gateway suffered tremendously from customers not completing the onboarding process.
Prior to using Cellbunq the process of onboarding customers went through the traditional manual process of a compliance officer sending out a request for documents and information to the customer.
Once the customer had submitted the requested documents and information the compliance officer was stuck trying to make sense of the unsorted information and request additional missing or complementary information from the customer.
Part of the information and documents requested included:
- Director/shareholder experience
- Proof of physical office
- Financial statements
- Business Licence
- Operating agreements
What was the impact of the problem?
The manual process of gathering and analyse all the requested documents resulted in a poor conversion of clients and a big amount of customer drop-offs.
- Compliance officers had to spend significant amount of time chasing the customers for additional documents and information.
- Compliance officers had to Analyse different types of documents in multiple formats that required unnecessary time spent on organising and creating a structured format of applicants.
- Increased cost for the company due to additional hires of experienced employees to manage onboardings.
- Due to a cumbersome process the company experienced drop-offs as high as 30% once a client had started the onboarding process.
How Cellbunq managed to solve the problem
Through Cellbunq the client managed to build their entire onboarding process through one single no-code link. In fact, the client managed to build multiple onboarding processes to have different flows for different client industries.
Instead of spending manual time analysing and requesting the information and documents, the compliance officers now spend their time analysing a completed onboarding profile that has all the information in a structured and easy-to-understand format.
Since switching to Cellbunq the company has seen a significant reduction in customer drop-offs by an average of 25%. It has also boosted their compliance officers productivity with a centralised view of all the information and resulted in an increase in time-to-revenue (TTR) by 167%.