Client Onboarding for Banking
Client onboarding is the first opportunity for retail banks, wealth managers, private banks, broker-dealers, and credit unions to win over new customers. It sets the tone for the entire relationship going forward. The onboarding process should be fast and seamless, so that customers can focus on the products and services that will help them attain their financial goals.
An excellent client onboarding process helps financial services institutions improve customer experience, increase revenue, enhance process efficiency, and guarantee compliance in all operating jurisdictions.
The experience with the new digital onboarding process shows that data quality has significantly improved. Compared to the conventional process, the error rate has dropped by 65%.Head of Process Digitalization & Target Operating Model for Digital Solutions & Delivery, Credit Suisse (Switzerland) Ltd
We chose Appway for its market business knowledge, onboarding experience, technical expertise, and the client-customizable configuration possibilities of its platform.EVP Technology Product Development, LPL Financial
Appway dramatically simplifies how I onboard new clients.Client Relationship Manager, Investec Bank Switzerland
Good knowledge and experience with client onboarding in banking, fast reaction times, and passionate Appway support team. [A] huge benefit for our business [by] reducing costs and risks.Head of Digital Banking, Financial Industry
Successful Digital Client Onboarding
Engage with clients on their terms:
- Serve clients on channels, touchpoints, and interaction modes of their choice
- Orchestrate seamless customer journeys across channels
- Leverage advanced analytics to provide contextual and personalized experiences
Create 360-degree client view:
- Aggregate and centralize data for a complete and contextual client overview, including client’s personal affiliations
- Integrate artificial intelligence providers to gain insights into client’s lifestyle
- Intelligently automate decision process to offer the most fitting combination of products and services
- Automate straightforward and standard activities to free up time
- Enhance collaboration across departments by removing silos and boosting knowledge sharing
- Provide knowledge workers with tools and information to support complex decisions
Guarantee global and local compliance:
- Automatically update and preserve KYC/AML data over time
- Integrate with 3rd party services and RegTechs to transform compliance challenges into opportunities
- Manage and easily adapt existing and new regulations across locations
Explore the 5 keys to client onboarding success.Read Whitepaper
Digital Onboarding Trends 2019
Digital onboarding has become relevant in every industry. Because of this, onboarding expectations are growing, and businesses in all industries must be equipped to handle these expectations.
Explore the top digital onboarding trends that all industries should focus on in 2019.
Regulations: Another Layer of Complexity
As compliance in the financial services evolves, financial institutions are being asked to take a more proactive role in the collection and active management of KYC (Know Your Customer) data, which always needs to be up-to-date and reliable.
Moreover, the pressure on banks to comply with other global regulations such as GDPR, CRS, PSD2, MIFID II, AMLD4, and DOL won’t go away any time soon. However, there is a silver lining:
Several new regulations aim to support technological innovations in the industry, which opens the doors to RegTech.
With this in mind, compliance should be established by design, incorporating the compliance perspective into the design of the customer journey. This will enable banks to quickly implement regulatory changes and to leverage the innovation potentials that are opening up with these new regulations.
Where Does Your Region Stand?Explore compliance and innovation developments across seven key global markets: Europe, Switzerland, UK, US, Canada, Singapore, and Hong Kong.
How to Navigate the Increasingly Challenging World of Compliance
Regulations in the EU: The Big Shift
Hong Kong Focuses on RegTech, Not FinTech in 2018
How Singapore is Balancing Financial Regulations with Innovation
Switzerland: The Land of Milk, Money…and FinTech?
Why the UK is Leading the Way in Financial Regulations and Innovation
The Top 5 US Compliance Focuses of 2018 and How to Navigate Them
Appway, the Leader in Client Onboarding
Since 2003, Appway has delivered best-of-breed software solutions that allow financial institutions to create a streamlined superior onboarding experience for their clients across multiple segments, from retail banking, wealth management, and private banking to broker-dealers and credit unions.
Appway’s prepackaged and flexibly-configurable solutions include comprehensive industry best practices and thought leadership gained from working on a broad variety of projects.
The Benefits of Appway's Solutions
Allow businesses to cover the full client lifecycle, from profiling/suitability, account opening, regulatory updates, and data maintenance all the way through to offboarding.
The compliance by design approach enables continuous, engaged, and contextual compliance, replacing the traditional siloed review approach and making it possible to solve compliance issues from the earliest stages of a process.
Global implementations account for local variations (regional-specific regulations are already integrated into the overall process) and therefore eliminate the need for manual checks to ensure compliance.
A single, aggregated, and complete view of customer profiles across multiple internal systems (including CRM, core banking systems, and more) as well as external systems and services of choice (including AML/KYC services such as Worldcheck, SIX, Accuity, and ComplyAdvantage) to form a consolidated risk summary.
Empowering knowledge workers by automating manual and operational tasks and allowing compliance staff to dedicate time to more value-adding tasks.
Fostering cross-departmental teamwork by providing real-time collaboration tools, such as co-browsing, real-time chat, and notifications.
Growing global partner ecosystem, with more than 40 partners. Promoting open API opportunities to improve customer experience, create new revenue streams, and adopt the open banking model.
Solution Portfolio for Financial Services
Start your digital transformation journey with client onboarding. Appway’s digital solutions empower banks to provide a personalized and convenient experience across multiple channels, empower employees, quickly adapt to evolving regulations, and guarantee global compliance.
Onboarding for Wealth
Provide clients with a personalized, digital and physical experience—all while guaranteeing global compliance.
Onboarding for Retail
Provide the next generation of banking customers with a ready-to-go shopping experience.
What Do Our Customers Say?
Increased efficiency and transparency, and is now fully compliant
Renewed its client lifecycle processes across all locations
Boosted the productivity of its advisors and back office
Improved quality of client services and simplified daily advisor tasks
Introduced 15 minute, fully-digital client onboarding
Featured Partner Service:
Deloitte Managed Services Helps Banks Automate and Outsource Compliance Processes
Regulators worldwide are requiring banks to attain more accurate and complete client information during onboarding. Using Appway Platform and the integrated services of partners like smartKYC and Bureau van Dijk, Deloitte Managed Services supports relationship managers in all compliance-related duties during the entire lifecycle of a client relationship.
Global Partner Ecosystem
Leverage our network of leading digital system integrators, consulting and implementation partners all over the world. See All Partners.
Appway knows onboarding.