United Kingdom
Financial Services
2–10 employees
RapidPay is an online payments solution led by one of the UK’s leading online payments company. The platform provides law firms with a suite of payment options allowing them to get paid swiftly and in a secure way.
To understand how Clustdoc positively impacted RapidPay Operations since the adoption of the tool, we asked Jason Biggin – Online Payment Manager to talk about the platform implementation.
Offering law firms more flexible and accessible payment options
RapidPay works directly with lawyers and associates at law firms that need to provide the best services to their clients. One of the company’s unique selling points is the speed, certainty, and transparency with which they’re able to secure clients’ payments for law firms, while ensuring that their rigorous checks, from surveys to financial assessments, are met.
As RapidPay grew, John and the team needed to find an all-in-one client onboarding solution that would not only simplify the client intake process but also help finance teams speed up KYC checks at RapidPay. While they were using another tool to capture client signatures, the RapidPay team quickly anticipated its limitations in the context of onboarding new clients. It just didn’t help collect and verify customers’ financial information as needed.
“We used to work with another tool. So the application was completed and then signed by the client. However, there was something missing. We weren’t able to capture further information that we needed from the client to run personal identification, including bank details as well.”
This is when the need for a dedicated client interaction platform focusing on digital onboarding became necessary.
Scaling client onboarding from day one using Clustdoc templates
For a payment solution provider, collecting information and financial documents from clients can be a tedious and time-consuming process, for both clients and the team.
Clustdoc has helped RapidPay create a superior onboarding process – in no time. Using the ready-to-use digital onboarding checklist templates, John got up to speed with Clustdoc and was able to create multiple onboarding processes based on RapidPay’s current range of services.
“The first thing I did was discovering the Clustdoc templates library, which is very helpful as I could easily import one and modify it based on our needs, and automatically save it into our account. So, once new clients are on board we would create the application which is already saved within the templates.”
x2
in productivity since switching to Clustdoc
50%
reduction in KYC processing time
Zero
time wasted on document management
Building a client engagement engine in a blink of an eye
It’s no secret that a frictionless customer onboarding is a unique opportunity for a company to engage new clients in the long run.
“So what would happen before was our primary contact would try and then capture the required information across the business and they would then have to go elsewhere.”
John and his team quickly noticed how Clustdoc improved completion rates at RapidPay. Each new customer using a self-serve branded portal to complete client onboarding tasks makes every interaction much more valuable.
“Since we use Clustdoc, the client engagement rate has really improved. We have the opportunity to send automated reminders as well to the individuals where before we might not have been able to do that.”
The automatic reminders available through Clustdoc ensure that customers are informed of what is expected of them and what remains to be done. In return, the teams can look into submitted information and files very easily – enabling the entire process to flow.
Making collaboration a breeze at RapidPay
What’s more is that with Clustdoc, John and his team benefit from a complete verification process within the platform. On the onboarding platform, customer compliance documents are properly captured, reviewed and approved by key stakeholders.
This empowers John to loop in teammates from the finance team very easily, allowing them to visualize, verify and download the client banking details needed in order to move to the next step of client onboarding.
“Once the application is complete, I simply hand it over to our finance team, they just find it straightforward, they know where everything is, they download it, upload the information internally for ourselves and can quickly finalize the onboarding process.”
Switching to Clustdoc digital platform has without a doubt helped RapidPay set a higher standard of client onboarding.
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