Optimizing Customer Onboarding

A project was carried out in a leading NBFC to streamline the customer onboarding process. By reducing the average onboarding time from 15 to 7 days and increasing customer satisfaction from 70% to 90%, the company was able to decrease onboarding-related attrition from 12% to 5%. Key initiatives taken included process mapping, upgrades to the automated onboarding platform, standardization of procedures and staff training. Project outcomes were annual cost savings of INR 1.2 lacs, additional revenue of INR 8.4 lacs from reduced attrition and accelerated revenue recognition.