Macquarie Bank
Enhancing a Private Banking service
Overview
The onboarding process for high net worth clients at Macquarie Private Bank was carefully crafted through a thorough CX discovery process. This case study highlights the essential steps, documents, and coordination in establishing accounts, handling asset transfers, and guaranteeing client contentment in the initial 90 days of the new client relationship.
CX Discovery Process
Service blueprint and job maps: The service blueprint covered the end-to-end journey and stages like "Define Roadmap," "Access and Collect Information," and "Prepare Documents." Job maps detailed tasks such as collecting client details, managing expectations, and processing documents, providing a detailed view of roles and tools used.
Process maps: Detailed process maps showed each step in the onboarding journey, like form ID, document processing, and account setup. For example, the account opening map explained collecting client details, finalizing account setup, and solving issues like certified copies and manual errors.
Personas and pain points: During early discovery, personas like "The Accumulator," "The Retiree," and "The Potential Strategic" were created to represent client segments. These personas helped identify specific needs and pain points. For example, "The Accumulator" faced wealth lock-in and time constraints, while "The Retiree" required easy cashflow solutions and struggled with digital channels.
Common pain points
Certified copies: Clients found the requirement for certified copies cumbersome and time-consuming.
Manual input errors: Manual entry of information led to errors and delays.
Communication gaps: Clients experienced unclear communication regarding account opening status and asset transfers.
Complex documentation: Clients struggled with the complexity and volume of documents to be reviewed and signed.
Onboarding solutions
Digital Client Agreement forms: Implementing digital forms reduced the need for certified copies and minimised manual input errors. This solution streamlined the document submission process and improved accuracy.
Centralised communication: A centralised communication plan ensured that clients received regular updates on their account status and asset transfers. This included automated notifications and regular catch-ups between bankers and CSS to track progress and address blockers.
Pre-populated forms: Using pre-populated forms based on initial client information reduced the complexity of documentation and the risk of errors. This made the process more efficient for both clients and staff.
Improved coordination: The process maps highlighted the need for better coordination between different teams involved in onboarding. Regular meetings and updates ensured all parties were aligned, reducing delays and improving overall efficiency.
Customised solutions: For clients with specific needs, such as "The Potential Strategic," customised solutions were developed. This included tailored asset allocation strategies and personalised onboarding plans to build trust and meet their unique requirements.
Implementation
Initial setup: Onboarding began with setting up new Private Bank PRISM accounts. Bankers collected client details, managed expectations, and pre-filled application forms based on job maps. Initial analysis identified necessary forms for different asset classes such as international and domestic equities, managed funds, cash, and CCAs. Approval and documentation were needed to add assets to the PvB Menu, following the service blueprint.
Document processing and account setup: Client details collected, forms pre-populated, missing info identified, reviewed, signed, processed by CSS. Process maps detailed steps CSS took to check completeness, set up accounts, verify applications. Errors corrected promptly, accounts opened. Clients received notifications confirming account openings.
Asset information and final steps: Client account info was collected to assess onboarding feasibility. Asset transfer process started upon approval. Billing forms were filled per client agreements. Job maps facilitated coordination among parties for accurate and timely work. Regular updates maintained clear communication and addressed issues promptly.
Summary
The onboarding process for high net worth households at Macquarie Private Bank was developed through a thorough CX discovery process, utilising detailed artefacts such as service blueprints, job maps, and process maps. This approach ensured a comprehensive, client-focused experience, addressing specific pain points and providing tailored solutions. The result was a seamless and efficient onboarding journey that fostered trust and satisfaction during the first 90 days of the new customer relationship.
