KeyBank Transforms Wealth Account Origination and Shortens Customer Onboarding Time by 50%+

Challenge

Turning to low-code for digital transformation in banking

KeyBank first adopted OutSystems to reimagine the company’s hyperautomation strategy. After a decade of using robotic process automation (RPA) to boost efficiency, the bank realized a more holistic, business-led, tech-enabled approach was needed to eliminate manual gaps and accelerate transformation.

They first focused on optimizing processes, then on bringing in technology to support them. Seeking a cohesive, agile platform to integrate intelligent RPA, intelligent document processing, and AI, the bank evaluated multiple low-code solutions and ultimately chose OutSystems for its reliability, enterprise flexibility, interoperability, security, and governance. Within six months, KeyBank built five applications demonstrating how low-code enabled enterprise-scale transformation.

Next, a new project emerged for Wealth Management. They needed to provide a more modern, streamlined account origination experience and replace a process that had gone unchanged for the past decade. The Transformation team spent four months working with business stakeholders to identify inefficiencies and define success metrics.

“We knew this type of project would not be easy to pull together,” recalls Mike Reynolds, Business Technology Executive at KeyBank. “Not only would it impact over 500 employees, but we also had to ensure it met our timeline and delivered measurable value.”

Solution

Streamlining account origination through automation

Business and IT teams at KeyBank partnered to redesign the legacy process into a smooth, fully digital banking experience for both clients and employees.

Previously, customers had to enter the same information multiple times during the onboarding process, resulting in delays and disconnected processes. Additionally, each time customers added a new product to their portfolio, they had to contact their Relationship Team and re-enter the same details, leading to longer processing times and a frustrating onboarding experience.

To address these inefficiencies, the team chose OutSystems and built Account Central, a new account origination application.

Account Central removes data redundancies and allows clients to choose between a self-service onboarding journey and a guided experience with an advisor.

“With Account Central, we are redefining what white-glove service means—giving clients choices that align with their preferences while attracting a younger, tech-savvy audience,” explains Michael.

The new solution incorporates numerous automated features, including a Compliance Dashboard, automated regulatory checks, enhanced risk control measures, e-signature capabilities, and a multi-product dashboard, which further encourage digital adoption.

“OutSystems gave us the flexibility to deliver a truly personalized experience while drastically reducing processing times,” says Eric Foust, SVP, Enterprise Transformation Leader.

Results

Accelerating efficiency and compliance through digital transformation

Close collaboration between the business and development teams drove record-speed delivery and flawless quality for Account Central.

The new digital process was first rolled out in 10 months across more than 500 employees in KeyBank’s Wealth Management division. It eliminates the outdated pre-acceptance form, reducing the number of data fields by 40%+ and shortening client onboarding time by over 50%. These improvements have translated into higher revenue, operational efficiency, and a payback period of under 15 months.

Account Central also streamlines compliance. “Before the digital transformation, every new Investment Management account had to go to a committee for approval because of outstanding compliance items,” recalls Eric. “Now, only 50% of them result in a manual review.” Automated process controls also replaced manual oversight across multiple teams, significantly streamlining operations and reducing risk exposure.

The platform’s flexibility and automation capabilities have empowered internal teams to deliver faster, more personalized client journeys while strengthening compliance and operational efficiency.

“We couldn’t have worked at this speed and with such precision without OutSystems,” concludes Eric. “We have complete confidence in our ability to quickly deliver new digital experiences and solutions to customers thanks to OutSystems.”