Background
The financial sector is not a fast moving industry. Restricted by the huge overhead of compliance and security and consumed by fear of reputational damage this is the last place “rapid change” is wanted. But disruption in the stable ecosystem has forced Visa to respond.
As fintech companies emerge with new and innovative services Visa needed to ensure they were relevant to this emerging sector and have the capability to onboard new fintech companies at the speed they were emerging and working.
Competition is fierce and the 9 month timescale to onboard a new issuing fintech company was not going to win them new opportunities especially when the competition had an on-boarding platform and timescale that were much more streamlined.
The challenge
The CEO laid down the challenge. We will not be relevant to these companies if we don’t reduce the onboarding timescales. We need a process to onboard new fintech clients within 4 weeks and a platform to support the process. And we need it live in 3 months.
The approach
Develop an intimate understanding of the onboarding process. Establish a dedicated internal onboarding team. Take 65 individual documents and refine them into a slick, multilayered, contextual online form. Then build a single digital platform that allowed the onboarding team to collate manage, query and complete an entire submission from end to end. Whilst delivering feedback via a client notification centre that kept them informed throughout the 4 week period.
The results
Hailed as the most progressive project Visa have undertaken with an external partner, this solution has put Visa back in the game with fintech companies and made them relevant to their world. Providing MI data in real time and allowing a two way flow of communications via the fully auditable platform. Not only that it uses a cutting edge tech stack including Mongo DB, Angular 5 and maintains the security standards that Visa demand from their systems…. And it looks great as well.