Analytics for product marketing campaigns

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Reference no: EM132840550

Recommendation: draft your deliverables as per questions in the case study before selecting the answer.

We are a large financial institution and offer multiple types of chequing and savings accounts to our customers. Customers usually meet with an client service representative (CSR) at the branch or speak to an agent on the phone.

A recent customer satisfaction survey conducted by the customer experience team revealed that our new and existing customers find the process of opening accounts too slow and inefficient. A quote from the customer survey: "I already have an existing account with you. Why does it take me so long to open my RRSP or TFSA account if I am existing customer?" Further analysis revealed that the customers are choosing to open their new accounts elsewhere. Our typical growth of new accounts of 10% year over year has slowed to 7%. If this trend continues, in 12 months we will have only 5% growth of new business year over year, which is not acceptable. We need to reverse this trend and increase our growth of new accounts to 15% within two years.

Retail Sales department would like to automate our manual account opening process. Today, when customer comes to the branch CSR completes the paper application for them and then faxes it to the Operations department who keys it into the account book of record. Between faxing and manual re-keying the process is error-prone and can take anywhere from 24 hrs to 7 days. To improve account opening process, we will be building a new Onboarding System. This will allow for a faster turnaround for the processing of the customer's account opening and will help us improve customer experience.

During a requirements workshop conducted by your team your stakeholders told you the following: 

1. CSRs can open new accounts online and provide the customer with their account number instantaneously. This process will be automated. 

2. When the customer request to open a new account, the CSR must first check if they are already a customer of the bank. If so, customer must authenticate themselves by providing their bank card and PIN. If the customer is not a customer of the Bank, the CSR will need a government issued photo ID such as Driver's License to draw an account. Existing customers would not need to provide this if they want to open another account.

3. For the customers who are customers of the Bank, the Onboarding System will have information on all customers' accounts sourced from the Customer Profile System. 

4. Application for new accounts for both new and existing customers will be completed electronically by the CSR.

5. As part of account opening procedure, the CSR will need a signed copy of account application form. The customer keeps their copy and CSR scans the copy into the Content Management System and destroys the paper copy. Once account is opened in the Customer Profile System the customer will receive a Welcome Package in the secure customer portal. Today, customer receives this package in the mail.

6. Marketing has a new requirement to receive a monthly report on the number of accounts opened based on the geographies, by account type, so that they can incorporate this information into the analytics for product marketing campaigns. 

  1. Goals/Objectives and Problems/Opportunities
  2. Context Diagram: Consider the following
  3. Solution 
  4. Actors and Entities - identify the people and systems that will interact with the solution (this can be done through the system, process, etc.)
  5. Information Flows
  6. User Stories/HLRs - What are the User Centric activities to be addressed in current state
  7. Future State Process - how will the process work in future state, and who will be involved in the execution of tasks

Reference no: EM132840550

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