Full Funnel Digitalization: Form + KYC Portal

Company

🏦 Santander

Skill Area

Product & Development

Tool Stack

Google AnalyticsGoogle Tag ManagerHotjarPostman (APIs)

📋

Overview

🔍 Challenge	• KYC (Know-Your-Customer) processes and application forms for financing products of Santander created friction points for conversions - requiring users to upload documents and complete forms manually. • High-value leads converted to higher value when personalized engagement via sales team for potential upsells (e.g. debt insurance) was involved.
📊 Opportunity	• PSD2 enabled direct data sharing via open banking, and third-party data wallets like Qii could automate form completion through DigiD. • Potential for a multi-path funnel (with a fork that assessed specific criteria of the application) allowing for tailored approaches for automated vs. human-led applications.
🚀 Solution	• Introduced PSD2 consent-based data sharing, eliminating document uploads. • Integrated a data wallet that screenscraped data from digital ID sources (with consent) for automated form filling, reducing errors. • Redirected simple applications to automation while directing high-value leads to human sales for upsell opportunities.

🧑‍💼

Developed User Stories: Created detailed user stories based on customer needs, ensuring they aligned with PSD2 and data wallet functionality.
Research: Analyzed market trends, and user behavior to inform feature design and functionality.
3P tool procurement: Collaborated with cross-functional stakeholders to evaluate and procure third-party tools, such as Qii, for streamlined data integration.
Implemented Tracking and Analytics: Designed and monitored KPIs to track funnel performance and assess the impact of new automation tools.
Ran Experiments with IT: Worked closely with the IT team to develop and test UI changes, running experiments to validate ideas and enhance user experience.

💡

PSD2 Integration: Consent-based data sharing protocols, enabling secure bank data access to fetch transaction data (for automated screening to grant first stage loan approval), skipping various financial upload requirements from end user while making use of HQ-approved PSD2 data connectors such as Tink
DigiD Authentication: Integrated with Netherlands' national digital identity system for seamless, secure user verification.
Dual-Path Architecture: Intelligent application routing system that dynamically assessed lead quality and complexity to optimize processing paths.
OCR Document Processing: Use of AWS OCR for automated document verification and data extraction.
Cross-Platform Data Management: Built comprehensive tracking infrastructure using Google Tag Manager to monitor user journeys across both automated and human-led funnels.
RPA Foundation: Established strategic plans for robotic process automation as next stage of this project, enabling automated decision-making for standard applications.
API coordination: Coordinated multiple third-party integrations (Qii, DigiD, internal systems) through a unified data flow architecture.

💡

(For the fully digital journey, although several variations were tested)

At first, a lower conversion rate end to end was observed but UI improvements and introduction of the rule based redirection of lead, an almost equal conversion rate to non-digital journey was accomplished
Form submission CR% improved by 32%
Decrease in total overhead of lead processing of 36% per lead was achieved as the sales part of overhead was eliminated
Made it possible to start use of RPAs for automated decisioning of applications

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