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Treasury Onboarding Survey Results AFPA Summit June 11, 2014

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Treasury Onboarding Survey Results. AFPA Summit June 11 , 2014. Agenda. Treasury Strategies Survey: Paperless Onboarding Impact on Customer Satisfaction Implementation Pain Points Improving Implementation Using Technology Key Takeaways What Should Paperless Look Like? Overview - PowerPoint PPT Presentation

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Page 1: Treasury Onboarding Survey Results

Treasury Onboarding Survey ResultsAFPA SummitJune 11, 2014

Page 2: Treasury Onboarding Survey Results

Agenda

• Treasury Strategies Survey: Paperless Onboarding– Impact on Customer Satisfaction– Implementation Pain Points– Improving Implementation– Using Technology – Key Takeaways

• What Should Paperless Look Like?– Overview– Benefits– Results – Case Study

• Q&A

2 AFPA Summit • June 2014

Page 3: Treasury Onboarding Survey Results

Treasury Strategies Survey

• Commissioned study with TSI in July 2013

• Gain a better understanding of the impact of the complexities and inefficiencies related to treasury onboarding

3 AFPA Summit • June 2014

• 19 Banks and 20 Corporations responded• Titles included head of Treasury Management,

Implementations, Product Management and Sales• Corporations $500M+ in revenue; Banks $5B+ in assets• Titles included Treasury Manager, Controller and Treasurer

Page 4: Treasury Onboarding Survey Results

Satisfaction With TM Onboarding

Q: How satisfied are you with the time it takes your bank to implement a new service?

4 AFPA Summit • June 2014

Large Corporate Small Corporate1

2

3

4

5

3.93.6

3.4

2.9

3.5

2.7

Simple Moderate Complex

Corporations feel there’s room for improvement in their bank’s TM Onboarding process.

• Small corporations are less satisfied with the time it takes to implement a new service

• The more complex the service, the less satisfied corporations are with the process

Corporations ($2B+) Corporations ($100M - $2B)

(Scale: 5 = Very Satisfied 1= Very Dissatisfied)

Page 5: Treasury Onboarding Survey Results

Banks Also See Opportunity to Streamline and the Rewards are Great

Q: Is there opportunity to accelerate revenue by shortening implementation cycle time?

5 AFPA Summit • June 2014

Large Bank Small Bank0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

NoYes

90% of banks believe there is opportunity to accelerate revenue by shortening implementation cycle time.

Banks (Assets $5B - $100B)

Banks (Assets $100B+)

Page 6: Treasury Onboarding Survey Results

Banks Also See Opportunity to Streamline and the Rewards are Great

Q: Will improving the implementation process free up your sales force to generate more sales?

6 AFPA Summit • June 2014

If the implementation process is shortened, almost 70% of banks believe it would free up their sales force to generate more sales.

68%

32%Yes No

Page 7: Treasury Onboarding Survey Results

Currently, the Onboarding Processis Often Painful

• Lack of clear view into implementation status• Poor communication with bank• Too many paper forms• Implementation process too lengthy• Redundant information requested by bank

7 AFPA Summit • June 2014

Corporations are experiencing pain in every area listed below more than ½ the time:

Page 8: Treasury Onboarding Survey Results

Which Services Hurt the Most?

Wholesale Lockbox

Retail Lockbox

Online Banking

ACH

Remote Deposit

Wire

1 2 3 4 5

3.6

3

2.8

2.3

2.1

2

3.4

3.6

2.9

2.7

2.8

3 Corporations ($2B+) Corporations ($100M - $2B)

8 AFPA Summit • June 2014

Q: Which services are the most painful to implement?

Retail and Wholesale Lockbox solutions are most painful to implement. They generally have the longest implementation times.

(Scale: 5 = Very Painful / Difficult 1 = Little Pain)

Page 9: Treasury Onboarding Survey Results

Corporations Blame Their Pain on Banks

Q: Describe your greatest implementation pain points.

9 AFPA Summit • June 2014

Communication (status reports, transparency, etc.)

Failure to meet promises

Implementation time/delays/speed of error resolution

Documentation (ease, delivery)

Lack of knowledge from bank employees

Accuracy of information

Internal resistance to change/lack of knowledge

Internal resource availability

0% 5% 10% 15% 20% 25%

20%

20%

20%

15%

10%

5%

5%

5%

Corporations say their greatest pain points derive from bank deficiencies rather than internal issues.

Page 10: Treasury Onboarding Survey Results

10 AFPA Summit • June 2014

Paper is the Greatest Challenge

• Q: How often do you experience the following pain points?

Missing documentation

Implementation date is missed

Delays caused by poor internal bank communication

Keying errors

Customer is dissatisfied with communication

Delays caused by use of paper

1 2 3

2.0

2.3

2.3

2.3

2.5

2.7

2.0

2.3

2.8

2.8

2.9

2.9

Banks (Assets $100B+) Banks (Assets $5B - $100B)

(Scale: 5= Very Often 1= Not Often at all)

Page 11: Treasury Onboarding Survey Results

Banks Need Help Managing/Gathering Documents

Q: Describe your greatest implementation pain points.

11 AFPA Summit • June 2014

Missing documentation/gathering efforts

Coordination with customer

Manual controls

Tracking status

Test documents or files

Cycle time/time to revenue

Lack of solution

Lack of business knowledge (IT&Ops)

Training customer

Paper

Lack of self service

0% 5% 10% 15% 20% 25%

22%

16%

15%

12%

11%

8%

7%

3%

2%

2%

2%

“Outdated home-grown platform used today. No workflow capabilities, no doc image retention, virtually zero status reports.”

Page 12: Treasury Onboarding Survey Results

Better Communication is Necessary

Q: How often do you experience poor communication with your bank?

12 AFPA Summit • June 2014

Large Corporates Small Corporates 1

2

3

4

5

3.5 3.4

Corporations ($2B+) Corporations ($100M - $2B)

Corporations experience poor communication with their banks more than 50% of the time throughout the implementation process.

(Scale: 5= Very Often 1= Not Often at all)

Page 13: Treasury Onboarding Survey Results

How Can Satisfaction Be Improved?

Q: Rate the following implementation qualities.

13 AFPA Summit • June 2014

On-time implementation

Accuracy of the information

Clarify of roles and responsibilities

Ease/convenience of process

Transparency/clear view into implementation status

Internal costs/personnel time

1 2 3 4 5

4.5

4.5

4.4

4.2

4.1

4.1

4.1

4.4

3.9

3.9

4.3

4.1

Corporations ($2B+) Corporations ($100M - $2B)

Corporations have high expectations. All aspects of the onboarding process are important to them.

(Scale: 5= Very Important 1= Not Important)

Page 14: Treasury Onboarding Survey Results

Implementation Affects Future Business

14 AFPA Summit • June 2014

Large Corporate Small Corporate3.53.63.73.83.9

44.14.24.34.4

3.8

4.3

44.1

Initial Service Subsequent Service

Corporations rated the TM Onboarding process a 3.8+, as having a substantial impact on the initial sale as well as impacting their future buying behavior.

Q: How important is implementation to winning business and what impact does it have on your buying decision?

Chart based on a scale from 1-5 (5 = very strong impact, 1 = little impact)

• Implementation, overall, has a larger impact on winning business and future buying decisions for small corporations.

• Large corporations are more likely to base future buying decisions on how well their initial implementation went.

Corporations ($2B+) Corporations ($100M - $2B)

Page 15: Treasury Onboarding Survey Results

What’s Missing in Banks’ Technology?

15 AFPA Summit • June 2014

Q:Which of the following does your bank use for implementation?

Automated Workflow

Web-Based Dashboard

Electronic Forms for Contracts and Setup Documents

Automated Progress and Risk Notifications/Alerts

Electronic Signatures for Contracts

Ability to Generate Forms and Capture Signatures on iPads or Tablets

0% 20% 40% 60% 80% 100% 120%

100%

75%

75%

25%

0%

0%

57%

43%

43%

14%

0%

0%

Banks $100B+ have more sophisticated tools, but are they using them? Mid-sized banks need to catch up. No respondents claimed to support electronic signatures or iPad capabilities.

Banks (Assets ($100B+) Banks (Assets $5B - $100B)

Page 16: Treasury Onboarding Survey Results

Corporations are Receptive to New Technology

Q: Are electronic documents an acceptable alternative to paper?

Q: Would you be more satisfied with the implementation process if it could be sped up by using an iPad or tablet?

16

Yes69%

No26%

Partial5%

Yes 55%

No 45%

AFPA Summit • June 2014

Almost 70% of corporations view electronic documents an acceptable alternative to paper. Over 50% of them believe the use of an iPad would improve their satisfaction level.

Page 17: Treasury Onboarding Survey Results

Are Banks As Receptive to Technology as Their Customers?

17 AFPA Summit • June 2014

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

80%61%

Yes No

Q: Would your bank use an iPad or tablet to gather data and signatures?

Banks overwhelmingly agreed that they would use an iPad/tablet application in the onboarding process to gather data and signatures.

Banks (Assets ($100B+) Banks (Assets $5B - $100B)

Page 18: Treasury Onboarding Survey Results

Most Valuable Solution Components

18 AFPA Summit • June 2014

Large Corporates Small Corporates12345

4.6 4

Corporations ($2B+) Corporations ($100M - $2B)

Large Corporates Small Corporates12345

4.2 3.4

Corporations ($2B+) Corporations ($100M - $2B)

Q: Rate the value of using a workflow tool.

Q: Rate the value of using a dashboard tool.

Q: Rate your willingness to use web-based self-servicing.

Q: Rate the value of using an online dashboard tool for status updates.

All segments viewed a dashboard tool and workflow as important. Smaller corporations, however, were less likely to engage in self-service activities than their larger counterparts.

Banks (Assets $100B +) Banks (Assets $5B - $100B)

12345

4.7 4.4

Banks (Assets $100B +) Banks (Assets $5B - $100B)

12345

5.0 4.6

(Scale: 5= Very Valuable 1= No Value)

Page 19: Treasury Onboarding Survey Results

What’s Most Important to Banks When Purchasing an Onboarding Solution?

Q: Rate the most important attributes of an implementation solution.

19 AFPA Summit • June 2014

All banks see value in analytics. The most important aspect to smaller banks is a true paperless implementation, and one that can be leveraged across other departments.

Ability to leverage solution in other departments

Paperless implementaion (convert paper to electronic)

Support for compliance activities

Value added analytics/ dashboard

1 1.5 2 2.5 3 3.5 4 4.5 5

3.5

4.3

4.3

4.5

4.6

4.8

4

4.5

Banks (Assets $5B - $100B) Banks (Assets $100B +)(Scale: 5= Very Important 1= Not Important)

Page 20: Treasury Onboarding Survey Results

20 AFPA Summit • June 2014

What Corporations Are Saying

• Most responses revolved around a lack of subject matter knowledge within bank groups and issues with data gathering efforts on the bank side.

• “It doesn’t seem like anyone at the bank really understands the whole implementation process.”

• “Banks should know their product – the sales department is often not versed in the details of implementation.”

• “We run into a common problem where signature cards we submit are not evidenced by the bank at later dates.”

• “Present all elements required to fully implement the service up front, as opposed to obtaining the data in pieces.”

• “Some issues are coming from the new banking regulation compliance that is making things more complex to establish accounts, services, or even close an account.”

Page 21: Treasury Onboarding Survey Results

Key Takeaways – Bank Survey

• The greatest pain point that banks experience regardless of size is the use of paper in the implementation process.

• Banks see an opportunity to accelerate revenue through shortening the implementation cycle.– 90% of banks surveyed believe they can accelerate revenue by shortening their

implementation cycle time• Banks see an opportunity to free up sales resources by improving

the implementation process.– 70% of banks surveyed believe improving the process will free up their sales force

to generate more sales• Internal communication is seen as a major detriment to bank

implementation processes.• Small banks in particular cited more pain with implementation

processes.• No banks [surveyed] currently use eSignatures or iPad/tablet

applications for implementation, however, there was overwhelming interest in such applications.

21 AFPA Summit • June 2014

Page 22: Treasury Onboarding Survey Results

Key Takeways – Corporation Survey

• Implementation services have a strong impact on the buying behavior of corporations.– 3.8+ out of 5 as having a substantial impact on the initial sale, as well as

impacting future purchases• Corporations’ greatest pain points are bank deficiencies

rather than internal issues.• Smaller corporations experience more pain when

implementing TM solutions.• Corporations see the value of using technology that will

improve the implementation process (e.g., self-service tools, electronic documents and signatures, iPad/tablet applications, etc.).– Over 75% prefer electronic documents to paper-based– 55% believe using an iPad would improve satisfaction

22 AFPA Summit • June 2014

Page 23: Treasury Onboarding Survey Results

23 AFPA Summit • June 2014

What should Paperless Look like?

A The Sales Meeting: Improve Onboarding for new & existing clients.

B Multi-task on Autopilot: Solution workflow eliminates redundancy.C

D

E

F

G

+

Consider Compliance Covered: Streamline the auditing process.

Give Satisfaction, Gain Opportunity: Satisfied clients spur new potentials.

On-Demand Analytics: Improves communication between you & your clients.

Dashboard Deliverables: Simple, clear progression updates.

Page 24: Treasury Onboarding Survey Results

The Sales Meeting: New Client, Automated Onboarding

Collect data from new clients anytime, anywhere, with iPads & other mobile devices• Generate agreements

automatically–Standard agreement

templates can be generated on-the-fly

–Complex/consolidated agreements can be sent back to a mobile device or made available online

24 AFPA Summit • June 2014

Page 25: Treasury Onboarding Survey Results

The Sales Meeting: New Client, Automated Onboarding

Enter data once and apply to agreements & set-up forms• Sign & submit

–Sign & review documents on the iPad or online

– Instantly send secure documents to downstream processes

25 AFPA Summit • June 2014

Page 26: Treasury Onboarding Survey Results

The Sales Meeting: Easier for Existing Clients

The benefits of going paperless extend beyond new clients• Current customers can

sign-up for new services online

• Data from their existing services can be applied to new services

• Improve & enhance their Onboarding experiences

• Make new impressions on established relationships

26 AFPA Summit • June 2014

Page 27: Treasury Onboarding Survey Results

Multi-Task on Autopilot

• Business rules ensure consistent processing – designed using 250+ predefined workflow rules without development

• Repetitive tasks are eliminated through automation

• Multiple implementation processes can occur in parallel

27 AFPA Summit • June 2014

+

Page 28: Treasury Onboarding Survey Results

Multi-Task on Autopilot

• Email/mobile integration for all workflow decisions

• Forms designed & implemented without development–Quickly deployed by

business users including validation

28 AFPA Summit • June 2014

C+

Page 29: Treasury Onboarding Survey Results

Dashboard Deliverables

A clean, simple dashboard view delivers: • 24-7 access to your

customer’s onboarding status & progression

• Progress notifications can be sent internally and to the customer

• SLA warning notifications can be sent to operations and Treasury Sales Officers 

29 AFPA Summit • June 2014

D

Page 30: Treasury Onboarding Survey Results

Compliance – Consider it Covered

• Reduce audit efforts • Ensure all required signatures are captured

• Safeguard appropriate access to sensitive information• Easily identify customers who require updated agreements

• Automate the collection/review/distribution processes

30 AFPA Summit • June 2014

E

Page 31: Treasury Onboarding Survey Results

On-demand Analytics, Improved Communication

If problems do occur, surprises won’t• Identify potential bottlenecks

that may delay the go-live date

• Immediately notify clients and stakeholders of issues

• Real-time information empowers clients & stakeholders to make informed business decisions

• Exceptions, pipeline & productivity statistics generated automatically

31 AFPA Summit • June 2014

F

Page 32: Treasury Onboarding Survey Results

Give Satisfaction, Gain Opportunity

32 AFPA Summit • June 2014

Clients are involved & informed• More opportunities to

cross-sell develop when Onboarding is:–Easier–Less work–Delivered on-time–Revenue is accelerated by

up to 35%

G

Page 33: Treasury Onboarding Survey Results

Beyond Treasury

33 AFPA Summit • June 2014

A. CONSUMER RDC: Scan checks at home with a simplex flatbed scanner or all-in-one print/copy/fax machine.

B. PAPERLESS: Remote signatures via iPad or Web for loans, new accounts, etc.

C. MERCHANT: Capture payments/deposits from the office with a high-speed MICR scanner, simplex flatbed scanner or all-in-one print/copy/fax machine.

D. PAPERLESS: Remote signatures via iPad or Web for loans, new accounts, treasury, contracts, etc.

E. MOBILE RDC: Deposit checks, on-the-go, through camera-equipped smartphones.

K. HUMAN RESOURCES: Apply digital signatures to legal documents/forms and eliminate the need for physical storage.

L. FINANCE: Store records digitally and integrate all information for easy approval and auditing.

M. TREASURY MANAGEMENT: Apply electronic signatures to agreements online or on a mobile device, then route them and set up forms through workflow for approvals and implementation.

N. WEALTH MANAGEMENT: Apply electronic signatures to documents while protecting and securing vital records for immediate availability and automated validation.

F. ATM: Transactions without envelopes, cash tickets or deposit slips.

G. TELLER & BACK COUNTER: Capture transactions for instant availability/tracking, while enabling simple balancing centrally or at the branch.

H. LOAN AND NEW ACCOUNTS DESK: Electronic signatures and automated capture accelerate business processes.

I. THROUGHOUT THE BACK OFFICE: Front line automation makes docs available immediately for retrieval while automated business rules reduce manual tasks.

J. WIRE TRANSFERS: Approve wires faster and maintain a full audit trail.

Page 34: Treasury Onboarding Survey Results

WAUSAU Paperless Treasury Discovery

Identify:• Corporate & departmental goals• Potential efficiency gains/process improvement opportunities• Duplicate data entry & redundant manual validation steps• Paper based float• ROI factors• Compliance & risk reduction opportunities• Visibility concerns

34 AFPA Summit • June 2014

Page 35: Treasury Onboarding Survey Results

Case Study - $30+ Billion Institution

• 19 Sales Officers & 4 Regional Officers utilize SalesForce – No downstream integration – data requires duplicate entry & opportunity

for error– Paper based signature processes for customers requiring “stacks” of

paper• 13 Analysts Averaging 3 Work Orders/Day

– Manually validate work order information from sales– Manually create application to collect remaining information– Manually tracking processes via Excel spreadsheets

• Documents are printed 2-3 times throughout the process• Difficulty finding order status, requires calls or emails• Audit processes require manual review of documentation

35 AFPA Summit • June 2014

Page 36: Treasury Onboarding Survey Results

Anticipated Results

• 75% reduction in paper generation & associated lease expenses– Average cost of 3.5 cents/page, 30 pages/order 80% reduction in

scanning & indexing activities for Synergy– Electronic document import

• Overall Onboarding process improvement of 35% – Direct time to revenue improvement– TMSA efficiency gains of 30%

▪ 13 FTEs @ $16/hour ~ $120,000/year• 50% reduction in manual audit activities

– Required documentation exists?– Customer signatures on file?– Identification of agreements that require modifications/new signatures– Document preparation/collection activities

36 AFPA Summit • June 2014

Page 37: Treasury Onboarding Survey Results

Implementation Approach/Timeline

• Detailed Project Discovery/Scope Definition: 3-4 Weeks– Customer Requirements Document– Customer Training; System Administration & Workflow

• Integration Customization: 3-4 Weeks– CRM Data Lookup– Enterprise Content Management Solution Export– Product Setup Formats

• Solution Configuration: 4-6 Weeks– WAUSAU Testing

• User Acceptance Testing: 2-4 Weeks– System Admin & End User Training

▪ Train the Trainer Training– Solution Feedback & Modification

• Initial User Group Go Live• Full Rollout• 3-6 Month Project Review

37 AFPA Summit • June 2014

Page 38: Treasury Onboarding Survey Results

Questions?

38 AFPA Summit • June 2014

Page 39: Treasury Onboarding Survey Results

AFPA Summit • June 201439