Negative perception

Client onboarding can be burdensome both for your organization and for your customer. It tends to be resource intensive and prone to manual errors. Bottlenecks and other delays are common and they hamper what clients expect to be a smooth and fast process.

Furthermore, the onboarding and KYC procedures need to be frequently updated, amongst others, because of changing compliance requirements.

As a result, it is usually viewed as an inconvenience rather than a strategic activity. Nonetheless, through this process, you can collect valuable information that may assist in generating additional revenues in other areas of your firm or further down the road in the existing silo.

 

Silos & data dispersion

Over the years, the proliferation of financial products/services combined with the globalization of financial institutions has/have multiplied the entry points into a single organization.

In many institutions, particularly larger ones, client onboarding is often duplicated across various businesses resulting in inconsistent information. Client and account data are created and maintained in disparate data stores, with few centralized control mechanisms. Furthermore, the highly fragmented information is seldom aggregated preventing the firm from getting an all-round client view.

 

Business impact

Half of financial institutions today do not have a consolidated view of their clients. Few have gone through the effort of building a holistic view of the entities they do business with. As a result, many firms lack a clear understanding of client profitability for example. Moreover, clients end up being over-served by specific silos, but under-valued by your organization as a whole.

In most institutions, product silos lead sales teams to sell a specific product to a specific client. However, this is not the best approach to generate the highest possible revenue from each customer. By centralizing the client information and creating a 360view of the client relationship, your organization will gain the insights needed to better service the client and ensure more value is derived from that relationship.

It’s not necessarily about too little data

In the end, the biggest challenge is not a lack of data but an abundance of scattered, disjointed and sometimes outdated client information. The difficulty is to centralize this data as soon as it is captured, cleanse it across the enterprise, maintain it current and then share the information across functions, product silos and regions.

 

The EDMS platform can get you there

Client Data Management requires not only an efficient KYC and onboarding process but also data governance and systems that provide a satisfying customer experience and provide your firm with the ability to leverage client information to generate additional revenue streams. This is where we come in.

With our workflow engine, we help you put in place processes and workflows that ensure correct data capture and maintenance.

Our data tools enable you to collect and aggregate data from various repositories and systems across your firm. We then perform cleansing on the client information and enable the creation of a consistent view of your client relationship. We go further by dynamically maintaining this information throughout the lifecycle of the client relationship and disseminating the updated client information throughout your downstream systems.

Building a single view of your client’s needs across your institution is a foundational element for a more client-focused mindset within your firm. Unless you have a complete picture of your client relationship, you will not be able to offer a positive experience and offer products and services that are relevant to your target audience. With the EDMS platform, you can, not only maintain your existing business, but grow your market share.

 

The benefits you will reap

In the past few years, institutions have been stuck between a rock and a hard place. On the one hand, trading margins have been under pressure and it is likely they will continue to be. On the other hand, they have to maintain and even grow revenues in a shrinking marketplace.

We believe that an efficient client onboarding process coupled with an effective management of your client data can help you in many different ways. The benefits that you will reap are numerous:

  • Provide a superior client experience and by doing so acquire a reputation for ease of interaction
  • Gather and analyze valuable information about your client needs
  • Demonstrate to your client your understand their specific needs as well as their organization as a whole
  • Develop greater levels of trust and build durable business relationships that will lead to higher client revenues
  • Carry out gap analysis on the complete business relationship and discover cross-selling opportunities
  • Streamline regulatory compliance
  • Better understand counterparty exposure and reduce risk