October 03, 20174 Steps to Digitally Onboarding HNWIs

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Providing a stellar customer experience during onboarding should be the standard for all wealth management companies. But the truth is, private banks need to go above and beyond to accommodate their HNWI clients.


Because HNWIs have higher expectations, and if they’re not satisfied, they’ll go elsewhere to have their expectations met.

Going forward, private banks will work with more HNWIs who expect digitalized services that are efficient and seamless. Most financial institutions offer digital services these days, but unfortunately these services are still limited.

Luckily, there are some simple yet crucial steps that private banks can take to provide their clients with a great onboarding experience.

1. Focus on the Customer

In the past, private banks have provided customer service based on face-to-face contact or via mail. But banks are realizing that different generations prefer differing forms of interaction.

What Baby Boomers want doesn’t necessarily match with what Millennials expect. That’s why offering tailored, customer-centric onboarding is more valuable than ever.

2. Manage the Client Lifecycle

Offering personalized onboarding is an important first step, but private banks need to stay engaged with HNWIs throughout all phases of the client lifecycle. The key is a solution that allows banks to capture data and transfer the profile that’s created to other phases in the client lifecycle, resulting in a unified experience for HNWIs every step of the way.

3. Provide Omnichannel Access

Nowadays, HNWIs want their banks to be accessible not only via digital channels, but also in person. While it’s essential that HNWIs have access digitally, it’s also important that relationship managers stay connected with their clients. Having the ability to connect both digitally and physically with one’s bank is known as omnichannel access. It allows clients to move effortlessly between channels and keep in touch with their relationship manager more easily.

In the past, relationship managers have traditionally been responsible for guiding customers through each step of the onboarding process, meaning that relationship managers had more control, but also more responsibilities. However, financial institutions are now relying on a more customer-centric business model, and it’s paying off. Omnichannel capabilities empower clients to quickly and easily move through processes that they previously needed their relationship manager’s assistance to complete.

4. Be Flexible

For banks, being compliant is mandatory. They need to be able to react quickly to new and complex regulations, which is done best by integrating a solution that has built-in rules that can quickly adapt to ever-changing regulations. With the right onboarding solution, banks can configure it to adhere to global or local requirements.

What do these 4 steps mean for you?

They differentiate your bank from competitors. Implementing a digital onboarding solution helps your clients understand the value of having a relationship with your private bank instead of another. This is especially true of HNWIs. By offering HNWIs a personalized solution that can adjust to their needs and expectations, your bank will stand out from the crowd.

This is only an overview of how private banks can better accommodate their HNWI clients. Check out our Onboarding for Wealth page to get the full story.

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Written byHans Peter WolfCEO of Appway