Scotia SwiftSign
This is an AI tool that can improve Scotia bank’s digital onboarding process for all small business owners (irrespective of when the business was established) by enhancing KYC authentication which meets compliance standards for financial institutions.
Product Experience
Our product experience captures from when the client goes to the website (Scotiabank.com) to the very end where the client can schedule an appointment with a branch closest to him/her to get an access card linked to the newly opened account.
Problem Space
We focussed on Small business owners who are not currently not banking with scotia bank on the business side.
Problem Statement
How can Scotiabank increase its revenue by improving its small business customer experience during online/Digitally onboarding using Artificial Intelligence (AI)?
Problem Background
Scotiabank is one of the top 5 banks in Canada, and the most popular bank that supports small businesses. The bank is about the only bank that has in-person small business advisors at branches all over the country. The bank’s online presence is admirable especially when onboarding new clients, however, there are some limitations which may lead to the bank losing part of its market share to competitors. For new business owners who registered their businesses within a year or less, they are unable to open an account digitally because of the lack of enhanced KYC which is required by the Compliance team. Providing AI enhancements on the onboarding application process will reduce our drop off and churn rates, this will increase our small business market share which generates more revenue for the bank
Research Insights
User Pain Points
16 people filled the survey, 75% of them prefer to onboard digitally, 87.5% of participants are from the ages of 46 years and below. As stated in the research plan that individuals that fall within this age group value time, we can easily predict that these clients will and pledge their allegiance to a financial institution that is fast, innovative and dynamic. It is of no doubt that Artificial Intelligence (AI) will be very pivotal in implementing the needs of these Scotiabank’s clients.
Supporting Data
The survey was filled by 16 participants who were either business owners or prospective business owners. Two out of the 16 participants have business accounts with Scotiabank, however, they have other arms of businesses and the probability of them opening another business account is high.
- 75% of the participants prefer to onboard digitally and 88% of the participants expect that the onboarding process should be within 10-20 minutes.
- The idea of the onboarding platform recommending personalized products based on business industry was very important to 25% of the participants, 44% think it is important while 25% think it's moderately important.
- 31% of participants want to be contacted immediately if they encounter any challenges during onboarding, 25% within 10 minutes, 25% within 1 hour and 13% the same day.
- 43% of participants prefer to get a phone call as support, 31% prefer a video call, 19% prefer live chat while 6% prefer FAQs when a glitch occurs during an onboarding process.
- Safety while onboarding digitally is top the list for the participants: 67% say having multi-factor authentication will make them feel safe using the onboarding platform, while 6% prefer Data encryption, real-time alerts and secure document upload.
- 38% find it very satisfactory to have multilingual features on the onboarding platform, 38% find it satisfactory while 13% find it neutral.
Feedback
The research has provided a great insight about the behaviour of Scotiabank’s prospective clients with their respective expectations from their Bank. The demographics correspond with the data provided last week about Millennials and Gen Zs dominating the small business industry in Canada. Time is of essence for these set out people and we can easily predict that these clients will and pledge their allegiance to a financial institution that is fast, innovative and dynamic. It is of no doubt that Artificial Intelligence (AI) will be very pivotal in implementing the needs of Scotiabank’s clients
Landing on the Solution
Based on the pain points of prospective small business clients, scotia bank digital onboarding process needs to be further enhanced to meet the needs of these clients. Because of the limitation of not been able to conduct full KYC on businesses that are registered one year and below, it is imperative that incorporating AI that can carried enhanced KYC maybe the fastest way to resolve the challenge
Explanation of Solution
Scotia SwiftSign will also be able to onboard client faster by using use Optical Character Recognition (OCR) to extract and verify information from government-issued IDs, such as passports or driver's licenses, in real-time. Scotia SwiftSign using AI will be able to detect fraud by analyzing user behavior, such as typing speed or navigation patterns, to identify potential anomalies or fraud. Machine learning models can detect and flag suspicious patterns in uploaded documents, such as forged documents or repeated use of the same information across different accounts. There will be AI chatbot that can guide users step-by-step through the KYC process, providing instant support and reducing errors.
Scotia SwiftSign will reduce manual intervention, allowing for quicker approvals and a seamless onboarding experience. With AI, it can assign risk scores to clients based on factors like geographical location, transaction history, and other behavioral indicators. It will also be able to generate detailed audit trails and compliance reports automatically, ensuring adherence to regulatory requirements while minimizing human error. Finally, Scotia SwiftSign will be able to process documents in multiple languages and offer multilingual support, making KYC verification more accessible for global customers.
Future Steps
From the insights gathered, we gotten additional features that can be incorporated to increase user experience satisfaction when onboarding digitally on scotia bank’s website:
- Offer a mix of options for support like phone calls, video, live chats and FAQS .
- Offer products based on industry analysis and trends.
- Provide Immediate response during onboarding
- Provide multi-factor authentication, Data Encryption, Real-time alerts to increase client’s confidence level when it comes to the safety of using the onboarding platform
- Offer multilingual features on the onboarding platform to increase versatility across all nations.
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Learnings
Product Manager Learnings:
Yetunde Oluwafemi
Co.Lab gave me an experience of a lifetime, this experience has further convinced me that Product management is the route I would love to take for my career. Even though the learning journey still continues, Co.Lab has given me a solid foundation.
Designer Learnings:
Designer Learnings:
Jo Sturdivant
- Adapting to an Established Team: Joining the team in week 6 of 8 was challenging, as I had to quickly adapt to existing workflows, dynamics, and goals. This mirrors real-world situations where you often integrate into teams mid-project, and flexibility is essential.
- Work-Blocking for Efficiency: With only two weeks to complete the project, I learned the importance of a structured work-blocking system. This approach allowed me to manage my time effectively and meet deadlines under pressure.
- Making Data-Driven Design Decisions: Unlike my past projects, I had to rely on research conducted by others. This was a valuable experience in using pre-existing data to guide design decisions, helping me focus on the core insights without starting from scratch.
Developer Learnings:
Developer Learnings:
Vanady Beard
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As the back-end developer, I learned how important it is to create efficient and reliable systems that support the entire application. This experience also taught me the importance of optimising the database and ensuring the backend is scalable and easy to maintain.
Developer Learnings:
Stephen Asiedu
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As a back-end developer, I've come to understand the importance of being familiar with various database systems and modules. This knowledge enables me to build diverse applications and maintain versatility in my work. I've also learned that the responsibility for making the right choices rests on my shoulders, guided by my best judgement.
Developer Learnings:
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Developer Learnings:
Maurquise Williams
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- Process of Creating an MVP: Developing a Minimum Viable Product (MVP) taught me how to focus on delivering core functionalities balancing between essential features and avoiding scope creep.
- Collaboration in a Real-World Tech Setting: This experience taught me how to collaborate efficiently in a fast-paced tech environment, keeping the team aligned and productive, even while working remotely across time zones.
- Sharpening Critical Thinking and Problem-Solving Skills: This experience honed my ability to think critically and solve problems efficiently. By tackling challenges and finding quick solutions, I sharpened my decision-making and troubleshooting skills in a dynamic, real-world setting.
Developer Learnings:
Jeremiah Williams
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All in all this experience was very awesome I learned that in coding with others being transparent is key
Developers Learnings:
Justin Farley
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I learned how important communication is when working with a team. Communication provides understanding, advice, ideas, and much more. While working with the product team, I’ve found that communication keeps everything flowing smoothly. Working with a team also showed me that every member brings something different to the table and we all have to work together in order to align and meet our end goal.