

Acceleration of the Merchant Onboarding & KYC Process at a Payment Service Provider
Challenge
A highly manual and time-consuming merchant onboarding process (including KYC checks and technical setup) led to a suboptimal merchant experience, high processing costs, and lost revenue due to delayed transaction capability
Approach
Identification and prioritization of actionable recommendations
Built a deep understanding of the as-is process and identified pain points & solution ideas through interviews, work shadowings, cross-functional workshops, and review of existing documentation
Benchmarked competitors' onboarding processes from the merchant perspective
Established and analyzed a reliable data foundation and set up relevant analyses and reportings
Modeled time and cost savings potential resulting from various measures
Steering of the implementation of selected solutions, e.g.
Digitalized data collection and contract generation by Sales to eliminate manual entry of paper contracts, ensure data completeness, and reduce errors and follow-up questions
Introduced automation solutions through assessment of automatable process steps, definition of requirements, and selection & implementation of external solutions
Brainstormed and implemented ideas to reduce handovers and passive waiting times
Assessed legal requirements and critically challenged compliance guidelines to better balance legal conformity and process efficiency
Enhanced merchant communications with automatically triggered e-mail updates to reduce capacity-binding status inquiries
Derived further recommendations based on individual merchants' negative experiences
Visualized the target workflow as a BPMN flowchart and revised SOPs
Result
Increased average onboarding completion speed by >60% while reducing overall costs