Customer-Centric Originations: Origination Challenges and ... - Oracle · Enable cross-channel...

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[1] Javelin Report, "Opening Online Bank Accounts (OAO): When It Comes to Consumers, Failure Is Not An Option," October 2011 <javelinstrategy.com/news/1282/92/Opening-Online-Bank-Accounts-When-It-Comes-to-Consumers-Failure-Is-Not-An-Option/d>

Customer-Centric Origination

Origination Challenges and SolutionsORIGINATION CHALLENGES

ORACLE CAN HELP

BENEFITS: INCREASED REVENUE

BENEFITS: REDUCED COST

Customer Expectations Have Changed

The equilibrium of the relationship has �emphatically shifted �to the customer

Product-Centric Approach

Too many origination solutions are product- and channel-specific

Inflexible ProcessesBecause of inflexible processes, 68% of new account origination still happens in the branch1

High Abandonment Rates

Only 53% of online financial product applications were successfully opened and funded1

Grow Customer Wallet Share

Increase products per customer, cross-sell/up-sell rates

Reduce Revenue Leakage

Accurately calculate and price customer solutions

Reduce Abandonment Rates

Enable reuse of existing information and provide more “once-and-done” capability

No Single Source of TruthBanks have multiple sources for customer data, product data, and documents

Complete Process

Comprehensive Product Support

Originate all types ofbundled product offeringswith relationship-basedpricing and centralized limits and collateral management

Engage with Prospects

92% of new accountsare researched online…engage with customers1

Provide Customer-Centric Solutions

Don't push products, propose solutions

Omnichannel Interactions

Enable cross-channel execution to optimize customer experience

Process EfficiencyBest practices lead to more efficient and productive operations

Enhanced Transparency, Better KPIBetter management and organizational performance

IT SimplificationConsolidation of IT assets

CustomerIn

Channel Services

Customer-Centric Processes

Customer-Centric

Origination

Commercial Lending

CreditCards Deposits

ConsumerLoan

Mortgage

CIF

Monitor and Manage

Prospect Assess Need Manage Application

StructureOffer

ExecuteOffer

Wowme!

Empowerme!

Knowme!

Manage the complete end-to-end customer on-boarding process

Product OutProduct Out

Credit CardChecking Mortgage