Fixing FinTech Onboarding and account opening processes

 

THE CHALLENGE

The client is a venture backed FinTech startup that is democratizing business banking with a solution tailored for businesses ranging from startups to middle-market companies, which larger banks overlook. By combining intuitive technology with impeccable customer service from its staff of banking experts, our client provides a stellar customer experience. It quickly earned a reputation as the ideal banking solution for small businesses. As its reputation grew, so too did the company. 

The influx of new accounts was higher than forecasted, which created onboarding delays and other issues that hindered its ability to provide the customer experience that drove its success. The client’s technology could grow at scale, but not its services.

OUR SOLUTION

HQ deployed a team of FinTech SMEs who pinpointed a bottleneck in the onboarding process. Because banking is highly regulated, a business submits a number of compliance documents with its new account application. But incomplete applications were often submitted, and the staff of banking experts were spending time tracking down information rather than servicing customers. HQ’s team redesigned the “new account application” page making proper documentation a requirement for submission.

RESULTS

40%

Increase in account opening speed from baseline

20%

More hours devoted to customer service

HQ Helps Mortgage Company Scale Lending Operations

THE CHALLENGE

Our client is a nationwide mortgage processor that manages 1 Billion Dollars in annual loan volume. Increased regulatory oversight created a burden that drastically slowed their loan productions. Obviously this had a negative impact on revenues. The fact that they used multiple software systems to process and manage loans compounded the problem. They needed a streamlined workflow.

OUR SOLUTION

HQ’s SME’s joined forces with the client’s existing team to develop a bespoke workflow that compares data between the lender portal and the origination software. We made fixes so that both systems would match in real time. Now all loans could be processed in a compliant manner without slowing down the process. The client resumed their old processing volume within two months.

RESULTS

35%

Increase in loans processed per month

0

Increase in full time staff

HQ’s Direct To Consumer Cannabis Solution Generates 2M in Monthly Revenue For Leading Cannabis Brand

THE CHALLENGE

Prioritizing quality above all else, 710 Labs takes extraordinary steps to maintain a truly elite-luxury cannabis brand. Like a handcrafted pocket watch in the 18th century, it requires craftsmanship, expertise, and time to produce – it is not a scalable commodity meant for mass distribution.

Because of 710 Labs’ reputation, its products were out of stock soon after hitting the dispensary shelves. It had a group of very loyal and enthusiastic customers who were treated no differently than the casual buyer, which created huge opportunity costs. Using dispensaries as its point of sale meant it could not control its customers’ experience, and it also left a lot of revenue on the table.

OUR SOLUTION

After analyzing 710’s customer data, HQ helped create “The List” and segment customers into two groups: those on “The List” and everyone else. Then we created a personalized experience for members of the “List.” 

Here’s how it worked.
Every month customers would receive an email linking them to an online menu featuring the highest quality products hand selected by 710 Labs. Customers would select what they want and have it hand delivered to their door.
This meant no more waiting in lines, or having to choose from whatever was still available at a dispensary, or worry if there was anything available at all. 

Here’s how we did it.
We used Woocommerce to create an online store on 710’s website, which would track every order that came in. This let us know how much of which item would need to be transferred in bulk to San Diego, Los Angeles, and the Bay Area, where we had already established partnerships with delivery service hubs. We used 710’s existing installed ERP software to keep track of inventory, cash flows, compliance issues, and reducing 710’s AR cycles.
Once the bulk transfers arrived in each region, we would maintain communications via email, phone, or text, depending on each customer’s preference.
By selling its highest priced products directly to its highest end customers in a way they could control, 710 Labs made their brand loyalists more loyal and eliminated the opportunity costs.

RESULTS

$2M+

In Sales Volume per month

41

Net Promoter Score

100 Million in Successful Cannabis Deliveries

THE CHALLENGE

Cannabis distribution is a very labor intensive venture which requires a lot of oversight and specialized knowledge. Especially because regulations can make work flows very cumbersome especially at scale. Our client understood these issues. So they wanted to lean into their differentiator which is best in class technology that provides visibility to their stakeholders, Cannabis brands and Cannabis retailers. They wanted help automating the high touch process of coordinating product deliveries to retailers, and managing the compliance data entry burden that went along with it. The client wanted to focus more time on technology development which can scale rather than operational oversight which does not scale.

OUR SOLUTION

We deployed a cross functional team of SME’s in Finance, Compliance, and Logistics to join forces with the client’s existing staff. HQ’s squad brought leverage across the board. We helped the ops team by improving the delivery confirmation process. We took over data entry for the compliance team so they could focus on site compliance matters such as tagging and counting inventory. We helped the finance team improve their collection speed.

RESULTS

100M

Annual Gross Merchandise Value

99%

On time delivery

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