Features 3

How Metro Bank achieves 94% faster onboarding

Metro Bank prides itself on delivering banking for business that puts people first. Just over a decade since it was founded, it’s reinventing the rules of banking – ‘Banking but Better’.

The Customer

Metro Bank’s ‘Banking but Better’ ethos aims to make every customers’ banking experience simple and straightforward.

The Solution

Metro Bank easily implemented policies with the FullCircl rules engine and onboard business customers faster with automated KYC, AML and credit checks.

The Challenge

To transform efficiency, efficacy and consistency of frontline and middle office teams without losing that all important personal service experience.

The Benefits

Frontline process automation resulting in 94% accelerated onboarding, whilst still delivering superior levels of personal service

Customer Onboarding
November 2022

WHO ARE METRO BANK?

Metro Bank plc is a retail and commercial bank founded in 2010. At its launch, it was the first new high street bank to launch in the United Kingdom in over 150 years.The original challenger bank, it has turned the traditional banking model on its head. It’s ‘banking but better’ ethos is focused on bringing personal service back to banking. As a result, Metro Bank is one of the most trusted banks on the high street.

94%

Accelerated onboarding

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14%

Increase in critical issues found

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THE METRO BANK STORY

Metro Bank needed a solution that would support its personalised approach. Gathering and tracking customer lifecycle intelligence on both existing and new customers to deliver targeted products and solutions had worked well for Metro Bank, enabling them to provide great customer experience opportunities. But they needed a solution that would enable them to scale.

REDUCE THE COST TO ONBOARD

Metro Bank selected FullCircl, concluding that the platform was a “differentiated product worthy of investment”.

Initially conducting a pilot exercise in early 2019, Metro Bank were impressed with the results delivered in such a short space of time.

Following a six-week trial, Metro Bank rolled FullCircl EngageTM out to 120 Relationship Managers in order to:

  • Gain quicker and greater insight into their customers, demonstrating that they know them, understand their needs and that they care
  • Have value-added, insight-driven conversations about their business, not just how Metro Bank can help
  • Better anticipate and proactively respond to future needs
  • Achieve efficiencies in meeting preparation, with real-time intelligence accessible on any device
  • Ensure they feel confident and prepared, and that the focus of the meeting is on the customer and their exact needs at that moment in time in the customer lifecycle

FullCircl will help give us the edge when it comes to using technology and insight to deliver great customer experiences – helping us bring personal service back to banking. Kevin Barrett - Regional Director, Metro Bank

BRINGING RISK DECISIONING & KYC TO THE FRONT LINE

Based on the success of FullCircl EngageTM, when FullCircl approached Metro Bank later that year with a vision for technology-driven compliance and KYC management, and the opportunity to accelerate onboarding by bringing risk automation to the frontline of its business and commercial banking function, it was quick to sign up as an early adopter.

Mark Stokes, Managing Director Commercial Banking at Metro Bank commenting “Metro Bank is the revolution in the commercial and corporate banking space, providing unrivalled customer experience in terms of speed of decision making and action – something we pride ourselves upon. We are excited to work with FullCircl to take such a revolutionary tech-driven approach to bringing compliance and KYC into the forefront of our business and commercial banking activities. FullCircl will help us know more, know sooner and save valuable time we can invest in building great customer relationships.”

It was a decision that quickly paid dividends, with early results indicating that FullCircl was 100% accurate in comparison to its existing analogue process – finding 14% more critical risk issues and reducing the average-case time from 200 minutes to 8 minutes (a 94% improvement).

KEEP YOUR CUSTOMERS & COMPLIANCE TEAM HAPPY

Fast forward to 2022 and the relationship between FullCircl and Metro Bank is stronger than ever. When FullCircl launched ConnectTM in January 2021, Metro Bank was once again unveiled as an early adopter of the platform.

FullCircl ConnectTM combines everything Metro Bank knows about its customers, business and market, and leverages an advanced rules-engine that ingests millions of structured and unstructured data points to layer on top of that know-how, quickly delivering impactful insights and risk intelligence needed for next-generation prospecting, customer monitoring and engagement, advanced onboarding, and ongoing assessment of portfolio risks and opportunities.

Metro Bank has reported that using the FullCircl ConnectTM platform it has been able to automate many aspects of its operational process for onboarding new customers or screening the back-book in a fraction of the time – at scale. Speaking about the experience at the launch of ConnectTM, Ronan Heeran, Financial Crime Risk & Control Manager at Metro Bank commented:

“We started working with FullCircl to explore ways we could introduce greater efficiency to the customer onboarding journey. We loved the idea of being able to aggregate data from a number of different sources and map our risk appetite to FullCircl’s rules framework to flag issues immediately. The result meant we could deliver a process which in some cases was 94% quicker than our existing process.”

We are excited to work with FullCircl to take such a revolutionary tech-driven approach to bringing compliance and KYC into the forefront of our business and commercial banking activities.

        Mark Stokes - Fmr. Managing Director, Commercial Banking at Metro Bank

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