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RBS new accelerated Client Onboarding: one 15 page interactive form + 2 signatures

The Royal Bank of Scotland (RBS) is set to provide a new service that will offer the bank’s corporate clients a secure and much quicker and simpler way to open bank accounts. It reduces paperwork for customers by 75%.

Corporate treasurers will now be able to open a bank account using a single signature interactive form, which replaces 70 individual signatures and 38 separate documents totalling 86 pages. They will also be able to set up online banking and payments quickly and efficiently.

Roll-out

RBS’s Accelerated Onboarding Service, which is already piloting with some of the bank’s largest clients, will launch initially in the UK, in addition to the following 22 jurisdictions:

Australia, Austria, Belgium, Canada, Czech Republic, Denmark, France, Germany, Greece, Hong Kong, Ireland, Italy, Luxembourg, The Netherlands, Poland, Singapore, Spain, Slovakia, Sweden, Switzerland, UAE, USA.

It will later be available in: China, India, Indonesia, Japan, Malaysia, Thailand, Turkey.

Strategy

This service is one of the first steps by RBS to simplify its customer documentation processes. It is part of an overall move, announced by CEO Ross McEwan in February, for RBS to be a simpler organisation with which to do business and to be the number one bank for customer service by 2020.

Carole Berndt, Head of Global Transaction Services, said: “We are pleased to have a solution that makes the process simpler, less time-consuming and more cost-efficient for them to open a bank account with us.”

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CTMfile take: RBS are to be congratulated with this new service which was announced at Eurofinance in Budapest and fitted the theme of removing the unnecessary and Simplicity. But why has it taken untill 3Q 2014 to develop such a service? Things are changing at RBS transaction banking.

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