How can Capitolis improve its Novation service to streamline the onboarding process for new clients?

Introduction

To improve Capitolis' Novation service and streamline the onboarding process for new clients, we need to conduct a comprehensive analysis of the current system, identify pain points, and develop targeted solutions. I'll approach this challenge by examining user segments, analyzing the onboarding journey, and proposing data-driven improvements.

Step 1

Clarifying Questions (5 mins)

• Looking at Capitolis' position in the financial technology sector, I'm curious about the specific target market for the Novation service. Could you provide more details on the primary types of financial institutions or corporations we're focusing on for this onboarding improvement?

Why it matters: Determines the complexity of onboarding processes and regulatory requirements we need to consider. Expected answer: Primarily large banks and asset managers in multiple global jurisdictions. Impact on approach: Would focus on solutions that can handle complex, multi-jurisdictional onboarding requirements.

• Considering the nature of novation in financial markets, I'm wondering about the current average onboarding time for new clients. Can you share some data on the typical duration of the onboarding process and where we stand compared to industry benchmarks?

Why it matters: Helps identify the magnitude of improvement needed and sets clear targets. Expected answer: Current onboarding takes 4-6 weeks on average, while best-in-class competitors manage 2-3 weeks. Impact on approach: Would prioritize solutions that can significantly reduce time-to-onboard, potentially aiming for a 50% reduction.

• Given the critical nature of data security in financial services, I'm interested in understanding the current balance between security measures and user experience in our onboarding process. How are we currently managing this trade-off, and are there any specific pain points related to security protocols?

Why it matters: Ensures we don't compromise security while improving user experience. Expected answer: Robust security measures in place, but they contribute to process complexity and delays. Impact on approach: Would focus on solutions that maintain or enhance security while simplifying the user experience.

• Considering the potential for automation in financial processes, I'm curious about the current level of manual intervention in our onboarding workflow. Could you provide an overview of which parts of the process are automated versus manual, and if there are any regulatory constraints limiting automation?

Why it matters: Identifies opportunities for efficiency gains through increased automation. Expected answer: Significant manual processes in document verification and compliance checks, with some regulatory requirements for human oversight. Impact on approach: Would explore AI and machine learning solutions to automate parts of the process while maintaining necessary human touchpoints.