The process of on-boarding minors in retail banking, A process evaluation using the Lean Six Sigma framework

Abstract

The process of onboarding minors in a commercial bank has become more complex due to EU regulation, such as KYC and AML requirements. Regulation in combination with the digitalization and automation of processes within the financial industry means that the onboarding process becomes slower if the process itself is not updated. This study aims to analyze and understand an onboarding process within a Finnish commercial bank. This is a case study, limited to the onboarding of underage customers within a Finnish commercial bank. The study utilizes the Lean Six Sigma framework and the DMAIC approach to analyze the process and improve it by using Robotic Process Automation to make the process more efficient and less dependent on manual labour. The studies results indicates that the current process is heavily dependent on manual labour and has unnecessary long idle times within the process due to fragmented customer interactions. The process flow in its current state doesn't support the application of RPA. The improvement suggestions include a process reconfiguration to better support automation and concentrating the customer interactions to minimize idle-time.