Leading commercial bank
Enhancing customer experience through a comprehensive banking platform.
Credera partnered with one of New Zealand’s leading commercial banks to bolster their customer experience for over 1.3 million customers.
At a Glance
A leading commercial bank based in New Zealand partnered with Credera to revamp their banking platform and improve their customer journey. We deployed NextGen contract lifecycle management (CLM) to enable smooth onboarding and dynamic verification processes, fixing repetitive, complex challenges the bank faced on their previous platform.
The Challenge
Delayed time-to-market, complex processes, and a disjointed, outdated system.
The bank’s previous banking platform created several challenges that led to low ROI, struggling customer retention, and disjointed processes throughout the customer journey:
Delayed time-to-market due to repetitive and complex compliance reviews
Lack of streamlined processes to onboard new customers
Lack of visibility on customer onboarding status
Lack of a centralized system to provide up-to-date information to all stakeholders
Legacy systems for updating critical customer information
Delayed throughput due to multiple follow-ups from various stakeholders
Disintegrated tools limiting enterprise systems
The Solution
An innovative, connected contract lifecycle management platform.
Credera implemented NextGen CLM to address the bank’s biggest customer experience challenges and give them a modernized, scalable platform that would flex alongside their growing business.
Our teams improved process efficiency for transparency and traceability and enabled the bank to orchestrate enhanced customer experience with improved data integrity, accuracy, and speed.
The Results
Better customer retention and improved consumer experiences.
As a result of our partnership, the bank saw the following:
Enhanced customer interactions, with 40% reduction in onboarding time
Improved process efficiency and customer experiences
Enabled customers to onboard faster in an intuitive, accurate and compliant manner
Enabled customers to easily update their compliance-related information
Provided a single view of compliance and onboarding status of each customer
Guided each customer’s compliance requirements
Improved data integrity, accuracy, and speed of onboarding with an audit trail for compliance and security
Simplified Know Your Customer (KYC) and risk assessment for transparency and traceability
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