Alex Lin, CEO
A slew of advanced products and services emerge from financial institutions every day, each promising to be better than the last. They launch expansive marketing campaigns to digitally promote their offerings to a tech-savvy client base. However, the real deal clincher in guaranteeing exceptional customer experiences is making these offerings easily accessible through digital channels at the exact moment a customer needs them. For this, financial institutions need to delve into years of client transactions to gain insights into their immediate financial requirements.
RawStone is redefining how financial institutions communicate with their present and potential customers, and deliver greater customer experiences. It powers the financial industry’s digital transformation through its robust customer communication and client lifecycle management (CLM) platform. RawStone enables financial institutions to effectively interact with customers over digital channels, gain an overview of their entire financial history, determine the exact financial products they require at each stage of life, and onboard clients in a fast, streamlined, and compliant manner.
“Our CLM platform digitally transforms the client journey from initial onboarding to ongoing lifecycle events, aiming to best assist financial institutions in delivering a seamless, compliant, digital experience for their customers,” says Alex Lin, founder and CEO of RawStone.
The CLM platform is Asia’s first customer lifecycle management platform purpose-built for financial institutions that enables them to provide individuals and SMBs access to financial products and services suited to their needs. The platform skillfully combines an in-depth understanding of customer needs with thorough research into the compliance norms applicable across different countries, such as Taiwan, Hong Kong, and China. It enables financial institutions to reap the full benefits of their digital marketing efforts, with a concurrent enhancement in customer experience.
Our digital onboarding system is designed to help financial institutions become much more customer-friendly and efficient while accessing KYC details for the different stages of the client lifecycle
RawStone’s efficient digital onboarding system is the vehicle through which financial institutions transform their marketing initiatives and campaigns into high return investments. It ensures their online onboarding process is highly efficient, regulatory-compliant, and customer-friendly, adding to the overall user experience.
Tapping Into A New Digital Communication Channel
RawStone’s solutions take into account the different stages of the customer’s journey with financial institutions. As they start by opening bank accounts, eventually becoming salaried individuals or business owners and applying for credit cards, loans, and mortgages, financial institutions need to track them throughout to pitch the right financial product for their present and future requirements.
The surest way of achieving this is to take into consideration their consolidated account statements, especially mobile digital statements. These are the key communication channels between customers and financial institutions that inform them of their customers’ spending habits and recurring payments.
This is what RawStone helps achieve through its CLM platform.
The platform is equipped with a new-generation mobile statement system that offers online transaction and account analysis services. By analyzing the statement data, financial institutions can market personalized content, and cross-sell and upsell financial products to targeted customers, suited to their requirements at that particular stage of life.
The Prime Pillar Of Customer Lifecycle Management
The unique RawStone CLM platform stands out with its “single view of the client” offering, which facilitates a consolidated view of the customer’s entire transaction history. This helps financial institutions offer multiple, online, onboarding services that include digital account opening, e-loan, credit cards, and mortgage applications. It comes with an easy-to use user interface supported on multiple digital devices such as mobile phones, tablets, and PCs.
Our CLM platform digitally transforms the client journey from initial onboarding to ongoing lifecycle events, aiming to best assist financial institutions in delivering a seamless, compliant, digital experience for their customers
RawStone is also equipped with a constantly updating know your customer (KYC) and anti-money laundering (AML) screening engine that eliminates potential risks in the onboarding process. That process is customizable to each applicant’s identity and type of account to be opened, with robust and regulatory-compliant identity authentication features. Its KYC/AML features are equally proactive in detecting risky customer profiles and transactions. Lastly, its customer data platform (CDP) delivers exhaustive data analysis of customers’ financial behavior patterns to financial institutions to help them manage their customer lifecycle better and improve the user experience of their digital journey.
RawStone also brings Data Analytica, a tool for calculating and reporting on transaction records analysis based on customers’ interactions with financial institutions. It conducts a two-way data exchange with data centers to ensure the integrity of the analysis. Simultaneously, Data Analytica integrates with RawStone’s CDP to improve customer profiles, which has a positive impact on cross selling rates and customer satisfaction.
As RawStone eases the digital onboarding process, the customer inflow increases by a huge margin, which might bring higher compliance risks associated with KYC and AML norms. To avoid this, RawStone procures customer data from the real-time databases of trusted organizations, such as Dow Jones or Thomson Reuters, and previous financial interaction data to determine their eligibility for particular services. This helps them gain deeper insight into the financial history and offer the customer the most suitable financial products.
“Our digital onboarding system is designed to help financial institutions become much more customer-friendly and efficient while accessing KYC details for the different stages of the client lifecycle,” says Lin.
Fostering Higher Roi Across Digital Channels
A fine demonstration of RawStone’s capabilities is an engagement with the banking behemoth HSBC. In a bid to augment the customer experience over digital channels and increase client acquisition, HSBC brought RawStone in to implement an integrated onboarding system.
To make their KYC processes more efficient, RawStone retained only the most essential fields, which made entering information from mobile phones easier for customers. However, it unexpectedly created compliance hurdles in onboarding customers with limited information, leading to operational inefficiencies and negatively affecting customer acquisition.
In response, RawStone redesigned the application process to become seamless, more informative, and compliant. From initial customer communication to onboarding, it made the process faster and more secure by employing robust KYC and AML measures. It also cross-checked with government agencies to confirm the details shared by the applicants and deployed a video confirmation tool to ascertain their identity. It assisted HSBC’s backend team in developing a case management process and digitally archiving all customer provided documents to ensure compliance throughout onboarding. All these measures led to an increase in customer applications by a whopping 70 percent.
Delivering Unparalleled Onboarding Efficiencies
As evidenced by the unmatched efficiencies HSBC gained, RawStone’s market-leading integrated digital onboarding system is much-needed support for financial institutions. The siloed systems prevalent in banking tend to prevent them from having a unified view of clients, which further hinders them from knowing customers’ lifetime transaction history and diminishes their cross-selling and upselling opportunities.
This is precisely what RawStone remedies, enabling financial institutions to be more efficient in their approach to gaining applicant details. RawStone collects all relevant customer data through its CDP from sources both internal and external to the financial, in a compliant manner, and assesses customers’ overall financial activities, helping prevent risk. It also requires fewer details from clients, making the onboarding process optimized and seamless. This allows institutions a singular view of customers without spending time and resources in integrating their siloed systems.
To further streamline the onboarding process, RawStone has technology in place to enable customers to restart an interrupted digital onboarding process with all their previous data safely stored, eliminating the need to re-enter the same information. This ensures customers can easily complete the onboarding process in a hassle-free manner.
Boosting Customer Experience With Cutting-Edge Technologies
Apart from its CLM platform, RawStone’s enterprise-level, Papyrus software plays an instrumental role in digitally transforming the insurance sector. The business document management software for insurance and insurtech firms manages the entire claims process in a transparent and easy-to-monitor manner. This enables insurers to deliver a heightened claims resolution experience from the first notice of loss to claims payment and closure.
Completing RawStone’s product line is Personetics, its industry-leading data analytics solution that empowers banks to improve their customer engagement. The AI driven, personalized campaign management solution enables banks to leverage customers’ financial data to promote efficient cross-selling and upselling, strengthen customer relationships, and drive business growth. It offers bank customers actionable insights, personalized recommendations, product-based financial advice, and automated financial wellness programs to help them achieve their financial goals.
At its core, RawStone’s impressive offerings are the result of its constant endeavors to gain substantial knowledge of the best methods to boost customer experience for financial institutions. Combining cutting-edge technologies and investments in its teams’ expertise and talent, RawStone is well-positioned to maintain its lead in customer experience management by facilitating digital transformation in the financial industry.